Track: Total Quality Management

Abstract

The Business environment in the 21st century has experienced a paradigm shift from what it used to be in the Stone Age. The wind of change that is evident in the Nigerian economy has risen exponentially and common sense behooves that the trend will continue. Hence, the business needs to be strategically planned and developed. There are many planning techniques, tools, and methods, models, frameworks, approaches, and methodologies, available to support strategic managers in decision making and to maintain better performance. This paper concentrates on strategic planning and three (3) basic strategic planning tools: SWOT analysis, PESTLE Analysis and Porter’s 5 industrial Forces and their role in stimulating business development in Nigeria. The main objective of the study is to examine the impact of strategic planning tools on business development using Abuad Ventures as a case study. Having perused relevant literature, the study adopted a survey research design using a simple random sampling technique to select 120 respondents from Abuad Ventures located in Ado Ekiti Nigeria. Data were collected and analyzed from 106 returned questionnaires using multiple regression and correlation analysis. Findings show that strategic planning tools positively and significantly influence business development in Abuad ventures. The research, however, concluded that Strategic planning tools have a significant relationship with factors responsible for business development in Nigeria. The study, therefore, recommends that corporate organizations, government agencies, and business entrepreneurs should embrace and adopt Strategic Planning tools for effective decision making and to attain organizational goals.

Keywords: Strategic Planning, Strategic Planning Tools, and Business Development