Corporate Strategy, Planning and Performance Evaluation: A Survey of Literature
Ilori David Babafemi

In recent years, corporate organizations are increasingly paying attention to strategic planning in an attempt to establish the relationship between strategic planning and firm’s performance. This paper reviews the literature on strategic planning and performance evaluation, and summarises the key elements of planning in large organisations. These elements include the top-down communication of corporate vision, goals and core values. In this paper, based on a survey of literature, it has been established that effective strategic planning indeed has a positive impact on performance. Although formal planning only will not bring about better performance, effective implementation will suffice. The paper concludes that strategic planning is vital for ensuring continued good corporate performance and only those organizations that practice some form of strategic planning will survive. It recommends that the process of strategic planning should be given its deserved attention in terms of all the prescribed steps within the existing literature. Management should focus on the strategic issues, on the important issues facing the business as a whole, including where it is headed and what it will or should become.

Full Text: PDF     DOI: 10.15640/jmpp.v3n1a6