Companies now operate in
vastly competitive and non linear environment, the value of business lies
increasingly in its ability to capture information and generate new idea.
According to (Kotler 2009), “an idea that is no dangerous is hardly worth
calling an idea”. The same can be said of strategic plan. A great plan
provokes. It takes chances. This eventually attracts customers and the market
to ones brand. Therefore there is a need for effective strategy planning in an
organization. In today’s competitive environment, every company has a plan, but
firstly, we need to understand the concept of strategic planning.

Strategy is an overall
approach and plan so strategy planning is an overall planning that facilitates
the good management of a process. Strategy planning takes you outsides the
day-to-day activities of your organization or project. It provides you with the
big picture of what you are doing and where you are going.

Strategy gives you clarity
about what you actually want to achieve and how to go achieving it, rather than
a plan of action for day-to day operations.

Strategic planning consists
of a set of underlying processes that are intended to create or manipulate a
situation to create a more favorable outcome for a company. In business,
strategic planning provides overall direction for specific unit such as
financial focuses, projects, human resources and marketing.

Strategic planning can be
defined as a broad managerial process of developing a vision, mission
statement, goals and objectives with which to serve an influential guide to
employees using the top bottom management approach (Warmer 2000).

Berry (2001) strategic
planning is a tool for finding the best future for your organization and the
best path to reach that destination.

Strategic planning can be
defined as a process of using systematic criteria and rigorous investigation to
formulate, implement and control strategy and formally document organizational
expectations.

Strategic planning is an
off-short of strategic management and is nowadays referred to as corporate
planning.

Strategy management
refers to the formulation and implementation of plans and the carrying out of
activities. In short, it implies a set of activities relation to the
formulation and implementation of strategies to achieve organizational
objective.

According to Owolabi
(2001), “Strategic management is the management process by which policies are
formulated and strategies are selected to achieve the goals and objective of an
organization”.

Strategy management is a
disciplined approach utilizing the principal and process of management to
identify the objective or mission of any business.

Strategic management
process as the way in which strategists determine objective and make strategic
decision. Strategic management’s main focus is the achievement of
organizational goals taking into consideration the internal and external
environment factors.

Planning is the process
of establishing goals and objective and courses of action to attain them. Thy
effective successful strategy is departed in structure, thus to effective
economic performance the organization needs to alter it structure.

1.1     STATEMENT OF
PROBLEM