Al Ain Women’s College – HCT
Contemporary issues in business: The importance of strategic planning and management.
Mera Abdulnaser Abdulrazzaq Zaidan
Table of Contents
1. Introduction 3
1.1. Purpose of the study 3
1.2. Significance of the study 3
2. Literature Review 3
3. Research Questions and Objectives 5
3.1. Research question 5
3.1.1. Sub questions 5
3.2. Research objectives 6
4. Research methodology 6
4.1. Research Design and Approach 6
4.2. Participants and sampling 7
4.3. Data Collection method 7
4.4. Instruments and techniques 7
5. Findings 8
6. Results and Discussion 8
7. Conclusion 8
8. Work Plan 9
9. References 9
Strategic planning is an essential management activity, which helps in setting priorities, focusing on available resources, quality and operational efficiency. Strategic planning has been used as an effective tool for revitalizing and transforming the organizations in terms of quality. The quality has become a major concern in the business world; organizations are trying hard to improve the quality of their products and services (Pirtea, 2009). The study will be only in context of Abu Dhabi, the retail industries and organizations will be a major focus of the study. This study of strategic planning is essential because it is one of the most important issues of the organization. We would be analyzing the various ways in which the retail industry and companies of the industry in the region of Abu Dhabi are guided through strategic planning and management.
Purpose of the study
The study aims at identifying how strategic planning can help the organizations to improve the quality of product, services and operations. Our focus would also be on understanding the importance of strategic planning and various ways in which the retail industry is impacted by strategic planning in its organizations. This would help the reader understand the importance of strategic planning in organizations, more comprehensively.
Significance of the study
The study provides integration of quality and strategic management along with its relevance in the present business world. The worth of conducting this research is high as findings of this study will be of great value to both management and stakeholders of retail industry. This study would thus be of prime significance in terms of understanding the aforementioned aspects such as quality in various dimensions for an organization and its relationship with the strategic planning of the organization.
Strategic planning and managing the resources and manpower accordingly serves to play a significant role in the success of any organization across the globe in today’s world. The importance of strategic planning had been understood before many years and there were many researchers who initiated the research work on strategic planning.
Scott. Armstrong was one of the first researcher and scholar who developed the need of planning operations and procedures and then taking the decisions on the basis of that and this was proposed by him through an empirical research (Armstrong, 1982). The approaches of the managers have been discussed and explored by many researchers. In 1985, R.H. Hayes, had developed an answer to the problem of the failure of managers in the American companies, where despite of considerable strategic planning imposed by the managers in the companies, they failed. He stated that this was due to the improper approach of the managers towards the accomplishment of the goals and tasks (Hayes, 1985).
According to Henry Mintzberg, a well-known author and researcher on management had developed the conditions and scenarios for the rise and fall of strategic planning. He provided various models of strategic planning and have analyzed the models (Mintzberg, 1994). Two famous researchers C. Chet Miller and Laura B. Cardinal, in 1994 have developed the influences and impacts of this kind of strategic planning executed in the companies and organizations for over two decades and its effects on the overall performance of a company has been discussed (Miller & Cardinal, 1994).
The effects of using strategic planning for small companies was determined by Richard Robinson and John Pearce in 1984. They reviewed, evaluated and analysed strategic planning and its implications in more than 50 small firms and on the basis of that, they came up with the relationship between strategic planning and small companies (Robinson Jr. & Pearce II, 1984)
Later on, in the beginning of the 21st century, with many environmental issues coming into the consideration, it became a trend since then to include environmental issues in developing a strategic planning process. It involves integrating the issues and strategic planning process so that the results would be ensuring the well-being of the entire society (Judge & Douglas, 1998). There has been increasing adoption of the environmental issues in developing the strategies and plans for the companies (Welford & Gouldson, 1993).
Since the last decade, it has been very important to strategically plan the activities and events of a company due to the cut throat competition, globalisation of companies and increase in demand of the customers. Strategic planning pertaining to the public and non-profit organisations is different and it has more impact as they directly influence each and every individual as described by John Bryson. He has explained the leadership qualities that would help in sustaining of the firms and bodies through effective strategic planning of the management (Bryson, 2011). The development of the business policies serves to be the base of strategic planning and it should be done after considering various strategies by the management. The issues that are faced by the business have to be identified and addressed through strategic planning (Wheelen & Hunger, 2011).
It can be observed that strategic planning is necessary for any corporate and business (SIMPLY.STRATEGIC.PLANNING, 2014). There are many practices of strategic planning that have to be studied and discussed while implementing it in the retail sector and it will be discussed below.
Research Questions and Objectives
In this study, the research objectives have been further divided into sub objectives in order to focus on specific aspects of the topic.
The research question that can thus be formulated in this aspect would be as follows:
What are the existing practices of strategic planning in an organization and how does it impact the growth of the organization in retail industry?
