IJMBS V o l. 5, I S Su e 2, A p rIl – J u n e 2015 ISSN : 2230-9519 (Online) ISSN : 2231-2463 (Print) [604017]

IJMBS V o l. 5, I S Su e 2, A p rIl – J u n e 2015 ISSN : 2230-9519 (Online) | ISSN : 2231-2463 (Print)
www.ijmbs.com 64 InternatIonal Journal of ManageMent & BusIness studIesCorrelation Between Strategic Planning
and Firm Performance
Dr. Pardeep Kumar
Dept. of Commerce, Keshav Mahavidyalya, University of Delhi, Delhi, India
Abstract
Developing a strategic plan can seem like an overwhelming task, but the best place to start is by defining what strategic planning is. The strategic planning is quite simple-the process of envisioning
a future and translating this vision into defined goals, objectives, strategies, and tactics. To survive in business, organizations have to make tough decisions and create “battle plans” for success. It is hard to accomplish anything without a plan, but if you don’t understand strategic planning, clarifying the basics is a great way to start. The purpose of strategic or long-range planning is to assist an organization in establishing priorities and to better serve the needs of its constituency. A strategic plan must be flexible and practical and yet serve as a guide to implementing programs, evaluating how these programs are doing, and making adjustments if necessary. Assessing the impact of rational strategic planning on Firm performance has been central in strategic management research during the last three decades. This paper revisits this important issue by giving special attention to the operationalization of the concepts of rational strategic planning and performance, and including firm size as a contingency factor. A quantitative Empirical study conducted on European, American and Asian firms reveals a positive association between strategic planning and performance regardless of firm size.Organizations are increasingly applying the practice of strategic planning in anticipation of improved performance. The studies have focused on the direct relationship between strategic planning and performance and did not give attention to the specific steps that make up the strategic planning process. The main purpose of the study to examine the relationship between the strategic planning process and firm’s performance. The manner and extent to which each of the steps is practiced could have implications on the expected strategic planning results. This research paper examines the relationship between strategic planning and firm performance giving attention to the strategic planning steps. Correlation analysis is applied to find out the relationship between strategic planning and firm performance. This research paper also emphasis on finding the correlations between the strategic planning steps and company’s performance.
Keywords
Strategic, Planning, Performance, Process, Correlations, Environmental scanning, Variables.
I. Introduction
Over time the concept and practice of strategic planning has been embraced worldwide and across sectors because of its perceived contribution to organizational effectiveness. Today organizations from both the private and public sectors have taken the practice of strategic planning seriously as a tool that can be utilized to fast track their performances. Strategic planning involves clearly defining the organization’s mission and an assessment of its current state and competitive landscape. Strategic planning also requires a well-thought out plan for how to properly allocate time, human capital and financial resources. By following a strategic planning process, an organization can improve business outcomes and avoid taking on unanticipated risks due to lack of foresight. Michael
Porter wrote in 1980 that formulation of competitive strategy includes consideration of four key elements:
Company strengths and weaknesses;1.
Personal values of the key implementers (i.e., management 2.
and the board);Industry opportunities and threats; and3.
Broader societal expectations. 4. The first two elements relate to factors internal to the company (i.e., the internal environment), while the latter two relate to factors external to the company (i.e., the external environment). These elements are considered throughout the strategic planning process.Implementation, in essence, pulls a plan apart and diffuses it throughout an organization. Every unit within the organization which is involved must then accept the plan, agree to its direction, and implement specific actions. In order to effectively and efficiently implement a plan, all individuals involved in its implementation must function as a whole or the plan is destined for failure. Besides the personal satisfaction of taking charge of the organizations future, strategic planning offers at least five compelling reasons for its use:
Forces a look into the future and therefore provides an 1.
opportunity to influence the future, or assume a proactive posture.Provides better awareness of needs and of the facilities related 2.
issues and environment.Helps define the overall mission of the organization and 3.
focuses on the objectives.Provides a sense of direction, continuity, and effective staffing 4.
and leadership.Plugs everyone into the system and provides standards 5.
of accountability for people, programs, and allocated resources.
In summary, strategic planning is the key to helping us collectively and cooperatively gain control of the future and the destiny of our organization. Strategic planning is an organization ’s process of defining its
strategy , or direction, and making decisions on allocating its
resources to pursue this strategy. It may also extend to control mechanisms for guiding the implementation of the strategy. Strategic planning became prominent in corporations during the 1960s and remains an important aspect of strategic management . It
is executed by strategic planners or strategist s, who involve many
parties and research sources in their analysis of the organization and its relationship to the environment in which it competes. Steiner (1979) argued that the framework for formulating and implementing strategic is the formal strategic planning system. Greenley (1986) advocated that strategic planning has intrinsic values that translate into firms improved performance. The studies on the relationship between strategic planning and firms performance were conducted in between 1970s and 1990s and focused on the direct relationship between the strategic planning and firms performance. It is noted that the past studies did not give

IJMBS V o l. 5, I S Su e 2, A p rIl – J u n e 2015 ISSN : 2230-9519 (Online) | ISSN : 2231-2463 (Print)
InternatIonal Journal of ManageMent & BusIness studIes 65 www.ijmbs.comattention to the individual steps that make up the strategic planning
process. It is perceived that the manner and extent to which each of the strategic planning steps is addressed could have implications on the realization of the expected corporate goals. Hence, it is important to study the relationship between strategic planning and firm’s performance. This study set out to examine the relationship between strategic planning and firm performance. This study made an attempt towards finding answers to the research questions:
Is there a link between strategic planning and firm performance 1.
given different contexts? and Is there a link between the strategic planning steps and firm 2.
performance?
Therefore, there are two main objectives in this study. First we examine the relationship between strategic planning and firm performance and thereafter examine the relationship between strategic planning constituent variables and firm performance.
