TABLE OF CONTENT
TITLE PAGE
APPROVAL PAGE
DEDICATION
ACKNOWLEDGEMENT
PREFACE
TABLE OF CONTENT
CHAPTER ONE
1.1 General Introduction
1.2 Purpose of the Study
1.3 Statement of the Problem
1.4 Research Hypothesis
1.5 Scope of the Study
1.6 Significance of the study
1.7 Historical background of case study
1.8 Definition of Terms
References
CHAPTER TWO
2.1 The role of strategic planning in strategic management
2.2 Strategic planning process
2.3 Levels of planning and strategy
2.4 Strategic planning tools
2.5 Models of strategic planning
2.6 Advantages and Disadvantages of strategic planning
2.7 Relevance of strategic planning to business growth
2.8 Strategic planning in Diamond bank
CHAPTER THREE
3.1 Introduction
3.2 Data collection procedure employed
3.3 Population of the study
3.4 Sample size technique
3.5 Determination of sample size
3.6 Techniques of data analysis
CHAPTER FOUR
4.1 Introduction
4.2 Data Presentation and Analysis
4.3 Testing of Hypothesis
4.4 Summary of Result
CHAPTER FIVE
Discussions, Recommendation And Conclusions
5.1 Summary of Result/Findings
5.2 Conclusion
5.3 Recommendations
Bibliography
ABSTRACT
Planning is the most basic managerial function. When done properly, it sets the direction for the organizing, leading, and controlling function. planning is the formal process of (1) choosing the organisation’s vision, mission and overall goals for both short run and long run, (2) devising divisional, departmental and even individual goals based on organizational goals, (3) choosing strategies and tactics to achieve those goals, and (4) allocating resources (people, money, equipment, and facilities) to achieved the various goals, strategies and tactics.
If undertaken properly, planning should assist in (1)identifying future opportunities, (2) anticipating and avoiding future problems, (3) developing courses of action (strategies and tactics), and (4) understand the risk and uncertainties associated with various options. Thus, the organisation will have a better chance of achieving its general goals.
In some organisations such as Diamond bank plc, the strategic planning process includes contingency planning which helps the bank prepare for unexpected and rapid changes in the environment which can be positive or negative.
CHAPTER ONE
1.1 GENERAL INTRODUCTION
One prominent scholar and writer on management “Mary Packer Follet” defined management as “the act of getting things done through people”. Thus management carry out their functions of planning, organizing, directing, controlling, staffing, etc of both human and material resources in an organization through people.
In modern days management has metamorphosed into strategic management with emphasis on how strategic management which involves strategic planning and can be used to foster organisational growth. There has to be proper planning, controlling, staffing, etc of activities to ensure the judicious use of resources and to operate efficiently, producing the desirable result and this has to be done strategically. This is necessary because without the proper use of their functions the organization will not survive, and in survival, two strong and opposite view must exist, which are the classical and the non classical views.
Also with the introduction of strategy to management roles, we will now see how these strategies will greatly impact on the organization goals and achievements. As management performs its role strategically, organisational growth is enhanced in the process.
In this write-up, the researcher intends to identify the problems and views of how some managers look at the term organisational growth, looking at the models and making recommendation on the best of the models.
Finally, in the managerial aspect the researcher will concentrate on the basic strategic roles which will yield good result in an organization.
In promotion, we shall see how these strategies applied leads to the promotion of organisational growth. We shall see how strategic planning is the prerequisite of management to discharge its functions in Diamond bank plc.
1.2 PURPOSE OF THE STUDY
The specific purpose of the study is to examine the role of the strategic planning on the promoting organisational growth. To this end the researcher shall examine the basic strategic roles or responsibility that management would apply in the implementation of strategic planning, the reason and those aspects of strategic planning that should be embarked upon by the company.
Secondly, organizations should bear it in mind that it is to foster organisational growth without which the activities of the industries may not be enhanced and profit may be slow. This involves the entire top management including the board of directors of the company to ensure all hands are on deck.
Thirdly, every business organization like Diamond bank plc engage in some form of planning or the other which is crucial to any business success. Planning is the most fundamental aspect of management, without which the organisation will fail and objectives will not be achieved. The scope and complexity of strategic planning, strategy formulation, and strategic decisions vary from organisations to organisation. They depend primarily on the amount of diversification and level within the organisation which strategic planning takes place and strategic decisions are made.
With these assertions, this will create an avenue to some managers and directors who do not regard strategic planning as a vital function of management.
Finally, the philosophy behind the concept of strategic planning is that the private sectors will have to change their model of operation. Management effectiveness requires a conscious orientation which will be governed by the strategic plans which will in turn be of great advantage to the firms.
