Background of the Study
Corporate planning strategy sets the overall direction in which a company will follow and determine how resources will be allocated. Corporate strategy sets the strategic goals and plans at the top of the hierarchy in the organization planning process, determines the broad path for managers through the organization to follow in achieving the organization mission. Top managers are responsibly for formulating corporate level strategy and define how company will compete in each of its chosen business including the product market choices. When a company is composed of numerous businesses, each business should be designated as a strategic business unit (SBU) a separate set of managers, products, resources, customers and competitors should be managed independently of the other business.
Corporate planning is a process used by businesses to map out a course of action that will result in revenue growth and increased profits. Although large corporations may have staff members or entire departments devoted to performing the planning function, small business owners can become proficient through learning basic concepts and putting forth the effort necessary to create a comprehensive plan.Planning is the first and the most basic of all the functions of management. It is a crucial managerial function in every organization. Without planning things are left to chance and result in chaos. Planning can be defined as a process by which managers set objectives, figure out policies, programmes, procedures, rules, methods, assess the future and develop alternative cause of actions aimed at achieving these objectives, (Udonnan, 2012). It is a function that determines in advance what is expected to be done, when, how and by whom to achieve expected result. Planning provide a road map for journey to attaining results.
As the definition states, the planning process actually involves the determination of appropriate objectives or goals and the maximum time frame for accomplishing those objectives or goals. Effective planning often means bridging the gap between now and the future which is the expected goal or objective. It is a continuous function that sees the organization through change-oriented environment towards achieving the predetermined objectives (Griffin, 20014). Planning also specifies the action required, accomplishing those objectives it must be pointed out that many management authors have tended to equate decision making to planning, but decision making is the selection from among alternative of a course of action which is at the core of planning. A plan cannot be said to exist unless a decision (commitment of direction or reputation) has been made (Koontz, 2018). The decision which the manager make does not in any way constitute a plan because according to Kast and Roseabueig, (2005) the decision does not necessary involve either action or the future which forms the basic ingredient of planning. To this extent it must be stressed that decision making constitutes a vital aspect of every planning stage as in all other functions of management. The definition includes two distinguishing features, the first instance, planning is primary concerned with setting goals, and the second instance, planning is futuristic, that entails creating a mental image of what an organization hope to achieve in the nearest future. Essentially, planning is analytical to involving an environmental scanning of the future toward determining what involves drawing from the past, to decision in the present, what objectives or goals will be attained in the future (Onuoha, 2011).
Statement of the Problem
A company without a comprehensive corporate plan is wandering aimlessly. It is imperative that the company have a plans in place particularly if the company is growing or moving into another field of endeavor. A company is interested in better decisions by developing plan to solve problems and take advantage of objectives and goals of the organization as a whole based on the outcome of the surveillance and interpretation of the threats and opportunities in the external environment by the top management.
Corporate planning is a requirement for all businesses to survive and without corporate planning business will find it difficult to coordinate their activities, meet their production schedule, minimize their cost of production and respond to environmental changes. The result of this will be lack of customers’ satisfaction which will finally result in extinction. This study is therefore to investigate corporate planning and organizational goals attainment.
LIST OF TABLES
PAGES
Table 3:1: Sample Selection – – – – – – –
Table 4:1:1 Response to Research Question One – –
Table 4:1:2: Responses to Research Question Two – –
Table 4:1:3: Responses to Research Question Three – –
Table 4:1:4: Responses to Research Question Four – –
Table 4:2:1A: Observed Frequency for Hypothesis One –
Table 4:2:1B: Expected Frequency for Hypothesis One – –
Table 4:2:1C: Comparison of observed with expected
Frequencies for Hypothesis One – –
Table 4:2:2A: Observed Frequency for Hypothesis Two –
Table 4:2:2B: Expected Frequency for Hypothesis Two –
Table 4:2:2C: Comparison of observed with expected
Frequencies for Hypothesis Two – –
Table 4:2:3A Observed Frequency for Hypothesis Three –
Table 4:2:3B Expected Frequency for Hypothesis Three –
Table 4:2:3C Comparison of observed with expected
Frequencies for Hypothesis Three – –
Table 4:2:4A Observed Frequency for Hypothesis Four –
Table 4:2:4B Expected Frequency for Hypothesis Four –
Table 4:2:4C Comparison of observed with expected
Frequencies for Hypothesis Four – –
TABLE OF CONTENTS
PAGES
Title Page – – – – – – – – – i
Approval Page – – – – – – – – ii
Certification – – – – – – – – – iii
Dedication – – – – – – – – – iv
Acknowledgements – – – – – – – v
Abstract – – – – – – – – – vi
List of Tables – – – – – – – – viii
Table of Contents – – – – – – – – ix
CHAPTER ONE
INTRODUCTION
- Background of the Study – – – – – – 1
- Statement of the Problem – – – – – 4
- Objectives of the Study – – – – – – 5
- Research Questions – – – – – – 6
- Statement of Hypotheses – – – – – – 6
- Significance of the Study – – – – – 7
- Scope of the Study – – – – – – 7
- Limitations of the Study – – – – – – 8
PAGES
- Organization of the Study – – – – – 8
- Definition of Terms – – – – – – 9
CHAPTER TWO
REVIEW OF RELATED LITERATURE
2.1 Conceptual Framework – – – – – 11
2.1.1 The Concept and meaning of Corporate Planning – 11
2.1.2 Operational planning on organizational goals attainment 13
2.1.3 Strategic planning and position on organizational goals
Attainment – – – – – – – 15
2.1.4 Tactical planning on organizational goals attainment – 19
2.1.5 Contingency planning on organizational goals attainment 20
2.1.6 The Need for Corporate Planning – – – – 24
2.1.7 Strategy development and organizational goals attainment 26
2.2 Theoretical Framework – – – – – – 27
2.2.1 Behavioural theory – – – – – – 27
2.2.2 Resource-based theory – – – – – – 28
2.3 Empirical Framework – – – – – – 28
2.3.1 Effects of corporate planning practices on organizational
Performance – – – – – – – 28
PAGES
CHAPTER THREE
RESEARCH DESIGN AND METHODOLOGY
3.1 Research Design – – – – – – – 31
3.2 Population of the Study – – – – – – 32
3.3 Sampling Technique – – – – – – 32
3.4 Sample Size – – – – – – – 33
3.4 Instrumentation – – – – – – – 33
3.5 Method of Data Analysis – – – – – 34
3.6 Problems of Data Collection – – – – – 36
CHAPTER FOUR
DATA PRESENTATION, ANALYSIS AND INTERPRETATION
- Analysis of Research Questions – – – – 37
- Research Question One – – – – – – 37
- Research Question Two – – – – – – 38
- Research Question Three – – – – – 39
- Research Question Four – – – – – – 40
- Test of Hypotheses – – – – – – 41
- Test of Hypothesis One – – – – – – 43
4.2.2 Test of Hypothesis Two – – – – – – 46
PAGES
4.2.3 Test of Hypothesis Three – – – – – 46
4.2.4 Test of Hypothesis Four – – – – – – 48
4.3 Discussion of Findings – – – – – 50
CHAPTER FIVE
SUMMARY OF FINDINGS, CONCLUSION AND
RECOMMENDATIONS
5.1 Summary of Findings – – – – – – 53
5.2 Conclusion – – – – – – – – 54
5.3 Recommendations – – – – – – – 55
References
Appendix I
Appendix II
Chart Analysis