II. Review of Literature
The process of strategic planning shapes a company’s strategy choice. It reveals and clarifies future opportunities and threats and provides a framework for decision making throughout a company. It helps organizations to make better strategies through the use of more systematic, logical and rational approach to strategic choice. It is argued that strategic planning results in a viable match between the firm and its external environment.Strategy concerns an analysis of the firm’s environment, leading to what the firm, given its environment, should achieve. Environmental scanning and analysis allows the firm to be connected to its environment and guarantees the alignment between the firm and its environment. Environmental analysis reveals the market dynamics, business opportunities and challenges, customer expectations, technological advancements and the firm’s internal capacities and this provides the basis for strategy selection. It is conceptualized that firms that have effectively embraced strategic planning, records better performance as compared to those that have not. Various empirical studies have been done to establish the relationship between strategic planning and firm performance with varied conclusions. The initial studies include that done by Thune and House (1970). Thune and House studied 36 companies employing the approach of examining the performance of each company both before and after formal strategic planning were initiated. This covered both informal and informal planners. The comparison showed that formal planners outperformed the informal planners on all the performance measures that were used.It has been argued that although there is a general perception and belief that strategic planning improves organization effectiveness, if wrongly pursued the anticipated value may not be tapped. Steiner (1979) points out that a wrong strategy or a wrongly formulated strategy may not translate into the anticipated value for the organization. Johnson, Scholes and Whittington (2005), note that strategic drift occurs when the organization’s strategy gradually moves away from relevance to the forces at work in its environment. Tourangeau (1987) shares these sentiments but cautions that strategic business planning cannot be expected to cure all that ails an organization i.e. address other shortcoming of the management process, but can best be seen as a partial solution to management problems. Strategic planning, or any other management technique is of limited value by itself, only a partnership with all parts of the management particularly execution, controls and rewards can result in synergy and lead to substantial advancement. In their survey to see how successful companies translates their strategies into performance, Mankins and Steele (2005) observed that companies typically realize only about 60 percent of their strategies potential value because of defects and breakdowns in planning and execution. Hofer and Schendel (1978) argue that strategy is important and therefore its formulation should be managed and not left to chance. Therefore, each of the stages in the strategic planning process cannot be taken for granted.
Hofer and Schendel (1978), Henderson (1979), Greenley (1986),
Miller and Cardinal (1994) and David (1997) argued that firms record improved performance once they effectively embrace strategic planning. Carrying out the various steps in the strategic planning process is expected to facilitate the realization of organizational effectiveness. By defining a company’s purpose and goals, strategic planning provides direction to the organization and enhances coordination and control of organization activities.McCarthy and Minichiello (1996), noted that a company’s strategy provides a central purpose and direction to the activities of the organization and to the people who work in it. Howe (1986) and Kotter (1996) argued that the primary goal of strategic planning is to guide the organization in setting out its strategic intent and priorities and refocus itself towards realizing the same. Porter (1980), Greenley (1986), Miller and Cardinal (1994), Hax and Majluf (1996) and Grant (1998) argued that an objective analysis of external and internal environment facilitates the establishment of the firm-environment fit and improved decision-making.Porter (1980), Quinn (1980), Ohmae (1983) and Kotter (1996) have pointed out that the identification of strategic issues and, strategy analysis and selection facilitates the achievement of efficient allocation of resources, sustainable competitive advantage, and improved innovation. It is also perceived that the development of implementation programme, evaluation and control systems facilitates smooth execution and implementation of the planned tasks.Miller and Cardinal (1994) employed a meta-analytic approach using data from 26 previously published studies and concluded that strategic planning positively influences firm performance. Caeldries and VanDierdonck (1988) surveyed 82 Belgian Business firms and reported a link between strategy and performance. They found that strategy enables a firm to strengthen its competitive position, and facilitates integration and coordination of members’ behavior. Pealtie (1993) observed that the main reason for the introduction of formalized strategic planning is to improve company performance through the development and implementation of better strategies. Pealtie noted that managing a large business without a plan is like trying to organize a car rally without a map, not impossible, but difficult. The findings revealed that companies, which do extensive strategic planning, outperformed the other companies. Karger and Malik (1975), taking a similar approach to that taken by Ansoff, compared the values of a range of variables of planners to those of the non-planners and based on the results concluded that the planners outperformed the non-planners. Greenley (1986) examining empirical data from nine surveys (8 in USA and 1 UK within the manufacturing business) on the relationship between strategic planning and company overall performance noted mixed conclusions with five studies concluding the existence of the relationship while the rest conclude that higher levels of performance did not necessarily relate to the utilization of strategic planning.

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www.ijmbs.com 66 InternatIonal Journal of ManageMent & BusIness studIesStoner (1994) and Viljoen (1995) argue that strategic planning
tends to make an organization more systematic in terms of its development and this can lead to a greater proportion of the organization’s efforts being directed towards the attainment of those goals established at the planning stage, that is, the organization become more focused. Steiner (1979) pointed out that strategic planning stimulates the future on paper and it encourages and permits a manager to see, evaluate and accept or discard a far greater number of alternative courses of action than he might otherwise consider. Strategic planning provides a basis for other management functions. Steiner (1979) observed that strategic planning is inextricably interwoven into the entire fabric of management. Kotter (1996) argued that the strategic planning process can be used as a means of repositioning and transforming the organization. Thompson, Strickland and Gamble (2007) postulated that the essence of good strategy making is to build a market position strong enough and an organization capable enough to produce successful performance despite unforeseeable events, potent competition, and internal difficulties. Quinn (1980) explained that well formulated strategies helps marshal and allocate an organization’s resources into a unique and viable posture based upon its relative internal competencies and shortcomings, anticipated changes in the environment, and contingent moves by intelligent opponents. Indeed Ohmae (1983) contends that strategic planning enables a company to gain, as effectively as possible, a sustainable edge over its competitors. Bryson (1989), Stoner (1994) and Viljoen (1995) share Ohmae’s contention, pointing out that strategic planning assists organizations to develop a comparative advantage or an edge over competitors and creates sustainable competitive advantage. Greenley (1986) points out that a range of potential benefits to intrinsic values accrues to both the company and external stakeholders from the use of strategic planning.
