ABSTRACT
The study examined the impact of strategic planning on corporate governance and survival. The effectiveness of strategic planning can be measured in terms of the extent to which it influences organizational performance, which affects its survival rate. The main objective of this study is to re-evaluate the planning performance relationship in organization and determine the extent to which strategic planning affects performance in an organization, of which Dangote Flour Mill, Lagos will be used as case study. Based on the above objective, relevant literatures were thoroughly reviewed and two hypotheses were formulated and tested in this study. A survey technique was used with the comprising of both the senior and junior staff in Dangote Flour Mill, Lagos in Lagos State metropolis. The data collected were analyzed using chi-square statistical methods were used in testing the hypotheses was confirmed. The implication of this study is that strategic planning enhances better organizational governance, which in the long run has impact on its survival and that strategic planning intensify is determined by managerial, environmental and organizational factors.
TABLE OF CONTENT
TITLE PAGE i
APPROVAL PAGE ii
DEDICATION iii
ACKNOWLEDGEMENTS iv
ABSTRACT vi
TABLE OF CONTENT vii
CHAPTER ONE 1
INTRODUCTION 1
1.1 Background to the Study 1
1.2 Statement of the Problem 3
1.3 Objective of the Study 4
1.4 Statement of Hypotheses 5
1.5 Significance of the Study 6
1.6 Scope and Limitation of the Study 7
1.7 Definition of Key Terms 8
1.8 Organization of Work 10
1.9 End of Chapter Reference 11
CHAPTER TWO 12
REVIEW OF RELATED LITERATURE 12
2.1 Introduction 12
2.2 An Overview of Dangote Flour Mill, Lagos 12
2.3 Definition and Meaning of Strategy 14
2.4 The Evolution of Strategic Management 17
2.5 Types of Strategies 18
2.6 Factors for Developing Effective Strategies 20
2.7 Strategic Planning Process 21
2.8 The Benefits of Strategic Planning 23
2.9 Implementation 24
2.10 Challenges of Implementation 27
2.11 End of Chapter Reference 28
CHAPTER THREE 29
RESEARCH METHODOLOGY 29
3.1 Introduction 29
3.2 Research Design 29
3.3 Area of the Study 30
3.4 Sources and Method of Data Collection 30
3.5 Population of the Study 31
3.6 Sample Size and Sampling Technique 32
3.7 Method of Data Analysis 33
CHAPTER FOUR 35
DATA PRESENTATION AND ANALYSIS 35
4.1 Introduction 35
4.2 Presentation and Analysis of Data 35
4.3 Test of Hypotheses 43
4.4 Discussion of Findings 47
CHAPTER FIVE 48
SUMMARY, CONCLUTION AND RECOMMENDATION 48
5.1 Summary of Findings 48
5.2 Summary of the Study 48
5.3 Conclusion 50
5.4 Suggestion for Further Research 51
5.5 Recommendation 51
BIBLIOGRAPHY 53
APPENDIX I 54
CHAPTER ONE
INTRODUCTION
1.1 Background to the Study
Goals indicate what an organization wants to achieve, strategic planning is a game plan for getting there. Every organization or company must design a strategic plan for achieving its goals.
In every economic system, there are two producers of goods and services for customer use; these are the private owner of factors of production and the government. In recent time, the world is experiencing a global pressed economy. Nigeria which is a developing country is no exception, the implication of this is that an organization has to be sound strategically and operationally to cover its costs and stay in business.
According to porter in Kotler (2007), firms pursuing the same strategic planning to the same target customer constitute a strategic group, the firm that do not pursue a clear strategy and try to be good on all strategic dimension do the worst.
Strategic is rooted in the firm’s ability to look ahead, understanding a dynamic environment and effectively position the organization or it’s sub-unite for continued success in changing times. Therefore, there is need for manager at top level (strategic level of management) to think strategically.
However, any company or organization that placed much emphases on strategic planning and implementation will have little problem as they would have been identified before they become a nightmare. According to Thompson and strihland (2001), there are three conditions necessary for continued corporation survival and growth in competitive and rapid changing economy.
A company must maintain a keen awareness as its own resources and capabilities and remain alert to changes in its own market as well as those of other firms. Management must have timely and accurate information with which to assess the potential value of an opportunity.
Corporate Governance must be maintained at a level which provides investment for ventures having acceptable level of risk and uncertainty.
In order to meet these requirements, a company must develop and adhere to a plan which provides direction for future and guideline for day to day operation.
Strategic planning involves the formulation of long-term goals and objectives for the company and the selection of strategies to achieve these goals and objectives in the light of the uncertain future and external environment in which the firm operate.
The purpose of strategic planning is to provide management with a frame work at which decision can be made which will have a long-term impact on the behavior of the firm.
All the management problems of strategic planning on corporate governance has necessitated the intent of the researcher into a research about organization/company using strategic planning as a test to assess one of the great corporate governance with particular reference to Dangote Flour Mill, Lagos, Lagos State.
