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CHAPTER ONE
INTRODUCTION
1.1 Background
to the Study
1
1.2 Statement
of the Problem 4
1.3 Objectives
of the Study 6
1.4 Research
Questions 6
1.5
Significance of the Study 7
1.6 Brief
Research Methodology 8
1.7 Scope of
the Study 8
1.8 Limitation
of the Study 9
1.9
Organization of the Study 9
CHAPTER TWO
LITERATURE
REVIEW
2.0
Introduction 10
2.1 Concept of
Strategy 10
2.2 The
Concept and Evolution of Strategic Planning 13
2.3 Mission,
Vision, Goals and Objectives of an organization 16
2.3.1 Mission
(Statement) 17
2.3.2 Vision
(Statement) 17
2.3.3 Goals
and Objectives 18
2.4
Relationship between Strategic Management and Strategic Planning 18
2.4.1 Strategy
Formulation 19
2.4.2 Strategy
Implementation 20
2.4.3 Strategy
Evaluation 20
2.4.4 Related
Concepts 21
2.4.5
Strategic Planning and Long- Range Planning
21
2.4.6
Strategic Planning and Strategic Thinking 22
2.4.7
Strategic Planning and Operational Planning
23
2.5 Linkage of
Strategic Planning with Performance 23
2.6 The Impact
of Strategic Planning on Performance 25
2.7
Performance Measurement in the Banks 30
2.7.1
Performance Measurement Methodologies 31
2.7.2 Refining
Profitability Reporting 33
2.7.3 Aligning
the Components of Performance 34
2.7.4
Improving Systems Support and Automation 34
2.7.5
Investing in Data Availability, Quality and Consistency 34
CHAPTER
THREE
METHODOLOGY
3.0
Introduction 36
3.1 Research
Design 36
3.2 Population
37
3.3 Sample and
Sampling Procedure 37
3.4 Sources of
Data 38
3.4.1
Secondary Data Source 39
3.4.2 Primary
Data Source 39
3.5 Data
Collection Instruments 39
3.5.1
Questionnaire 39
3.5.2
Administration of the Questionnaires 40
3.5.3 Piloting
and Evaluation of Questionnaires 41
3.6 Data
Analysis Plan 42
3.7
Limitations of the Methodology
42
CHAPTER
FOUR
DATA
ANALYSIS AND DISCUSSION OF RESULTS
4.0
Introduction 43
4.1 Personal
Data 43
4.2
Measurement for the Study 44
4.3 Strategic
Planning Dimensions 45
4.3.1
Mission 45
4.3.2
structure
48
4.3.3system
51
4.3.4 result
and quality
52
4.3.5
Leadership 54
4.3.6
Relationship 56
4.4 Conclusion
59
CHAPTER
FIVE
SUMMARY OF FINDINGS,
CONCLUSION AND RECOMMENDATIONS
5.0
Introduction 60
5.1 Summary of
Findings 60
5.1.1
Efficiency of Strategic Planning Operations in Nigeria banks 60
5.1.2 Main
factors that Affect Strategic Planning in Nigeria banks 61
5.1.3 Effect
of Strategic Planning on the Performance of Nigeria banks 61
5.2
Conclusion
61
CHAPTER
ONE
INTRODUCTION
1.1
BACKGROUND TO THE STUDY
In
order to assess the level of success or otherwise of a corporate body, its
established strategic plans relative to the performance of the organization in
all fronts of operations have to be ascertained. Formulating, implementing and
the evaluation of a Strategic Plan indisputably become a major activity in both
profit and not-for-profit organizations, especially, the banking sector.
Strategic
Plan provides the basic direction and rationale for determining the focus of an
organization; and also provides the specification against which any
organization may best decide what to do and how to do it. Simply put, it is a
process for creating and describing a better future in measurable terms and the
selection of the best means to achieve the results desired. It is important to
note that not all planning is actually strategic even though they may be termed
so. It is said that failure to plan leads to planning to fail.
Strategic
planning standardizes the processes of goal/objective setting, situation
analysis, alternative consideration, implementation and evaluation that enable
an organization to attain its goals and objectives (Tapinos et. al. 2005).
Sarason and Tegarden, (2003) asserted to the positive correlation between
strategic planning and performance achievements as very beneficial for
organizations. In their studies Dyson, (2000); McAdam and Bailie, (2002)
further emphasized the need for organizations to align their strategies with
their performance measurement systems.
Performance
measurement has significant influence in supporting the achievement of an
organization's goals and the effectiveness and efficiency of its strategic
planning process. Thus, in order to assess the level of success or otherwise of
a corporate body, its established strategic plans in connection with the
performance of the company in all fronts of operations had to be established.
Strategic
management expert Toffler (2003) writes that a company without a strategy is
like an airplane weaving through the skies, hurled up and down, slammed by
winds and lost in the thunder heads. If lightning or crushing winds do not
destroy it, it will simply run out of gas. In a similar line of thought, Ross
et al (2000) note that, without a strategy an organization is like a ship
without a rudder. It goes round in circles and like a tramp, has no specific
place to go.