Bryson (1989), Stoner (1994) and Viljoen (1995) argue that
strategic planning assists in providing direction so organization members know where the organization is heading and where to expend their major efforts. It guides in defining the business the firm is in, the ends it seeks and the means it will use to accomplish those ends. McCarthy and Minichiello (1996), revealed that a company’s strategy provides a central purpose and direction to the activities of the organization and to the people who work in it. Adding to this argument, Kotter (1996) contends that the primary goal of strategic planning is to guide the organization in setting out its strategic intent and priorities and refocus itself towards realizing the same. David (1997) argues that strategic planning allows an organization to be more proactive than reactive in shaping its own future, initiate and influence (rather than just respond to) activities, and thus to exert control over its destiny. It assists in highlighting areas requiring attention or innovation. Herold (1972) in an attempt to cross-validate Thune and House (1970) study, surveyed 10 companies, comparing performance of formal and informal planners over a 7-year period. Based on the survey results, Hem concluded that formal planners outperform informal planners and hence, supporting the results of Thune and House (1970). Gershefski (1970) in his survey compared the growth of sales in companies over a 5-year period before strategic planning was introduced, and over a period of 5 years after planning was introduced. The results of the comparison led Gershefski to conclude that companies with formal strategic planning outperformed companies with little planning. Ansoff (1970) studied 93 firms using various variables of financial performance.
III. Strategic Planning Process
Wendy (1997) explains that strategic planning process comprises of three main elements which helps turn an organizations vision or mission into concrete achievable. These are the strategic analysis, strategic choice and strategic implementation. The strategic analysis encompasses setting the organization’s direction in terms of vision, mission and goals. Therefore this entails articulating the company’s strategic intent and directing efforts towards understanding the business environment. Strategic choice stage involves generating, evaluating and selecting the most appropriate strategy. Strategy implementation stage consists of putting in place the relevant policies and formulating frameworks that will aid in translating chosen strategies into actionable forms. For purposes of this study, the three main steps have been sequenced into five generic components that can be considered to complete the strategic planning process. These are; defining firm’s corporate direction, appraisal of business environment, identification and analysis of firm’s strategic issues, strategy choice and development of implementation, evaluation & control systems.Many books and articles describe how best to do strategic planning and many go to much greater lengths than this planning response sheet, but our purpose here is to present the fundamental steps that must be taken in the strategic planning process. Below is a brief description of the five steps in the process. These steps are a recommendation, but not the only recipe for creating a strategic plan; other sources may recommend entirely different steps or variations of these steps. However, the steps outlined below describe the basic work that needs to be done and the typical products of the process. Thoughtful and creative planners will add spice to the mix or elegance to the presentation in order to develop a strategic plan that best suits their organization! In today’s highly competitive business environment, budget-oriented planning or forecast-based planning methods are insufficient for a large corporation to survive and prosper. The firm must engage in strategic planning that clearly defines objectives and assesses both the internal and external situation to formulate strategy, implement the strategy, evaluate the progress, and make adjustments as necessary to stay on track.
A. Mission and Objectives
The mission statement describes the company’s business vision,
including the unchanging values and purpose of the firm and forward-looking visionary goals that guide the pursuit of future opportunities.Guided by the business vision, the firm’s leaders can define measurable financial and strategic objectives. Financial objectives involve measures such as sales targets and earnings growth. Strategic objectives are related to the firm’s business position, and may include measures such as market share and reputation. A mission statement is like an introductory paragraph: it lets the reader know where the writer is going, and it also shows that the writer knows where he or she is going. Likewise, a mission statement must communicate the essence of an organization to the reader. An organization’s ability to articulate its mission indicates its focus and purposefulness. A mission statement typically describes an organization in terms of it’s:
Purpose – why the organization exists, and what it seeks to •
accomplish

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InternatIonal Journal of ManageMent & BusIness studIes 67 www.ijmbs.comBusiness – the main method or activity through which the •
organization tries it fulfill this purpose
Values – the principles or beliefs that guide an organization's •
members as they pursue the organization's purpose
Whereas the mission statement summarizes the what, how, and why of an organization CDs work, a vision statement presents an image of what success will look like. For example, the mission statement of the Support Centers of America is as follows: The mission of the Support Centers of America is to increase the effectiveness of the nonprofit sector by providing management consulting, training and research. Our guiding principles are: promote client independence, expand cultural proficiency, collaborate with others, ensure our own competence, act as one organization. We envision an ever increasing global movement to restore and revitalize the quality of life in local communities. The Support Centers of America will be a recognized contributor and leader in that movement. With mission and vision statements in hand, an organization has taken an important step towards creating a shared, coherent idea of what it is strategically planning for.
B. Environmental Scanning
The environmental scan includes the following components:
Internal analysis of the firm•
Analysis of the firm's industry (task environment)•
External macro environment •
The internal analysis can identify the firm’s strengths and
weaknesses and the external analysis reveals opportunities and threats. A profile of the strengths, weaknesses, opportunities, and threats is generated by means of a SWOT analysis.An industry analysis can be performed using a framework developed by Michael Porter known as Porter’s five forces. This framework evaluates entry barriers, suppliers, customers, substitute products, and industry rivalry. Once an organization has committed to why it exists and what it does, it must take a clear-eyed look at its current situation. Remember, that part of strategic planning, thinking, and management is an awareness of resources and an eye to the future environment, so that an organization can successfully respond to changes in the environment. Situation assessment, therefore, means obtaining current information about the organization’s strengths, weaknesses, and performance – information that will highlight the critical issues that the organization faces and that its strategic plan must address. These could include a variety of primary concerns, such as funding issues, new program opportunities, changing regulations or changing needs in the client population, and so on. The point is to choose the most important issues to address. The Planning Committee should agree on no more than five to ten critical issues around which to organize the strategic plan. Once an organisation has committed to why it exists and what it does, it must take a clear-eyed look at its current situation. Part of strategic planning, thinking and management is an awareness of resources and an eye to the future environment, so that an organization can successfully respond to changes in the environment.
