Full Project – Effective policy formulation and strategic planning a pivot for business survival

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CHAPTER ONE

1.0 INTRODUCTION

1.1 BACKGROUND OF THE STUDY

Policy is a broadly stated course of action that individuals are to follow in making decision. It is general agreed principle, which directs management thinking towards a specific direction. The world in which we live is replete with uncertainties and as such the growing complexities of our political social and economic needs etc. affect not only government but also individuals and business world. In this vein therefore, the manager need to plan to control activities bot at the unit level and in the cooperate level. These managers and administrators perform five basic functions, to get things going Viz and are planning, organizing, staffing, directing and controlling. Planning is the first and perhaps the most important function of management. The essence of planning is to prepare for and predict future events. It involves the development of strategy and procedure required for effective realization of the entire plan. It entails determination of control direction and methods of accomplishing the overall organizational objectives.

Kenneth R. Andrews, has this to say “awareness of the environment is not a special project, on be undertaken only when warning of change becomes deafening” The environment of a business cut off has much influence on the attainment of the objectives of the business and its survival. And as such the business must strategies so as to remain in the system. This involves effective policy formulation and strategic planning to the survival of the business with a view to making recommendations for improved performance and growth of business in the midst of identifiable constraints.

1.1 BACKGROUND OF PZ CUSSIONS INDUSTRIES PLC ABA

The background of the Pz cessions industries Plc. Aba Paterson Zucchinis (Pz) Industries Plc. was incorporated on 4^th December 1984, under the name of P.B Nicholas and company Ltd. To take over the soap making activities Of Mr. P.B Nicholas who has some years prior that date established a factory for that purpose. Paterson Zucchinis itself was incorporated in England in 1884, become a public company quoted on the London and Northern stock exchange in 1953. This activity is that of general merchant in West Africa and it has been established in this capacity in Nigeria since 1899, PZ’s interest. Now include industrial ventures in Nigeria, Ghana, Sierra Lone and textile which selling in the United Kingdom in 1951, Mr. Nicholas sold out his interest in the company to PZ, two years later the company changed its name to Alagbon industries limited and 1960 adopted the name associated industrial Ltd.

After incorporation in 1948, new factory buildings were erected and modern soap making equipment installed at Aba. The company’s range of products includes bar and table soap, performing all which are distributed throughout Nigeria with better stock held at strategic centers.

The company (PZ) is well through its Duck, Premier and Joy soap, Robb Ointment, Anita super mint, jet hair creams, venues de Milo rage of cosmetics elephant detergents, etc. All these categories of products must be sold to enable the organization attain its objectives that has already been set it through effective policy formulation and strategic planning the objectives can be achieved hence its relevance to business survival.

1.2 STATEMENT OF THE PROBLEM

To find out the problem associated with the application of effective policy formulation and strategic planning has been the paramount of this study investigation from Pz industrial Plc. Aba reveals that the company applies effective policy formulation in their operations and that those who implement it lack knowledge, skill and expertise required. The researcher also understands that the actual operation of the concept has certain shortcoming associated, inadequate incentive packages and rigid policy. Thus, it is an attempt to solve this problem that this project seeks to research into the application of the concept using (Pz) Aba as a point of reference.

1.3 OBJECTIVE/PURPOSE OF THE STUDY

The objectives or purpose of the study among other things will be:

To show how policy guides management towards a specific direction.
To x-ray relevance of strategic planning in identifying the company’s strength and weakness, opportunities and threats.
To encourage managers in PZ to adhere to effective policy formulation and strategic to so to achieve their objectives.
To proffer solution to the problem identified.
To analyze the problems encountered in the work place and proper measure of adopt in order to boost workers moral.
To evaluate the impact of strategic planning in a dynamic environment.

1.4 RESEARCH QUESTION

The following research questions will be answered in an attempt to prefer solution to the problems stated above.

Does policy guide management towards a certain directions?
How does environment of business effect its policy and strategic planning?
In what ways does policy formulation and strategic planning lead to business survival?
What is the strategy of solving problem when arise?
Is there a procedure analyzing problems encountered in the working place or sector?
What is the impact of strategic planning in a dynamic environment?

1.5 STATEMENT OF HYPOTHESIS

The research hypothesis to be tested Ho and Hi are

Ho: There is no significant relationship between effective policy, formulation and business survival.

Hi: there is significant relationship between effective policy formulation and business survival in a dynamic environment.

Ho: Strategic planning does not ensure business survival in a dynamic environment.

1.6 SIGNIFICANCE OF THE STDY

Here so many people will benefit from this research work in so many ways. Leaders of the organization will find the study useful as it was expose them to the consequences of not taking organize of certain environment factors affect strategy formulation.

This study is significant in view of the fact it will give an insight to the major benefits on effective policy formulation and strategic planning have over the existing method being used.

To organizations workers and subordinates laid down rules, regulation, programs and procedures so as to achieve objectives an able to assess their superior etc. to future student researcher, this will be useful especially in the literature review.

1.7 SCOPE OF THE STUDY

Actually, the researcher wished to analyze wishers to analyze how effective policy formulation and strategic planning leads to business survival in virtually all organization, the impossibility of such has led to selection of PZ cessions industries, Aba, as the case study. As the scope covers effective policy formulation and strategic planning solely at the PZ industries Plc. Aba.

1.8 LIMITATIONS OF THE STUDY

The research encountered a lot of problems in working this project. Dearth of relevant materials on the subject, published exports and planning are virtually non-existence. Financial and time constraints were amending coupled with the attitude of employees towards answering questions that will produce vital information. High cost of transportation faire thro and fro at the problem that limited this study.

1.9 DEFINITION OF KEYS TERMS

PLANNING: The process of establishing goals and suitable course of action for achieving those goals.

STRATEGY: A comprehensive description of an organization master plan for achieving its objectives.

POLICY: A generally agreed principle which directs management thinking towards a specific direction.

ENVIRONMENT: The totality of the forces within and outside the business operation and business in berm influences them.

OBJECTIVE: The target which a firm deserves to achieve.

WEAKNESS: A inherent constraints or limitation which place an organization in a disadvantage position.

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Full Project – Effective policy formulation and strategic planning a pivot for business survival

Full Project – Effective policy formulation and strategic planning a pivot for business survival

Full Project – Effective policy formulation and strategic planning a pivot for business survival

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