1.3 STATEMENT OF THE RESEARCH PROBLEM
There is no unanimity of agreement over the meaning attached to the concept of business strategic planning. This lack of oneness in the interpretations of the concept is reflected in the different countries that understood it.
In some studies and opinion surveys in Britain and North America, some people’s views about their understanding of business strategic planning were bought. Naturally, some businessmen see strategic planning as delivering the goods and making a profit, others regard it as obeying strictly the laws of the land in the course of their business activities.
In general, two strong opposite views exist: there is the classical notion that strategic planning means that business should strive to be efficient in their production. It is argued that lack of effectiveness threatens the survival of business and that business liquidation represents a loss on national income and a waste on natural resources.
In other words, the core of business responsibility calls for business using the resources entrusted on them by society so well that more socially desirable resources are generated. One measure of the desirability of product is the price consumers are willing to pay for it. In many business situations profit will be a good indicator of “value added”. For the sake of brevity, we shall style this core concern of strategic planning as “business growth”.
Finally, In some organisations such as Diamond bank plc, the strategic planning process includes contingency planning which helps the bank prepare for unexpected and rapid changes in the environment which can be positive or negative. And can have a large impact on the organisation and require a quick. This process begins with managers developing a scenario of major environmental events that could occur. A contingency plan for a negetiv dramatic event could be developed for responding to a disaster (e.g, an earthquake, flood, or fire outbreak in the firm). Similarly, a contingency plan for a positive dramatic event could be developed for responding to customer demand for products that overwhelms the firm’s current capacity. Contingency planning forces managers to be aware of possibilities and outline strategies to respond to them. It supports orderly and speedy adaptation, in contrast to panic-like reactions, to external events beyond the organisation’s direct control.
1.4 RESEARCH HYPOTHESIS
Two hypothesis have been formulated in the course of this research,
Ho: That there is no significant relationship between strategic planning and the promotion of organisational growth.
Hi: That strategic planning promotes organisational growth.
1.5 SCOPE AND LIMITATION OF THE STUDY
This study has been designed so as to concentrate on an explanation of the activities of Diamond bank plc. It therefore covers the following specific areas:
· The strategy implementation by management.
· To find out how management promotes strategic planning.
· The category of people who engage in strategic planning.
· The organizations strategic planning style.
· Types of strategic planning and strategy.
· Our study is limited to the roles of strategy planning in promotion of organisational growth.
1.6 SIGNIFICANCE OF THE STUDY
The study will highlight the importance attached to the strategic way of promoting strategic planning to any organization.
The study will purposely serve as an instrument in the improvement of strategic planning which will ensure the profit generation and company expansion of a firm and its ability to use its strength to overcome its weaknesses as well as manage the changes within ots external environment.
The study will be most beneficial to corporate firms in learning the various ways strategic planning can be applied. Managers and directors of firms will learn the various corporate, business and functional level strategies that are applicable to ensure and guarantee growth.
Finally, the general public that would read this project will find it beneficial and understand the importance of the strategic planning on organisational profit of which they are stakeholders.
1.7 HISTORICAL BACKGROUND OF CASE STUDY
Diamond Bank (PLC) Victoria Island, Lagos,Nigeria
Diamond Bank Plc began as a private limited liability company on March 21, 1991 (the company was incorporated on December 20, 1990). Ten years later, in February 2001, it became a universal bank. In January 2005, following a highly successful Private Placement share offer which substantially raised the Bank’s equity base, Diamond Bank became a public limited company. In May 2005, the Bank was listed on The Nigerian Stock Exchange. Moreover, in January 2008, Diamond Bank’s Global Depositary Reciepts (GDR) was listed on the Professional Securities Market of the London Stock Exchange. The first bank in Africa to record that feat.
Today, Diamond Bank is one of the leading banks in Nigeria* – respected for its excellent service delivery, driven by innovation and operating on the most advanced banking technology platform in the market. Diamond Bank has over the years leveraged on its underlying resilience to grow its asset base and to successfully retain its key business relationships. And like a diamond, our strength makes us even more valued and valuable. Diamond Bank has won several awards including the prestigious “Nigerian Bank of the Year, 2009”, the “Most Improved Bank of the Year, 2007” and “Best Bank in Mergers & Acquisition, 2006” all by the ThisDay Annual Awards.
We have retained excellent banking relationships with a number of well-known international banks, allowing us to provide a bouquet of world class banking services to suit the business needs of our clients. These international banking partners include Citibank; HSBC Bank; ANZ Banking Group; ING BHF Bank AG; Standard Chartered Bank; Belgolaise Bank S.A; Deutsche Bank; Commerzbank; and Nordea Bank Plc.