Situation assessment, therefore, means obtaining current
information about the organization’s strengths, weaknesses, and performance, information that will highlight the critical issues that the organisation faces and that its strategic plan must address.These could include a variety of primary concerns, such as: 1. CompetitionIt is one of the most important issues to be taken up in the strategic planning process. It is based on calculating the value proposition that essentially calculates the ratio of what the customers get from the organisation and how much it costs them.
2. Economic Conditions
Some of the important economic conditions include the factors such as inflation, unemployment, interest rates, exchange rates, sources of funding, etc.
3. Political Conditions
The political conditions that include the legal and regulatory frame work have a profound effect on the organisation. A part from these other Key issues may be new program opportunities, changing regulations or changing needs in the client population, internal consideration of the organization, technological factors, cultural factors etc.
C. Strategy Formulation
Once an organization’s mission has been affirmed and its critical issues identified, it is time to figure out what to do about them: the broad approaches to be taken (strategies) and the general and specific results to be sought (the goals and objectives). Strategies, goals, and objectives may come from individual inspiration, group discussion, formal decision-making techniques, and so on – but the bottom line is that, in the end, the leadership agrees on how to address the critical issues. Strategies, goals, and objectives may come from individual inspiration, group discussion, formal decision-making techniques, and so on but the bottom line is that, in the end, the leadership agrees on how to address these critical issues. This can take considerable time and flexibility, discussions at this stage frequently will require additional information or a revaluation of conclusions reached during the situation assessment.It is even possible that new insights will emerge which change the thrust of the mission statement. The strategies that need to be developed have to provide of the competitive advantages for the organisation. It may be defined as the ability of the firm to win over the long term in the competitive situation; competitive advantages provide the organizations with the comparative advantage (ability to do the things differently and better than others).
Some of the competitive advantage strategies may be:
Cost Leadership: 1. Competing by striving for the lowest cost
producer of a product or a service.
Differentiation: 2. Making the product different from the
competitors on the dimensions that are widely accepted by the customers.Niche Strategy: 3. A strategy focused on the small segment of
the market that was previously ignored by other players.
This can take considerable time and flexibility: discussions at this stage frequently will require additional information or a reevaluation of conclusions reached during the situation assessment. It is even possible that new insights will emerge which change the thrust of the mission statement. It is important that planners are not afraid to go back to an earlier step in the process and take advantage of available information to create the best possible plan. Given the information from the environmental scan, the firm should match its strengths to the opportunities that it has identified, while addressing its weaknesses and external threats.

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www.ijmbs.com 68 InternatIonal Journal of ManageMent & BusIness studIesTo attain superior profitability, the firm seeks to develop a
competitive advantage over its rivals. A competitive advantage can be based on cost or differentiation. Michael Porter identified three industry-independent generic strategies from which the firm can choose.
Fig. 1:
D. Strategy Implementation
The selected strategy is implemented by means of programs, budgets, and procedures. Implementation involves organization of the firm’s resources and motivation of the staff to achieve objectives.
The way in which the strategy is implemented can have a
significant impact on whether it will be successful. In a large company, those who implement the strategy likely will be different people from those who formulated it. For this reason, care must be taken to communicate the strategy and the reasoning behind it. Otherwise, the implementation might not succeed if the strategy is misunderstood or if lower-level managers resist its implementation because they do not understand why the particular strategy was selected.
Once the strategies have been formulated the next step would be to
implement these strategies in order to find out the desired outcome of these strategies. The best method to study the implementation is to critically analyze the McKinsey’s 7S Approach, developed by Mckinsey about 20 years ago this approach can be summarized as below:
Fig. 2:
The 3s across the top of the model are described as ‘Hard s’:
Strategy: • The direction and scope of the company over the
long term.
Structure: • The basic organisation of the company, its
departments, reporting lines, areas of expertise, and responsibility (and how they inter-relate).Systems: • Formal and informal procedures that govern
everyday activity, covering everything from management information systems, through to the systems at the point of contact with the customer (retail systems, call center systems, online systems, etc.)
The 4Ss across the bottom of the model are less tangible, more cultural in nature, and were termed ‘Soft Ss’ by McKinsey:
Skills: • The capabilities and competencies that exist within
the company. What it does best.Shared Values: • The values and beliefs of the company.
Ultimately they guide employees towards ‘valued’ behaviour.Staff: • The Company’s people resources and how they are
developed, trained, and motivated.Style: • The leadership approach of top management and the
company’s overall operating approach.
In combination they provide another effective framework for analyzing the organization and its activities. In a marketing-led company they can be used to explore the extent to which the company is working coherently towards a distinctive and motivating place in the mind of consumer.
E. Strategy Evaluation/Monitoring Outcomes
This is the final step in the strategic planning process that generates the required feedback about the outcomes of the strategy that was implemented. If the required end results are not obtained then this step suggests the alternative strategy to meet the end results. The implementation of the strategy must be monitored and adjustments made as needed. Evaluation and control consists of the following steps:
Define parameters to be measured1.
Define target values for those parameters2.
Perform measurements3.
Compare measured results to the pre-defined standard4.
Make necessary changes5.
