IMPACT OF STRATEGIC PLANNING ON BUSINESS GROWTH AND PROFITABILITY. A STUDY OF DANA PHARMACEUTICAL COMPANY LIMITED MINNA
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ABSTRACT
The study focused on Impact of strategic planning on business growth and profitability. A study of Dana pharmaceutical company limited Minna. The specific objectives sought to: ascertain the extent value chain affects growth in Dana pharmaceutical company limited Minna profitability, determine the extent of effects of strategic change on market share in Dana pharmaceutical company limited Minna productivity, examine the extent strategic leadership affects customer satisfaction in Dana pharmaceutical company limited Minna effectiveness and determine the key challenges of adopting Strategic planning in Dana pharmaceutical company limited Minna . The research design adopted in this study was survey which is characterized by direct interaction with the population. The target population of the study is 2093 comprising both the senior and junior staff of the Dana pharmaceutical company limited Minna In Niger State Nigeria. Taro Yamane’s formula was used to determine the sample size of 336. The key instrument of data collection was questionnaire and oral interview guide. The questionnaire was structured in 5-point Likert scale. The data were presented using sample table frequency and the formulated hypotheses were tested using simple linear regression and Friedman Chi-square. The study found that value chain to a great extent affected growth in Dana pharmaceutical company limited Minna profitability (r = 0.882; F = 1.057E3; t = 11. 249; p = 0.05). Also the study discovered that strategic change to a great extent had effect on market share in Dana pharmaceutical company limited Minna productivity (r = 0.917; F = 11. 596E3; t = 21.169; p = 0.05). Strategic leadership to a great extent affected customer satisfaction in Dana pharmaceutical company limited Minna effectiveness (r = 0. 573; F= 148.292; t = 5.866; p = 0.05).Further the study revealed that economic and poor structures were the key challenges of adopting Strategic planning in Dana pharmaceutical company limited Minna (X2cal = 492.352 >X2critical = 11.14, p 0.000 < α = 0.05).The study concludes that, the performance ofrfinery depend on the types of strategic they adopted. The study recommends that the organizations should intensify every effort to assess and monitor both internal and external variables in order to checkmate the unprecedented failure that could be controlled by continuous improvement.
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