There also are few sub-research questions that can be summarized as follows:
1) How are organizations in retail sector using strategic planning practices for improving the quality?
2) What are the challenges in implementing these practices in organizations of retail sector?
3) How can organizations in retail industry increase its profits by integrating strategic planning and quality objectives?
4) How strategic planning can be used for continuous quality improvement in organizations of retail industry?
• To analyze the ways of integrating strategic planning and quality in organizations of the industry.
• To examine the current practices related to strategic planning in these organizations.
• To identify challenges related to implementation of strategies related to planning in these organizations.
• To identify the relationship between the performance of the organization and the strategic planning that it undertakes
• To evaluate the impact of this strategies on the overall growth of these organizations.
Literature matrix has been attached in another file.
Research Design and Approach
There are two types of researches – qualitative and quantitative.
Qualitative research – It helps in obtaining an in depth information on the topic. It is very descriptive and individualistic in nature (Isadore Newman, 1998).
Quantitative research – It helps to focus on counting and developing statistical models in order to explain the aspects, which are observed (Isadore Newman, 1998).
In this research, I will use both types of researches qualitative and quantitative. This would be the right way to conduct the research, as there is a need to compare the collected literature with the most recent data collected from organizations. This would give it the specific foundation on which the concepts can be applied in organizations that are in consideration. The qualitative research will be conducted with help of literature review and quantitative research will be done with help of a survey. This blend of both the approaches of research is chosen because it will help in providing both the aspects.
Participants and sampling
The survey would be conducted on the managers working in the organizations in the retail industry (preferably with more work experience) for understanding the link among the strategic planning in the organization and its role on the growth of organization. It would involve random sampling of the participants. The survey would be kept close ended so to understand the basic aspects more clearly and the questions would be related to the various ways in which strategic planning has impacted various divisions in the organization and how it has, in that way contributed to the overall growth of the organization.
Data Collection method
Data can be collected by two methods and they are:-
Primary- Primary method involves collection of data by the person in particular, that is, the person who carries the research collects the data. The primary data is the original form of data (Pawar, 2004).
Secondary – In secondary method of collecting data, the data is collected by someone else and it is utilized by the researcher or investigator (Pawar, 2004).
In this research, I will collect the data using both primary and secondary methods. The secondary data here would be the scholarly sources that we would refer to which also would be kept as recent as possible. The primary data on the other hand would be in the form of a survey of managers in the organizations.
Instruments and techniques
In this research, probabilistic sampling strategy has been used in which random sampling is used. In this strategy, different units of population have an equal opportunity of inclusion in the sample. This technique helps in identifying the general mentality as it considers people from random background to be selected in the survey. This would help in obtaining highly reliable results as there are different mind sets which are being analyzed in the research. It involves developing factor s and elements that would help in establishing the relationship between the strategies planned and its use in the retail sector.
It was found that in the retail sector, developing strategic plans is very important for ensuring the success of the company and for maintaining its profits and share in the market. After taking the survey, it was observed that the implementation of strategies is very important for the retail sector company. They have to stay updated with the changing trends in the market and also introduce few changes through their strategies and planning in the industry. The companies or organizations that lacked the ability to implement strategic planning effectively had witnessed decline in their growth and many had suffered losses due to improper management of the resources.
Results and Discussion
The findings helps in determining that strategic planning is important for retail sector companies and it has to be identified by the management in order to maintain the sustainability of their firm and products in the market. The questionnaire helped in getting quantified data from the participants and carrying its analysis helped in obtaining the link between the management and strategic planning required in any business. The questionnaire has helped in obtaining the reviews from the people and this can be used for generating the effectiveness of strategic planning for a business in the retail sector.
It could be stated that in a retail market, customers are the biggest contributors and the psychology and needs of the customers are to be evaluated and analyzed so as to develop strategies and plans accordingly. It must be observed that one has to stay updated with the advancement in technology and this would help in better synchronization of the needs of the customers and strategic plans by the company.
The work plan, that is provided is a comprehensive one subject to change as and when required. It also does not include any hurdles that the researcher may face, pertaining which the dates may shift.
Activities Date Time Frame
Planning the Research 1 Nov 2015 to 5 Nov 2015 5 Days
Collecting Secondary Data 6 Nov 2015 to 11 Nov 2015 6 Days
Preparing Literature Review 12 Nov 2015 to 14 Nov 2015 3 Days
Preparing the Survey Questionnaire 15 Nov 2015 1 Day
Conducting the survey 16 Nov 2015 to 29 Nov 2015 13 Days
Analyzing the results 30 Nov 2015 to 3 Dec 2015 4 Days
Preparing the final draft 4 Dec 2015 to 10 Dec 2015 7 Days
Final Submission 11 Dec 2015 39 Days
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Judge, W. Q., & Douglas, T. J. (1998). Performance Implications of Incorporating Natural Environmental Issues into the Strategic Planning Process: An Empirical Assessment. Journal of Management Studies, 241–262.
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