IV. Research MethodologyA. Research design/Data Collection
The research paper is based upon by using the primary data as well as secondary data. The research paper has collected the data from various firms within the studies sector. The primary data

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InternatIonal Journal of ManageMent & BusIness studIes 69 www.ijmbs.comwas collected on strategic planning process and on performance
indicators by using the Likert Type Scale. The survey was conducted and unstructured interview were conducted towards effectively the research objectives targeting the firms, wherever possible groups discussions were held. Questionnaire was designed consisting of structured closed and open –ended questions by targeted the respondents likely Chief Executive Office, General Managers, Managing Directors, Line managers, Staff managers, and the person on the other key position in the firm. The research paper was based upon the interviews with the CEOs of four companies, General Managers of 22 companies, and managers from thirty six companies. The research paper has devised a nine-question questionnaire to measure how firm follow and to which extent apply steps in strategic planning. Each question was a 5-point Likert item from “strongly disagree” to “strongly agree”. In order to understand whether the questions in this questionnaire all reliably measure the same latent variable (feeling of safety) (so a Likert scale could be constructed), a Cronbach’s alpha was run on a sample size.Quantitative analytical methods have been applied in an attempt to empirically determine the relationship between the variables of interest by applying appropriate statistical data techniques. The secondary sources have also been used for facilitating the research paper likely Journals, Magazines, Newspaper, company’s annual report, CII Annual report, Ministry of Industry report, Past studies etc.
The primary sources:-
Survey Method1.
Unstructured Interview2.
Group Interview3.
Inspection Method 4.
Secondary Sources:-
Journals1.
Magazines2.
Company’s Annual Report3.
CII Annual Report4.
Ministry of Industry Report5.
RBI Bulletin on Industry performance6.
B. Hypothesis of the Study
Towards establishing relationships between the variable of interest, there was need to formulate and test appropriate hypotheses. The underlying concepts were translated into measurable forms to facilitate testing of the formulated hypotheses. To effectively address the study’s research questions and objectives, the following hypotheses were formulated for testing.
H1 There is a relationship between strategic planning and •
firm performanceH2 There is a relationship between the strategic planning •
constituent variables and firm performance
C. Objective of the StudyThe overall study objective is to formulate a broad planning and development framework setting out guidelines and standards for more effective and comprehensive strategic planning, based on which conceptual process/steps would be prepared for application and assessment of broad impacts and implementation mechanisms.
Correlation analysis is applied to find out the relationship between strategic planning and firm performance. This research paper also emphasis on finding the correlations between the strategic planning steps and company’s performance. The overall aim of the study was to collect valid and reliable information on the strategic planning; strategic planning steps to be taken by the firms and its performance in relation to the strategic planning. Within this broad theme, the research had a number of specific objectives:-
Examine the relationship between strategic planning and firm 1.
performanceExamine the relationship between strategic planning 2.
constituent variables and firm performance,To explore the strategic planning process3.
Cronbach’s alpha is a measure of internal consistency, that is,
how closely related a set of items are as a group. It is considered
to be a measure of scale reliability. A “high” value for alpha does not imply that the measure is uni-dimensional. If, in addition to measuring internal consistency, you wish to provide evidence that the scale in question is uni-dimensional, additional analyses can be performed. Exploratory factor analysis is one method of checking dimensionality. Technically speaking, Cronbach’s alpha is not a statistical test – it is a coefficient of reliability (or consistency).
D. Reliability and Validity of Measurement Instrument
Test of reliability was carried out to check on the internal consistency of data measurement instrument.Cronbach’ s alpha was used to measure this reliability. Nunnally (1978) notes that coefficient alpha provides a good estimate of reliability. Alpha values of between 0.80 and 1.00 are considered reliable; values of between 0.50 and 0.80 are acceptable while values of below 0.50 are considered less reliable and therefore unacceptable.
Table 1 present the computed reliability coefficients for various data groups. Table 1: Results of the Test of Internal Consistency Reliability
VariablesNumber of Items in
VariablesAlpha Coefficient
Strategic Planning 5 0.901
Performance 9 0,817
Table 1 indicates that the computed Cronbach’s alpha for all the various measurement instrument fall above 0.50, all recording high coefficients an indication of very high reliability. Alpha coefficient ranges in value from 0 to 1 and may be used to describe the reliability of factors extracted from dichotomous (that is, questions with two possible answers) and/or multi-point formatted questionnaires or scales (i.e., rating scale: 1 = poor, 5 = excellent). The higher the score, the more reliable the generated scale is. Nunnaly (1978) has indicated 0.7 to be an acceptable reliability coefficient but lower thresholds are sometimes used in the literature.
E. Methodology
Statistical analyses were applied to describe and establish existence and extent of strategic planning and firm performance levels. A six point Likert type scale was used to capture the extent of strategic planning. In applied management studies, the Likert type scale is an acceptable technique for purposes of carrying out parametric statistical analysis. The Statistical Package for the Social Sciences (SPSS) version has been used to facilitate this analysis. The focus of the study was to examine the relationships between variables of interest and not the causal effects. Therefore, in addressing our study objectives, we utilized the correlation analysis technique. In this regard, the Pearson’s product correlation coefficients(r) have been computed.

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www.ijmbs.com 70 InternatIonal Journal of ManageMent & BusIness studIesV. Data Analysis and Interpretation
Strategic Planning is a comprehensive process for determining what a business should become and how it can best achieve that goal. It appraises the full potential of a business and explicitly links the business’s objectives to the actions and resources required to achieve them. Strategic Planning offers a systematic process to ask and answer the most critical questions confronting a management team—especially large, irrevocable resource commitment decisions.Usage and satisfaction among survey respondents
Fig. 3:
How Strategic Planning works
A successful Strategic Planning process should:
Describe the organization's mission, vision and fundamental •
valuesTarget potential business arenas and explore each market for •
emerging threats and opportunitiesUnderstand the current and future priorities of targeted •
customer segmentsAnalyze the company's strengths and weaknesses relative to •
competitors and determine which elements of the value chain the company should make versus buyIdentify and evaluate alternative strategies•
Develop an advantageous business model that will profitably •
differentiate the company from its competitorsDefine stakeholder expectations and establish clear and •
compelling objectives for the businessPrepare programs, policies, and plans to implement the •
strategyEstablish supportive organizational structures, decision •
processes, information and control systems, and hiring and training systemsAllocate resources to develop critical capabilities•
Plan for and respond to contingencies or environmental •
changesMonitor performance•
A. Strategic Planning and Firm Performance
The research paper has been anticipated that all the corporations being surveyed practiced the concept of strategic planning. The research paper survey has been based on 62 firms as respondents. Firstly, it was probed in the study during the interview stage on practicing of strategic planning, and it was revealed that all the firms follow the strategic planning; and the differences only found in the implementation it. Before addressing the real objectives of this study, it was imperative that the researcher gets an understanding of the conduct of strategic planning in the sector under study. To achieve this, a six point Likert type scale running from 0 to 5 was used to capture data for purposes of ascertaining the extent of strategic planning. Likert developed a continuum of four systems of management by taking the basic style categories of task orientation and employee orientation. In management systems Likert had taken seven variables, i.e., leadership, motivation, communication, interaction-influence, decision-making process, goal-setting and control. Since Likert system of management appeals to human motivation this is the most effective approach to lead a group. Findings are presented below.
