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Chapter one


1.0 Background of the Study

Companies currently operate in a highly competitive and nonlinear market; the value of a corporation is increasingly determined by its capacity to capture information and produce new ideas. According to (Kotler 2009), “an idea that is not dangerous is hardly worth calling an idea”.

The same can be stated for strategic plans. A brilliant plan stimulates. It takes chances. This eventually attracts clients and the market to your brand. As a result, organisations require good strategy planning. In today’s competitive world, every organisation needs a strategy, but first we must grasp the concept of strategic planning.

Strategy is an overall approach and plan, hence strategy planning is an overall planning that supports effective process management. Strategy planning takes you away from the day-to-day operations of your organisation or project. It gives you an overview of what you’re doing and where you’re headed.

Instead of a day-to-day action plan, strategy clarifies what you aim to achieve and how to get there.

Strategic planning is a collection of underlying processes designed to generate or manage a scenario in order to produce a more favourable outcome for a firm. In business, strategic planning gives overarching direction for specialised units such as financials, projects, human resources, and marketing.

Strategic planning is a comprehensive managerial process that involves defining a vision, mission statement, goals, and objectives to act as an influencing guide for employees, employing the top-down management method (Warmer 2000).

Berry (2001) defines strategic planning as a tool for determining your organization’s best future and the best way to get there.

Strategic planning is the act of developing, implementing, and controlling a strategy while formally documenting organisational expectations using systematic criteria and rigorous analysis.

Strategic planning is an offshoot of strategic management and is now commonly referred to as corporate planning.

Strategy management is the process of developing and implementing plans, as well as carrying out actions. In short, it refers to a range of actions related to the development and implementation of strategies to achieve organisational goals.

Owolabi (2001), for example, states that “Strategic management is the management process by which policies are formulated and strategies are selected to achieve the goals and objective of an organisation” .

Strategy management is a disciplined strategy that uses management principles and processes to determine a company’s aim or mission.

The strategic management process refers to how strategists identify objectives and make strategic decisions. Strategic management is primarily concerned with achieving organisational goals while taking into account internal and external environmental elements.

Planning is the process of determining goals, objectives, and courses of action to achieve them. Your effective successful strategy differs in structure, so the organization’s structure must be changed to achieve effective economic performance.

1.1 Statement of Problem

Many organisations spend a lot of effort recognising and reacting to unanticipated events and problems rather than predicting and planning for them.

Research has shown that there is an increase in internal and external uncertainty as a result of growing possibilities and threats, a lack of awareness of needs, facility-related concerns, and the environment, and a lack of direction.

The purpose of this research is to determine whether strategic planning or organisational performance improves long-term organisational goal accomplishment.

Strategic planning is important not only for banks but also for all other organisations’ performance and goals. As a result of this scenario, various challenges with strategic planning arise, which are listed below:

How can we discover characteristics that serve as a basic guide for strategic planning?

What influence does strategic planning have on accomplishing the organization’s goals?

What factors contributed to an organization’s failure to prioritise strategic planning?

1.2 Objective of the Study

The study’s goal is to look into the impact of strategic planning on accomplishing organisational objectives.

The purpose is as follows:

1. To investigate the effectiveness of strategic planning in accomplishing organisational goals.

2. Investigate the relationship between organisational performance and goals.

3. To determine how strategic planning affects the functioning of the corporate organisation.

4. To analyse the effectiveness of strategic planning in achieving company goals and objectives.

1.3 Significance of the Study

The significance of strategic planning in accomplishing organisational goals cannot be overstated, and it highlights the motivation for this study.

The study’s findings and conclusions will be used to inform organisational strategic planning decisions. This could also be crucial for future studies on strategic planning in accomplishing organisational goals.

1.4. Research questions

1. Does strategic planning improve the organization’s performance?

2. Are the management or employees prepared to attain the organization’s goal?

3. Is strategic planning a mechanism for improving organisational efficiency and effectiveness?

1.5 Research Hypotheses

Ho: Strategic planning does not lead to improved organisational performance and goals.

H1: Strategic planning improves organisational performance and goals.

Ho: Strategic planning is not a tool that improves efficiency and effectiveness in an organisation.

H1: Strategic planning is a method that increases efficiency and effectiveness in an organisation.

1.6 Scope of the Study

The study’s goal is to close the gap by creating and showing the application of an evaluation instrument that measures the impact of strategic planning on organisational effectiveness and culture.

1.7 Definition of Terms

Management in all commercial and human organisation activities is the process of bringing people together to achieve desired goals and objectives. Management is the process of planning, staffing, leading or directing, and controlling an organisation to achieve a goal.

Organisation: An organisation is a social arrangement that pursues common goals and manages its own performance. Organisation is defined as the planned, coordinated, and purposeful behaviour of humans to create or compile concrete or intangible products.

Planning in organisations and public policy refers to both the organisational process of developing and implementing a plan and the psychological process of considering the activities necessary to achieve a desired goal on some scale. It blends predicting of developments with the creation of scenarios on how to respond to them.

Performance management involves activities that ensure that goals are continuously met in an effective and efficient manner. Performance management might focus on the performance of an organisation, a department’s process for developing a product or service, people, and so on.

Strategy is a plan of action intended to attain a specific goal. The word ‘Strategy’ has a military connotation because it comes from the Greek word meaning general. Strategy is distinct from tactics. In military words, tactics and the conduct of an engagement are connected.

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