THE IMPACT OF STRATEGIC PLANNING ON ORGANIZATIONAL SUCCESS
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- NGN 5000
Abstract:
The objective of this study is to (1) evaluate the role of strategic planning in enhancing organizational performance, (2) identify the key elements of effective strategic planning processes, and (3) assess the long-term benefits of strategic planning on organizational sustainability. The research design employed is a survey, chosen for its ability to collect comprehensive data from a large sample, ensuring a broad understanding of the subject. A sample size of 400 respondents, derived using Taro Yamane's formula, was utilized to ensure statistical significance and representativeness. The case study focused on manufacturing firms in Lagos, Nigeria, known for their strategic planning initiatives and competitive market environment. The reliability coefficient score of the survey instrument was 0.89, indicating high reliability. The findings revealed that organizations with well-structured strategic planning processes experienced higher success rates in achieving their goals, increased efficiency, and improved market positioning. The study recommends that organizations invest in robust strategic planning frameworks, including regular training for strategic planners and continuous review of strategic plans to adapt to changing business environments.
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