1. Responses on the Strategic Planning Process
The specific questions with respect to each of the specific steps were presented before the respondents/firm, in order to have a feeling on the extent to which strategic planning is embraced. The respondents firms follow differently strategic planning process. Table 2 below presents a summary in respect to responses on the extent to which firms practice strategic planning as defined by the various strategic planning steps.
Table 2: Extent of Strategic Planning Steps Carried Out
Strategic Planning Steps MeanStandard
Deviation
Setting up Firms Mission/Objectives/Goals4.419 0.672
Scanning of Business Environment 3.774 0.805
Analysis of Strategic Intent 3.781 0.763
Selection of Strategic 3.741 0.855
Evaluation and Implementation of strategic3.806 0.749
The table reveals that of all the strategic planning steps, majority of the firms do very well in the step of defining the business of the organization and hence setting the company direction with all the means falling above 3.7 out of a possible maximum 5.0 and standard deviations of close to 1.0 for all the variables. These means and standard deviations are based on the data captured through a six point Likert type scale running from 0 to 5, representing “not attended to at all and attended to a very large extent” respectively.
2. Responses on Firm Performance
Performance is the key dependent variable and both the financial and non-financial dimensions of performance have been examined. To measure the financial performance, ranges for absolute values have been used. Firstly, the pre-testing of the questionnaire was done and the respondents were willing to indicate the range fall on the indictors rather than stating the absolute values/figures. A six-point indicators Likert scale was used for non-financial indicators. In order to assess the overall performance and facilitating analysis, the financial measure harmonized with non-financial indicators. The three financial measures i.e., premium growth rate, claims ratio, and profitable percentages were based on the immediate preceding three year averages. Respondents asked to mark the band where their respective companies fall on each of the indictors. A six point Likert type scale was applied to represent each of the bands with 0 representing the lowest band and 5 representing the highest band. The respondents indicated the bands their firms fall within the terms of performance in respect of the three indicators, and these means and standard deviation were based on responses.

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InternatIonal Journal of ManageMent & BusIness studIes 71 www.ijmbs.comTable 3: Financial Indicators of Firms
Performances
IndicatorsN Mean Standard Deviation
Premium Growth 62 1.838 1.067
Claims Ratio 62 3.451 .767
Profit 62 0.903 1.106
The above highlights the comparative financial performance indicators of the firms. It was revealed that high performance on indicators claims ratio with a mean of 3.451 as compared to other two indicators premium growth rate and profit earning whose means stand at 1.838 and 0.903 respectively. In terms of the level of realization of premium and profit indicators as compared to claims ratio, there were variations revealed across the firms in the study.
The relationship amongst strategic planning and firm performance,
non-financial indicators were used in the study on the basis of lead time in claims payment, growth in market share, employee turnover, new products and cancellation of policies rate.
(i). Lead-time in Claims Payment
The study asked to the respondents to indicate on a six point Likert scale the performance of their respective firms on each of these indicators. The research findings in case of lead time in claims payment have indicated of those who responded:
3.2% indicated that lead time in claims payments within their 1.
firms had improved to some extent, and35.5% indicated that this had improved averagely in their 2.
firms,Another 35.5% indicated that this had improved to a large 3.
extent,While 25.8. % indicated that this has improved to a very 4.
large extend.
This indicated the mean score of 3.8. out of a possible 5 points, pointed out that majority of the firms surveyed did improve to a great extent in terms of lead time in claims payment.
(ii). Growth of Market Share and Strategic Planning
The research concentrated on judging whether there is growth in market share as a result of embracing strategic planning and the market share in absolute terms was not taken into account for the purpose of study, therefore, a six point Likert scale was used to analyze the extent if any way market share has grown as a result of embracing strategic planning. The research paper have found that responses indicated that:-
22.6 percent of the firms achieved a very small growth in 1.
market share, 32.3 percent achieved a small growth in market share, 2.
22.6 percent achieved average growth in market share,3.
6.5 percent realized such growth to a large extent in market 4.
share,While 12.9 percent realized growth to a very large extent.5.
(iii). Employee Turnover
The purpose of the research was only to analyze the extent to which employee turnover if any has been reduced over the last three years, and for this purpose, a Likert scale was used to capture the data on employee turnover. The research has found that of those who responded:-3.2 percent indicated that no reduced employee turnover has 1.
been experienced at all in their firms,9.7 percent indicated that this has been experienced to a very 2.
small extent in their firms, 35.5 percent indicated that reduced employee turnover has 3.
been experienced to a small extent in their firms,Another 35.5 percent indicated that the reduction in employee 4.
turnover has been experienced somehow in their firms, 12.9 percent indicated that reduced employee turnover has 5.
been experienced in their firms to a large extentWhile only 3.2 percent had experienced the reduced employee 6.
turnover to a very large extent.
