Chapter 7

The Usefulness of Strategic Planning in Crisis Management 

Chukuigwe, Nwakaego Ph.D

Department of Management, Faculty of Business Studies

Ignatius Ajuru University of Education, Rumuolumeni, Port Harcourt, Nigeria

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INTRODUCTION

Strategic planning is the decisive to ensuring that our organization is ready to meet the challenges of tomorrow. Strategic planning today includes more than building up a long-term plan for realizing a dream or dealing with future conservational situations. It became necessary to the perception of future situations, plans, and the preparation of the necessary actions to address them. Strategic planning is the art of creating specific business strategies, implementing them, and evaluating the results of executing the plan, in regard to an organization’s overall long-term goals or desires. It is a concept that focuses on integrating various departments (such as accounting and finance, marketing, and human resources) within an organization to realize its planned goals. On this idea, we describe strategic planning as structural activities that systematically discuss task and goals, explore the competitive environment, analyze strategic alternatives, and coordinate actions of execution across the entire organization (Andersen, 2004). The goal of the strategic planning is to plan competitive strategies that enable the organization to determine the situation in the business environment antagonized by the firms. Strategic planning is a disciplined and creative process to plot how an organization can use its resources to achieve the desired results usually within a specified period (Akdeniz, 2015). The strategy can be seen as a long-term orientation that the firms should strive, to achieve their goals (Johnson, 2008). Strategic planning is an efficient, precise and matching process of cooperation, which takes into account strategic thinking of employees in an organization (Freire, 2008). Planning should be guided by a structured alignment, focusing on long term goals in order to achieve a continuous influence (Renz, 2001).

 

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