Effects of strategic planning on organizational goal attainment (a study of zenith bank plc)

Project Abstract

Strategic planning plays a crucial role in the success and goal attainment of organizations. This research project focuses on exploring the effects of strategic planning on organizational goal attainment, with a specific case study of Zenith Bank Plc. The study aims to investigate how strategic planning practices within Zenith Bank have contributed to the achievement of its organizational goals. The research methodology involves a combination of qualitative and quantitative approaches. Data will be collected through interviews with key executives and managers at Zenith Bank, as well as through surveys distributed to employees at different levels of the organization. The data collected will be analyzed using thematic analysis and statistical techniques to identify patterns and relationships between strategic planning practices and goal attainment. The findings of this research are expected to provide valuable insights into the importance of strategic planning in achieving organizational goals. By examining the strategic planning practices at Zenith Bank, the research will highlight the specific strategies and processes that have been effective in driving goal attainment within the organization. Furthermore, the study will identify any challenges or barriers that may hinder the successful implementation of strategic planning initiatives. The implications of this research are significant for both academia and practice. Academically, the study contributes to the existing literature on strategic planning and organizational performance by providing a detailed analysis of the relationship between these two variables. Practically, the findings will offer practical recommendations for organizations, particularly in the banking sector, on how to improve their strategic planning processes to enhance goal attainment. Overall, this research project seeks to advance our understanding of how strategic planning influences organizational goal attainment, using Zenith Bank Plc as a case study. By examining the specific practices and strategies employed by Zenith Bank, the study aims to provide valuable insights that can be applied by other organizations seeking to improve their goal achievement through effective strategic planning.