(iv) Launching of New ProductThe study analyzed extent to which target firms have launched new products was examined and like on the other non-financial performance indicators, a six point Likert scale was used. Of the firms that responded in the study,
9.7 percent have new products introduced to a very small 1.
extent, 32.3 percent have achieved the introduction of new products 2.
to a small extent, 29 percent have achieved this averagely, 3.
25.8 percent have achieved this to a large extent,4.
While only 3.2 percent have attained the introduction of new 5.
products to a very large extent.
(v). Rate cancellation of PoliciesThe rate cancellation of policies or cover was also utilized as a non-financial performance indicator. The higher cancellation rate could imply a state of non-satisfactory on the part of the clients. The extent to which policies have been and are being cancelled was therefore examined using a six point Likert scale. Of those who responded,
6.5 percent indicated that their firms had experienced a decline 1.
in policy cancellations to a very small extent,9.7 percent had experienced the decline in cancellations to 2.
a small extent,58.1 percent had somehow experienced the decline in policy 3.
cancellations, 12.9 percent had experienced a decline in policy cancellations 4.
to a large extent, While another 12.9 percent had experienced the decline in the 5.
rate of cancellations to a very large extent in their respective firms.
Table 4: Comparative Analysis of Non-Financial indicators for all the firms
Performance
Indicatorsn MeanStandard Deviation
Lead Time in Claims Processing62 3.838 0.860
Growth in Market Share 62 2.451 1.362
Reduction in Employee Turnover62 2.548 1.059
New Products 62 2.806 1.046
Cancellations of Policies 62 3.161 1.003
The above Table presents a summary of responses on the various non-financial indicators. Findings indicate that firms have performed better on lead time in claims payment with a

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www.ijmbs.com 72 InternatIonal Journal of ManageMent & BusIness studIesmean score of 3.83 and standard deviation of 0.86 followed by
reduced cancellation of policies (with mean of 3.16 and standard deviation of 1.00). The rest of the indicators had means of below 3.00. Overall, firms did well on the non-financial indicators as opposed to the financial indicators. The responses also reveal greater variation across the firms in terms of level of realization of Non-financial indicators. These means and standard deviations are based on the data captured through a six point Likert type scale running from 0 to 5, representing “no improvement at all and improved to very large extent” respectively as a result of embracing strategic planning.
B. Testing of the Hypothesis on the Relationship between
Strategic Planning and firm performance One of the Objectives of this study was to examine the relationship between strategic planning and firm performance. To address this objective the following hypothesis formulated and tested.
H1: There is a relationship between strategic planning
and firm performanceResults of the correlation analysis indicate that there is a positive correlation between strategic planning and firm performance with the Pearson correlation coefficient of 0.616. This relationship is significant at p<0.01. Table 5: Correlation between Strategic Planning Constituent Variables and Firm Performance
Variables Overall Firms Performance
Purposes/Goals/Mission/
Philosophies.458(**)
Scanning of Business Environment.671(**)
Analysis of Strategic Issues .558(**)
Strategic Selection .514(**)
Implementation, Evaluation and Control Framework.523(**)
N(number) 62
(**) Correlation is signification at the 0.01 level ( 2-tailed)** Correlation is significant at the 0.01 level (2-tailed).
C. Tests of the Hypothesis on the Relationship Between
Strategic Planning Steps and Firm PerformanceAttempts were made to determine whether each of the strategic planning steps influences performance. Therefore the following hypothesis was tested.
H2: There is a relationship between strategic planning
constituent steps and firm performanceA correlation analysis was carried out with a view to understanding the relationship between each of the strategic planning steps and firm performance. Table 5 below presents the results of the analysis.
The results presented in table 5 indicate that each of the constituent
strategic planning sub-variables is positively related to company performance. Among all the strategic planning constituent variables, analysis of business environment exhibits a stronger relationship with firm performance with a Pearson correlation coefficient of 0.671. Nevertheless, all the correlations are significant at p<0.01.D. Testing of the Hypothesis on the Relationship between Strategic Planning and both Financial and nonfinancial firm performanceThe relationship between strategic planning and both financial and non-financial performances was also examined. The following hypothesis was tested.
H3 There is a positive relationship between strategic
planning and both financial and non-financial firm performanceThe analysis result indicates the existence of a positive relationship between strategic planning and financial performance with a Pearson Correlation coefficient of 0.600. This correlation is significant at p<0.01. Further, the analysis result reveals that there is a positive relationship between strategic planning and all the financial performance indicators. The relationship between strategic planning constituent variables and financial performance was also examined. Results of the analysis indicate that all the strategic planning constituent variables are positively related to financial performance. The correlations between variables analysis of business environment, handling of strategic issues, strategy selection and formulation of implementation framework and financial performance are significant at the 1 percent level (all recording a Pearson correlation coefficient of over 0.500). The correlation between defining company purpose and goals and, financial performance is significant at the 5 percent level (with a Pearson correlation coefficient of 0.405). The analysis results also indicate that there is a positive relationship between all the strategic planning constituent variables and overall financial performance indicators. Table 6 below presents a summary of these findings. Table 6: Correlation Between Strategic Planning Constituent Variables and Financial Performance
Premium
GrowthClaims RatiosProfit
Purpose/Goals/ Mission/ Philosophies376(*) .267 .281
Scanning of Business Environment.228 .387(*) .462(**)
Analysis of strategic Issues.342 .387(*) .419(*)
Strategic Selection .318 .387(*) .537(**)
Implementation, Evaluation and Control Framework.210 .389(*) .500(**)
N(Numbers) 62 62 62
** Correlation is significant at the 0.01 level (2-tailed).* Correlation is significant at the 0.05 level (2-tailed).
The correlation analysis carried out to also revealed the existence
of a positive relationship between strategic planning and non-financial firm performance (r = 0.539). This correlation is significant at p<0.01. Further examination results indicated the existence of a positive relationship between strategic planning and all the nonfinancial indicators. Analysis results also indicated that there is a positive relationship between all the strategic planning sub-variables and non-financial performance and these correlations are significant.