Clearly,
these statements emphasize the importance and the need for a comprehensive,
systematic and dynamic strategic planning for every company which seeks to
survive competition in the ever changing global competitive business
environment. Ansoff (1970) argues that planning generally produces better
alignment and financial results in companies which are strategically managed
than those which are not. This suggests an apparent correlation between
strategic planning and the ultimate performance of a company in terms of its
growth, profits, attainment of objectives and sustained competitiveness
(Strickland,
2004).
Though these assertions are largely true, Pitts et al (2003) affirm that exceptional
situations also arise when some companies gain not because they had in place
any strategy but because they just benefited from some sudden conditions in the
external environment. Nonetheless, and still consistent with the need for
evolving and constantly reviewing strategy, it is important to note that having
a sound strategy in itself does not necessarily translate into desired
performance goals if it is not properly implemented. Both strategy and
implementation must be good and timely to achieve positive results. As for a
company driven by wrong strategic planning, Malamud (2004) likens it to a train
on a wrong track saying, every station it comes to is the wrong station.
These
fundamental principles essentially hold true for all industries globally and as
should be expected, management is subject no less to the dynamics of these
tendencies. It is assumed that strategic planning, like other management
initiatives developed basically for business, can be adapted in spite of the
differences between profit and not-for-profit organizations.
The
need for organisations to plan and monitor their activities in order to focus
resources and efforts to ensure their future survival has spawned an industry
of practitioners, consultants and educational programmes. Strategic planning is
now a routine part of business or organisations with an accompanying set of
beliefs and protocols that underpin the day-to-day practice. As indicated in
the works of Ring and Perry (1985), Bryson and Roering (1987) as well as Nutt
and Backoff (1993), the conceptualization that best recognizes and appropriates
all the possibilities of strategy may be termed strategic. Each of the three
aspects is essential to the others: Strategic Thinking, Strategic Planning, and
Strategic Action.
1.2
STATEMENT OF THE PROBLEM
Managements‟
lead role requiring strategic thinking, planning, decision-making and ultimate
implementation could also have much to contribute to the fortunes or otherwise
of the various organizations in their respective industries. Much as the
differences in the performance levels of various organizations are to be
expected, it is still strongly believed that the strategies pursued by each
organization are largely accountable for the outcome of their performances.
Strategic
planning increases the efficiency and effectiveness of organizations by
improving both current and future operations. Strategic planning provides a
framework for management’s vision of the future. The process determines how the
organization will change to take advantage of new opportunities that help meet
the needs of customers and clients. Strategic planning is a difficult process
which requires that people think and act creatively. The strategic planning
process is used by management to establish objectives, set goals, and schedule
activities for achieving those goals and includes a method for measuring
progress. These goals can be accomplished through the steps of the strategic
plan, beginning with an external and internal analysis, a clearly defined mission
statement, goals and objectives, formulation of specific strategies, concluding
with the implementation of the strategy and managed control process.
This
research explores the extent to which a new organizational structure, policy
direction and business models affect the performance and operations of Nigeria
banks. Nigeria banks business models and policies appear to have created new
relationships and roles which demand employees to stay focused, know exactly
what part they play in the plan and ultimately what is expected of them as a
result. These demands have created some interest and apprehension among
employees and these seem to have significant implications in the new strategic
plan of Nigeria banks. It is against this background that the researcher is
exploring into the effect of strategic planning on the performance of the Nigeria
banks.
1.3 OBJECTIVES OF THE
STUDY
This
study is aimed at determining the impact of strategic planning on Banks’
performance. It will also seek to achieve the following objectives:
a To identify and determine organizations
performance
b To provide an overview of the concept of
strategic planning
c To identify the problems faced by the
Banking Industry
d To analyze the strategic planning process
and model
e To make necessary recommendations,
reducing or eliminating the problems.
f To analyze the barriers to the
successful implementation of strategic planning.
g To show the impact that strategic
planning has on the day to day activities of the banking industry.
1.4
RESEARCH QUESTIONS
a Does Strategic Planning affect
organizational performance?
b Does Strategic Planning aid decision
making in banks’ organization?
c Does Strategic Planning aid in the
achievement of banks’ objective?
d Does Strategic Planning enhance banking
growth?
e Do modern banks’ undertake Strategic
Planning?
f Is there any relationship between
Strategic Planning and bank’ policy?
1.5 RESEARCH
HYPOTHESIS/STATEMENT OF HYPOTHESIS
This
study intends to test the following assumptions:
NULL
HYPOTHESIS (HO)
ALTERNATIVE
HYPOTHESIS (H1)
HO: There is no relationship between banks’
performance and strategic planning.
H1: There is relationship between banks’
performance and strategic planning.
HO: Strategic planning does not enhance banks’
profitability
H1: Strategic planning enhance banks’
profitability
HO: Strategic planning does not enhance banks’
performance and growth
H1: Strategic planning enhance banks’
performance and growth
HO: Strategic planning does not ensure an
effective and efficient utilization of banks’ resources.
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