Project Overview

<p> <b></b></p><p><b><b>INTRODUCTION</b></b></p><p><b><b></b></b></p><b><b><p><b>1.0 &nbsp; &nbsp; BACKGROUND OF<br>THE STUDY</b></p><p><b></b></p><b><p>Companies now operate in<br>vastly competitive and non linear environment, the value of business lies<br>increasingly in its ability to capture information and generate new idea.<br>According to (Kotler 2009), “an idea that is no dangerous is hardly worth<br>calling an idea”. The same can be said of strategic plan. A great plan<br>provokes. It takes chances. This eventually attracts customers and the market<br>to ones brand. Therefore there is a need for effective strategy planning in an<br>organization. In today’s competitive environment, every company has a plan, but<br>firstly, we need to understand the concept of strategic planning.</p><p>Strategy is an overall<br>approach and plan so strategy planning is an overall planning that facilitates<br>the good management of a process. Strategy planning takes you outsides the<br>day-to-day activities of your organization or project. It provides you with the<br>big picture of what you are doing and where you are going.</p><p>Strategy gives you clarity<br>about what you actually want to achieve and how to go achieving it, rather than<br>a plan of action for day-to day operations. </p><p>Strategic planning consists<br>of a set of underlying processes that are intended to create or manipulate a<br>situation to create a more favorable outcome for a company. In business,<br>strategic planning provides overall direction for specific unit such as<br>financial focuses, projects, human resources and marketing.</p><p>Strategic planning can be<br>defined as a broad managerial process of developing a vision, mission<br>statement, goals and objectives with which to serve an influential guide to<br>employees using the top bottom management approach (Warmer 2000).</p><p>Berry (2001) strategic<br>planning is a tool for finding the best future for your organization and the<br>best path to reach that destination.</p><p>Strategic planning can be<br>defined as a process of using systematic criteria and rigorous investigation to<br>formulate, implement and control strategy and formally document organizational<br>expectations.</p><p>Strategic planning is an<br>off-short of strategic management and is nowadays referred to as corporate<br>planning.</p><p>Strategy management<br>refers to the formulation and implementation of plans and the carrying out of<br>activities. In short, it implies a set of activities relation to the<br>formulation and implementation of strategies to achieve organizational<br>objective.</p><p>According to Owolabi<br>(2001), “Strategic management is the management process by which policies are<br>formulated and strategies are selected to achieve the goals and objective of an<br>organization”.</p><p>Strategy management is a<br>disciplined approach utilizing the principal and process of management to<br>identify the objective or mission of any business.</p><p>Strategic management<br>process as the way in which strategists determine objective and make strategic<br>decision. Strategic management’s main focus is the achievement of<br>organizational goals taking into consideration the internal and external<br>environment factors.</p><p>Planning is the process<br>of establishing goals and objective and courses of action to attain them. Thy<br>effective successful strategy is departed in structure, thus to effective<br>economic performance the organization needs to alter it structure.</p><p><b>1.1 &nbsp; &nbsp; STATEMENT OF<br>PROBLEM</b></p><p><b></b></p><b><p>Many organizations spend<br>many of their time realizing and reacting to unexpected changes and problem<br>instead of anticipating and preparing for them.</p><p>Research have made it<br>clear that there is an increased internal and external uncertainty due to<br>emerging opportunities and threats, lack of awareness of needs and of it<br>facilities related issues and environment and lack of direction. This research<br>study is to assess the effect of strategic planning or organizational<br>performance, which at long run enhances organizational goal attainment.</p><p>Strategic planning is not<br>only to bank but all other organizations for performance and goal from this<br>scenario several issues rises in respect of strategic planning among which are<br>stated below:</p><p>How do we identify<br>factors which are core guide to strategic planning?</p><p>What is the effect of<br>strategic planning in achieving organization goal?</p><p>What are the factors that<br>led to insufficient attention given to strategic planning in an organization?</p><p><b>&nbsp;</b></p><p><b></b></p><b><p><b>&nbsp;</b></p><p><b></b></p><b><p><b>&nbsp;</b></p><p><b></b></p><b><p><b>1.2 &nbsp; &nbsp; OBJECTIVE OF<br>THE STUDY</b></p><p><b></b></p><b><p>The objective of the<br>study is to examine the effect of strategic planning in achieving organization<br>goal attainment.</p><p>The objective is as<br>follow:</p><p>1. &nbsp; &nbsp;<br>To<br>examine the effect of strategic planning in achieving organizational goals.</p><p>2. &nbsp; &nbsp;<br>To<br>examine the relationship between organization performance and goals.</p><p>3. &nbsp; &nbsp;<br>To<br>see how strategic planning influence performance of the business organization.</p><p>4. &nbsp; &nbsp;<br>To<br>examine the potency of strategic planning in the achievement corporate goals<br>and objective.</p><p><b>1.3 &nbsp; &nbsp; SIGNIFICANCE OF<br>THE STUDY</b></p><p><b></b></p><b><p>The importance of<br>strategic planning towards achieving organization goal cannot be over<br>emphasized and it reflects the justification of this study.</p><p>The finding and<br>conclusion of the research will serve as basis for organization decision on<br>strategic planning. This may also be significant for further research work in<br>strategic planning in achieving organization goals.</p><p><b>&nbsp;</b></p><p><b></b></p><b><p><b>&nbsp;</b></p><p><b></b></p><b><p><b>&nbsp;</b></p><p><b></b></p><b><p><b>&nbsp;</b></p><p><b></b></p><b><p><b>1.4. &nbsp; &nbsp; RESEARCH<br>QUESTIONS</b></p><p><b></b></p><b><p>1. &nbsp; &nbsp; &nbsp; Does strategic planning enhanced the<br>organization performance?</p><p>2. &nbsp; &nbsp; &nbsp; Are the management or workers ready to achieve the<br>organization goal?</p><p>3. &nbsp; &nbsp; &nbsp; Is strategic planning a tool for organization efficiency and<br>effectiveness?</p><p><b>1.5 &nbsp; &nbsp; RESEARCH<br>HYPOTHESES</b></p><p><b></b></p><b><p><b>Ho: &nbsp; &nbsp; </b>Strategic planning does not enhance<br>better organizational performance and goal.</p><p><b>H1:</b>&nbsp; &nbsp; &nbsp; Strategic<br>planning enhances better organizational performance and goal.</p><p><b>Ho: &nbsp; &nbsp; </b>Strategic planning is not a tool that<br>enhance efficiency and effectiveness in an organization</p><p><b>H1: &nbsp; &nbsp; &nbsp;</b>Strategic<br>planning is a tool that enhance efficiency and effectiveness in an organization</p><p><b>&nbsp;</b></p><p><b></b></p><b><p><b>1.6 &nbsp; &nbsp; SCOPE OF THE<br>STUDY</b></p><p><b></b></p><b><p>The scope of the study is to fill the gap by developing and<br>demonstrating the use of an evaluation instrument measuring the effect of<br>strategic planning on organizational effectiveness and culture.</p><p><b>&nbsp;</b></p><p><b></b></p><b><p><b>1.7 &nbsp; &nbsp; DEFINITIONS OF<br>TERMS</b></p><p><b></b></p><b><p><b>Management:</b>&nbsp;Management in all business and human organization activity<br>is the act of getting people together to accomplish desired goals and<br>objectives. Management comprises of planning, staffing, leading or directing<br>and controlling an organization for the purpose of accomplishing a goal.</p><p><b>Organization:</b>&nbsp;An organization is a social arrangement which pursues<br>collective goals, controls its own performance. Organization is understood as<br>planned, coordinated and purposeful action of human beings to construct or<br>compile tangible or intangible product.</p><p><b>Planning:</b>&nbsp;Planning in organization and public policy is both organization process<br>of creating and maintaining a plan and the psychological process of thinking<br>about the activities required to create a desired goal on some scale. It<br>combines forecasting of developments with the preparation of scenarios of how<br>to react to them. </p><p><b>Performance: </b>Performance management includes activities to ensure that<br>goals are consistently being met in an effective and efficient manner.<br>Performance management can focus on performance of organization, a department<br>process to build a product or service, employees etc.</p><p><b>Strategy: </b>Strategy is a plan of action designed to achieve a particular<br>goal. The word ‘Strategy’ has military connotation because it derive from the<br>Greek word for general. Strategy is district from tactics. In military terms,<br>tactics is concerned with the conduct of an engagement are linked.</p></b></b></b></b></b></b></b></b></b></b></b></b></b></b></b></b></b></b></b> <br><p></p>