THE INFLUENCE OF CORPORATE STRATEGIC PLANNING ON NIGERIA’S FOOD AND BEVERAGE INDUSTRY’S PERFORMANCE

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FIRST PART

1.1 Context Of The Study

In the 20th century, Strategic Planning has been applied specifically to organizations. It is the science and art of formulating, implementing, and evaluating cross-functional decisions that enable an organization to reach its goal.

To achieve organizational performance, Strategic planning integrates all functional units of the business, including marketing, finance and accounting, operations and production, and management. Strategic planning is an organizational process that directs human and other organizational resources toward the profitable satisfaction of the needs of customers and other key stakeholders.

Implementation of strategic planning is governed by defined policies, mission statements, and strategic goals and objectives. The conduct of the organization’s top management and other key managers. Strategic management necessitates the formulation of strategic goals and objectives in light of the organization’s internal resources and external influences.

It identifies the target customers to serve with the appropriate product or service by allocating resources effectively and efficiently (Cole, 1997). As explained by Lamb (1984), strategic planning is essential for the Nigerian food and beverage industry to become more proactive and protect its future. The purpose of this study is to explore the Effect of Corporate Strategic Planning on the Performance of the Nigerian Food and Beverage Industry —

1.2 Description of the Problem

The growing importance of the food and beverage industry in Nigeria cannot be overstated due to its contribution to the country’s economic growth through the employment of a substantial portion of the population and income generation.

However, the industry faces difficulties in developing and executing strategic strategies. The Nigerian food and beverage industry’s low performance and inability to grow quickly have been caused by its inability to be proactive and successfully safeguard the future.

Experts in management have therefore advised for the food and beverage industry to implement strategic planning as a means of ensuring the effective and efficient channeling of resources to economically fulfill the increasing demand for innovative products and services.

Inability of management to support strategy, inadequacy of resources, lack of alignment of activities with strategy, incapacity to manage change, and lack of human resources to implement strategic plans are some of the growing challenges faced by the industry during the evolution and implementation of strategic planning.

Therefore, the study problem is to evaluate the Effect of Corporate Strategic Planning on the Performance of the Food and Beverage Industry in Nigeria –

1.3 Aims of the Research

To evaluate the nature and impact of strategic planning on the Nigerian food and beverage industry

Determine the impact of strategic planning on the performance of the Nigerian food and beverage sector

To achieve organizational performance, strategic planning integrates all functional units of the business, including marketing, finance and accounting, operations and production, and management. Strategic planning is an organizational process that directs human and other organizational resources toward the profitable satisfaction of the needs of customers and other key stakeholders.

Implementation of strategic planning is governed by defined policies, mission statements, and strategic goals and objectives. The conduct of the organization’s top management and other key managers. Strategic management necessitates the formulation of strategic goals and objectives in light of the organization’s internal resources and external influences.

It identifies the target customers to serve with the appropriate product or service by allocating resources effectively and efficiently. (Cole, 1997)

1.4 Research Concerns

What does strategic planning entail?

What influence does strategic planning have on the performance of the Nigerian food and beverage industry?

What Effect Does Corporate Strategic Planning Have on the Performance of the Nigerian Food and Beverage Industry?

1.5 Importance of the Research

The research provides the food and beverage industry with a means to comprehend the instruments of strategic planning and strategic management in order to improve their performance.

The expanding importance of the food and beverage industry cannot be overstated in light of its contribution to the country’s economic growth through the employment of a substantial portion of the population and revenue generation.

However, the industry has obstacles with the formulation and implementation of strategic strategies. The inability to be proactive and successfully protect the future has led to the poor performance of the food and beverage business, the failure of many companies, and their inability to grow swiftly. Experts in management have therefore advised for the food and beverage industry to implement strategic planning as a means of ensuring the effective and efficient channeling of resources to economically fulfill the increasing demand for innovative products and services.

1.6 Working Hypothesis

Ho In Nigeria, Corporate Strategic Planning has a minimal impact on the success of the food and beverage business.

HI High impact of corporate strategic planning on the performance of Nigeria’s food and beverage industry

1.7 Scope of the Research

This study evaluates the Impact of Corporate Strategic Planning on the Performance of the Nigerian Food and Beverage Industry —

1.8 Restrictions of the Research

The research was limited by logistical and geographical considerations, among others.

1.9 Terms Definitions

INTERNAL ENVIRONMENT

The firm’s internal environment is comprised of internal variables.

Comprising its strengths and weaknesses as well as its resources, culture, and structure (Beal, 2000)

PERFORMANCE MEASURE

What to measure and how to measure constitute the informative technique of performance measurement.

OBJECTIVE DEFINED

The firm’s Objectives are viewed as the outcome or consequence of its planned operations, which must be consistent with its mission, targets, and objectives. (Johnson et al., 2007).

STRATEGIC PLANNING DEFINED

It is the science and art of formulating, implementing, and evaluating cross-functional decisions that enable an organization to reach its goal. To achieve organizational performance, strategic planning integrates all functional units of the business, including marketing, finance and accounting, operations and production, and management.

STRATEGIC MANAGEMENT DEFINED

Strategic management consists of managerial decisions and activities that direct the firm’s resources toward the achievement of its long-term goals, taking into account both internal and external elements, including external opportunities and threats and the organization’s strengths and weaknesses. Wheelen and Hungers’study (2006),

THE INFLUENCE OF CORPORATE STRATEGIC PLANNING ON NIGERIA’S FOOD AND BEVERAGE INDUSTRY’S PERFORMANCE

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