EFFECT OF STRATEGIC PLANNING ON ORGANIZATIONAL DEVELOPMENT
A CASE STUDY OF FIRST BANK PLC, OZORO, DELTA STATE
1.1 BACKGROUND OF THE STUDY
over the years, organization have witnessed a lot of turbulence due to the lack of a properly designed star that could lead to attaining effective forced of the organizational world due to this relent phenomenon. For planning to be effective, executives must carefully establish and outline the future sources of actions of the from. In order to remain in the organization sconce companies, especially large firms have become confirmed to formal planning activities during the most recent decades. They thus adopt the various kinds of planning 0.2 strategic operational etc as suitable for their activities.
Strategic planning activities are longer in nature and it involves top level executives to be properly drawn. This planning has proved to be more global in its effect at gaudily the overall organization goals even through they are carried out at different department and units of the organization.
During the 1950s/1980s, all these activates were referee to as long range planning of a strategic nature has been referred to as strategic planning. Today, the term strategic management has been in use planning therefore it involves all levels of an organizational management. Strategic planning requires the involvement of all member of the organization in the planning process. This creates first have awareness of the planned or set out target or the organization in the mind of all those involved.
1.2 STATEMENT OF THE PROBLEM
In our world today, the growth of organization have been trampled upon by the lack of strategic planning and in some cases, due to ill conceived plans. As a result, they are usable to operate effectively.
Basically the problem is that most organization are not aware of the humongous positive effect strategic planning can have on the growth of their organizations and even when some are aware, they do not fully understand the particular type and process of planning to adopt that mil best suit the operations.
The constraint have made it impossible for organizations and business ventures to grab hold of further opportunities presenting themselves in the course of their organizational activities.
A lot of organizations do not have the ability to project reasonably and pre-determine their future courses of dentine, because they lack formal education, enlightenment and training on the level of utility an organization can drive from the ability to set reasonable targets and to meet them. Thus, they are being able to enhance the development and proper operation of their organizations.
This research will therefore attempt to ascertain to what extent the lack of strategic planning hinders the efficient operations of organization are starts their growth, target and expansion. When this has been identified, the research work will further remedial situations to this or deal confronting organization around the country.
1.3 SIGNIFICANCE OF THE STUDY
It is hoped that this study will be of high value of the owners and managers of organization. The research believers that this study will provide result for improving the quality of performance in organization in first bank plc, in particular and in the country as a whole. It could also serve as a reference for further study on similar problems.
Also, it is hoped that the study will assist the since planning cut across all spheres of human’s activities, including those of private individual and corporate bodies that makes up the society. It is believed that this i.e search work will be of importance is one form or the other to anyone under whose eyes it passes.
1.4 RESEARCH HYPOTHESIS
The following research hypothesis will serve as a guide to which the study will lake.
1. Strategic planning has effect on organizational performance
2. Strategic planning has effect on productivity.
3. Strategic planning makes work to be effective.
4. Strategic planning is a basis for proper planning.
5. Strategic planning has effect on organizational development.
1.5 OBJECTIVE OF THE STUDY
This study is posed to examine the need for Strategic planning in organization.
The following related points can be considered;
1. To determine whether Strategic planning has effect on organizational performance.
2. To determine whether Strategic planning has effect on productivity.
3. To determine know how Strategic planning makes work to be effective.
4. To determine whether Strategic planning is a basis for proper planning.
5. To determine whether Strategic planning has effect on organizational development.
1.6 DELIMITATION OF THE STUDY
The research work covers all necessary areas related to Strategic planning in an organization. It includes the need and effectiveness of Strategic planning in any organization.
The effect of Strategic planning on any organization is a very mile subject matter of study looked at from the briskest sense of reasoning in light of this fact, the scope of this study has been restricted to organizations and with a more concentrated emphasis on first bank plc, ozoro. This restriction result from the unique problems that have been facing organization in recent times, which includes, political instability, lack of formal planning and decline in training and education of workers in the organization on the need to work towards a drawn out plan.
1.8 PROFILE OF THE COMPANY
The first bank of Nigeria plc for over a century has distinguished itself as a leading financial institution and a major contribution to the economic advancement and development of Nigeria. The bank was incorporated as a limited hostility company on march 31st, 1984, with head office in liver pool by Sir Alfred Jones, a shipping magnate it started business in the office of the elder dumpster and company in Lagos under the corporate name of the Bank for British west Africa (BBWA) with a paid up capital of 12,000 pounds, sterling after absorbing it’s predecessor, the African banking corporation which was establish earlier 1982, in its early years of operations, the bank recorded an impressive growth and worked closely with colonial government in performing the traditions of a central bank. To justify its West African coverage, a branch was opened in Accra Ghana in 1896 and another in Freetown, Sierra Leona in 1898. These marked the genesis of the Sank’s international banking operations. The second branch of the bank in Nigeria was in old calabar in 1900 and two years later, services were extended to northern Nigeria.
The bank had at various times embarked on restructing initiatives. In 1957, it changed its name from bank of British West Africa to Bank of West Africa. In 1969 the bank was incorporated locally as the standard bank of Nigeria limited in line with the companies decree of 1968 changes in the name of the bank also occurred in 1979 and 1991, to first bank of Nigeria plc, respectively in 1985, the bank introduced a decentralize structure with free regional administrations. To enhance the bank’s operated efficiency, this was reconfigured into sixteen area office in 2003. in 2001, the bank began the process of transforming its corporate identity to reflect its rejuvenated focus. The transformation process which began in earnest in 2001 gained momentum in 2003 and was launched on Tuesday, April 27, 2004 with the introduction of new corporate identity. First bank got listed on the Nigerian stock exchange (NSE) in march 1971 and has won the NSE president merit award eleven times for the best financial report in banking sector.
1.9 DEFINITION OF KEY TERM
Strategic – This is refers to method and techniques applied in achieving organization goals.
Planning – Determining the broad outlines that will direct the operations and preparing the basis and methods by which it is to be carried.
Organization – Corporate bodies that are not profit oriented
Pre-determine – To deicide in advance what will take place in the future.
Business opportunities- This are avenue for possible further investment and profit makings.
Business organization – Establishment of firms, company, corporate bodies, with the aim of maximizing profit
Utility – Maximum satisfaction derived from the consumption of goods and services.
Strategic Management- Process through which you can formulate a strategy for an organization.
Management – Process of designing and maintaincy an environment to accomplish a selected aim
Research – Is a more systematic activity or investigation that is directed towards discovery and the development of organized body of knowledge.
Target – Aims to het an objective.
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EFFECT OF STRATEGIC PLANNING ON ORGANIZATIONAL DEVELOPMENT A CASE STUDY OF FIRST BANK PLC, OZORO, DELTA STATE