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, in commercial banks.
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 the organization performance measurement systems.
According to Mohr and Zoghi (2006) corporate effectiveness is defined in many ways depending on the organizations goals and objectives in today’s market and also is dependent on the industry. In today’s market, corporate effectiveness is dependent on seven to ten attributes/characteristics. He further stated ten characteristics those highly effective organizations exhibits. They are, clarity of the organization’s mission, the power of leadership vision, adherence to shared values throughout the organization, cohesive, balanced team of leaders, clear and measurable goals and objectives, mechanisms for external feedback and input, a desire to learn continuously, pursuit of excellence, competent planning and decision-making processes, periodic celebrations of nobility of the work and collective accomplishments. Raze and Nawaz, (2011) concluded there are eight practices of highly effective organizations. They entail balanced values, commitment, culture, communication, partnering, collaboration, innovation and risk, and competitive passion. Stating what an organization is supposed to look like and how it should function is easy. The hard part is how to get there and practicing the characteristics of an effective organization.
Clearly, these statements emphasize the importance and the need for a comprehensive, systematic and dynamic strategic planning for every bamk which seeks to survive competition in the changing global competitive in the banking environment. Ansoff (1970) argues that planning generally produces better alignment and financial results in bank 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).
The need for organizations to plan and monitor their activities in order to focus resources and efforts to ensure their future survival, consultants and educational programmes. Strategic planning is now a routine part of business or organizations 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.
This research is motivated by the idea that unsuccessful business organization especially in multinational firms and may rise from their poor planning. It could be noted that lack of proper planning under the development and effectiveness of the organization.
There will be problem if an effective strategic planning are not introduced into the performance to examine the method of performance and work-flow procedure. When this is not done, the maximum benefit/objective would not be gained.
There will be problem when the work place is not planned in such a way that performance is integrated with other department and system in banking industries.
Problem may arise when the staff involved in production are not trained in the various skills required.
The following are the problems identified in the study:
iii. Ineffective decision-making process.
Human resources managers need training to ensure that job design and job specifications are prepared in a suitable form and pattern.
The main objective of the study is to examine the relationship between strategic planning and corporate social effectiveness. The specific objectives are as follows:
vii. To examine the relationship between effective decision making and corporate social effectiveness.
viii. To determine the relationship between discipline and corporate social effectiveness.
iii. What is the extent to which effective decision-making influence corporate social effectiveness?
The outcome of this study will be of immense benefit to a wide range of people. First, to the government and public policy makers, this study will help them appreciate the strategic importance of strategic planning and policies that can fast-track organizational stability for business to serve, hence, promote friendly investment climate which is an impetus for increased foreign direct investment. The study will reveal to Multinational firms to promote strategic planning in the organization in other for the organization to be effective and face their competitors.
The study is delimited under the following heading: content scope, geographical scope and unit of analysis.
iii. Unit of Analysis: The unit of analysis in this research involves the individuals at the time of carrying out the study. The scope of this study is to ascertain the relationship between strategic planning and corporate social effectiveness. In the next segment, Limitation of the study will be discussed.
There is need for every work in a research proposal and of course in any research report to be clear as to its meaning, since words have different meaning in different context.
BUSINESS: The practice of making one’s living by engaging in commerce.
CORPORATE EFFECTIVENESS: The efficiency with which an association is able to meet its objectives. This means an organization that produces a desired effect or an organization that is productive without waste.
ORGANIZATION: An organized body of people with a particular purpose, especially a business, society, association, etc.
PLANNING: This is a detailed arrangement for something for something you want to do in the future.
STRATEGY: This is a plan that is intended is to achieve a particular purpose.
OTHER SIMILAR BUSINESS ADMINISTRATION PROJECTS AND MATERIALS