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InternatIonal Journal of ManageMent & BusIness studIes 73 www.ijmbs.comThe relationship between the strategic planning constituent variables and the specific non-financial indicators was examined. Table
7 below presents these findings.
Table 7: Correlation between Strategic Planning Constituent Variables and Non-Financial Performance
VariablesLead Time in
Claims PaymentsGrowth in Market ShareReduction in Employee TurnoverDevelopment of New ProductsCancellation of Policies
Purpose/Goals/ Mission/ Philosophies.640(**) .442(*) .134 .167 .490(**)
Scanning of Business Environment.716(**) .552(**) .346 .422(*) .583(**)
Analysis of strategic Issues.672(**) .475(**) .255 .302 .463(**)
Strategic Selection .576(**) .275 .493(**) .129 .400(*)
Implementation, Evaluation and Control Framework.519(**) .186 .516(**) .206 .398(*)
N(Numbers) 62 62 62 62
** Correlation is significant at the 0.01 level (2-tailed).* Correlation is significant at the 0.05 level (2-tailed).
As shown in Table 7, there is a relationship between all the
strategic planning constituent variables and lead-time in claims payment. However, the relationship is stronger between lead-time in claims payment and analysis of business environment reporting a Pearson correlation coefficient of 0.716. All these correlations are significant at P<0.01. Growth in market share has significant correlations with defining company purpose, analysis of business environment and handling of strategic issues. Although there is a correlation between market share growth and strategy selection and development of implementation framework it is a weak one and also not significant. The correlation between all the strategic planning constituent variables and employee turnover is weak and therefore not significant other than for strategy selection and implementation framework. Introduction of new products correlate significantly only with analysis of business environment. Lastly the correlation between all strategic planning constituent variables and cancellation of policies is significant.
VI. Conclusions and Recommendation
Over time the concept and practice of strategic planning has been embraced worldwide and across sectors because of its perceived contribution to organizational effectiveness. Today organizations from both the private and public sectors have taken the practice of strategic planning seriously as a tool that can be utilized to fast track their performances. Strategic planning facilitates effective organization performance in terms of financial and non-financial indicators. The overall study objective is to formulate a broad planning and development framework setting out guidelines and standards for more effective and comprehensive strategic planning, based on which conceptual process/steps would be prepared for application and assessment of broad impacts and implementation mechanisms. Correlation analysis is applied to find out the relationship between strategic planning and firm performance The above highlights the comparative financial performance indicators of the firms. It was revealed that high performance on indicators claims ratio with a mean of 3.451 as compared to other two indicators premium growth rate and profit earning whose means stand at 1.838 and 0.903 respectively.Findings indicate that firms have performed better on lead time in claims payment with a mean score of 3.83 and standard deviation of 0.86 followed by reduced cancellation of policies (with mean of 3.16 and standard deviation of 1.00). The rest of the indicators had means of below 3.00. Overall, firms did well on the non-financial indicators as opposed to the financial indicators. The responses also reveal greater variation across the firms in terms of level of realization of Non-financial indicators. The relationship between strategic planning and firm performance giving attention to the specific steps in the strategic planning process are important to examine. Pearson correlation coefficients were used to facilitate the testing of the formulated hypotheses.The correlation analysis carried out to also revealed the existence of a positive relationship between strategic planning and non-financial firm performance (r = 0.539). This correlation is significant at p<0.01. Results of the analysis indicate that there is a positive relationship between strategic planning and firm performance with the Pearson correlation coefficient of 0.616. This relationship is significant at p<0.01.The analysis result indicates the existence of a positive relationship between strategic planning and financial performance with a Pearson Correlation coefficient of 0.600. This correlation is significant at p<0.01.On examining whether there exists a link between the individual steps in the strategic planning and performance, findings revealed that each of the steps in the strategic planning process has a positive relationship with firm performance. The element of business environmental scanning is noted as one of the critical activities during the strategic planning process. According to the finding exhibits the strongest link to firm performance with a Pearson coefficient of over 0.650. However, the correlations are significant for all the strategic planning steps. Analysis results further indicate that there is a positive relationship between strategic planning and both financial and non-financial performance indicators with a Pearson Correlation coefficient of 0.600 and 0.539 respectively.

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www.ijmbs.com 74 InternatIonal Journal of ManageMent & BusIness studIesAll these correlations are significant at p<0.01. It was also observed
that firms that exhibit higher levels of strategic planning perform better in both financial and non-financial indicators compared to those exhibiting low levels of strategic planning.There is a relationship between all the strategic planning constituent variables and lead-time in claims payment. However, the relationship is stronger between lead-time in claims payment and analysis of business environment reporting a Pearson correlation coefficient of 0.716. All these correlations are significant at P<0.01. Growth in market share has significant correlations with defining company purpose, analysis of business environment and handling of strategic issues.
Strategic planning leads to effective company performance. The
research paper hypothesis was drawn from such arguments and also similar past studies. The study first acquainted on the conduct of strategic planning within the studied sector and thereafter examined the relationship between strategic planning and firm performance. The study reveals the existence of a relationship between strategic planning and firm performance with a Pearson moment product coefficient of 0.616.Tthe study findings also indicated existence of a relationship between strategic planning and both financial and non-financial performance indicators and observed that firms that exhibit higher levels of strategic planning perform better in both financial and non-financial indicators compared to those exhibiting low levels of strategic planning. Examining the strategic planning constituent variables and linkage to performance, it was evident that no doubt there are correlations between these constituent variables and performance. This study has had basic limitations that study did not control for the effects of contexts and time periods because of our initial scope and resource constraints. A study could be carried out giving attention to this dimension. The study revealed that every step in the strategic planning process is important. The study observed that process of strategic importance and process should be given its desired attention in terms of all the prescribed steps within the given situation.
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area of specialization is General Management, Organizational Behaviour, strategic management and marketing. He has been actively involved in promoting commerce and business education.