1.1. BACKGROUND OF THE STUDY
The principal target of most business organizations or companies is setting clearly defined goals and objectives stretched out to cover the entire organization for over a period of years. The importance of planning cannot be over emphasized. Corporate goal setting and execution have today become a prerequisite for corporate survival. Ukeje and Akanwa (2000) believe that business of yesterday depended on trial and error. Ifezue (1999) supports this when he suggests that many past decisions were made without the benefit of formal strategic thinking and planning and this has resulting to an average accomplishment of organizational goals and objectives. This trial and error approach appears to have failed business organisations in moving them to the Promised Land in the face of scarce resources and fierce competition. Management is recognizing that intuition alone is no longer enough for succeeding in today’s environment. This does not suggest that all types of strategies are good at all times.
Corporate survival is very important especially at this period of business uncertainty and economic recession. Maintaining a enviable place in this competitive era becomes the core prerogative of the owners or leaders of the business organizations and that of the employees. Employees are part of every company’s resources which has been found to appreciate with time by knowledge gained, skills, abilities and experience and they have been proven to be the main drivers of organizational objectives and agenda. The success of every business organization depends on collaboration and stakeholder interests have to be shared, they must be working for the same purpose, otherwise business will come to an end and new collaborations or partnership will be formed (Venkatarman, 2001). Thus, involvement of employees in the firm’s objectives and strategic decision making is tapping into their knowledge and experience for gaining competitive advantage and earning a retained workforce alongside a formidable business organisation. Surviving in the global struggle to meet with increasing demand on business organisations in the market place has seen many researchers and academicians having a resort to pay attention to the individual employees in the organization since innovation in product and services as well as achieving multiple organizational objectives are brought about by these individuals. Engaging and exploring the employee abilities to be innovative, have seen companies like Google, 3M Corporation, HP among others to be in the fore front of entrepreneurial activities. Engagement of employees thus requires management building an atmosphere that encourages creative thinking to enhance a sense of belongingness. The urge to be innovative and contribute to the wellbeing of an organization exists in employees whether small or large corporations. There has been a greater understanding of the environmental conditions that motivate individuals within the organization to act entrepreneurially.
1.2. STATEMENT OF THE GENERAL PROBLEM
The average or poor performance of companies in Nigeria has resulted to the massive retrenchment of workers which has increased the unemployment or underemployment index in the country thus partly contributing to the current economic recession. This poor business performance can be attributed to lack of adequate planning which has led to poor goal achievement thus making it difficult for business survival in the Nigerian business society.
1.3. AIMS AND OBJECTIVES OF THE STUDY
The major aim of the study is to examine organizational multiple objectives, its effect on corporate survival and achievement in Nigeria. Other specific objectives of the study include;
1. To determine the impact of effective planning on organizational achievement and survival.
2. To determine the importance of organizational goal attainment on organizational achievement.
3. To examine the impact of organizational objectives on corporate survival.
4. To recommend ways of improving business survival and organizational achievement in Nigeria.
1.4. RESEARCH QUESTIONS
1. What is the impact of effective planning on organizational achievement and survival?
2. What is the importance of organizational goal attainment on organizational achievement?
3. What is the impact of organizational objectives on corporate survival?
4. What are the ways of improving business survival and organizational achievement in Nigeria?
1.5. RESEARCH HYPOTHESIS
H0: There is no effect of effective planning on organizational goal achievement and survival.
H1: There is an effect of effective planning on organizational goal achievement and survival.
1.6. SIGNIFICANCE OF THE STUDY
The study would greatly benefit the business world has it examines organizational goal setting and attainment and its impact on corporate survival and achievement in Nigeria. The study would also benefit students, researchers and scholars who are interested in developing a further study on the subject matter
1.7. SCOPE AND LIMITATION OF THE STUDY
The study is restricted to multiple objectives of a company, a primary sustainability of the view that corporate survival resides on their achievement.
LIMITATION OF THE STUDY
Financial constraint: Insufficient fund tends to impede the efficiency of the researcher in sourcing for the relevant materials, literature or information and in the process of data collection (internet, questionnaire and interview)
Time constraint: The researcher will simultaneously engage in this study with other academic work. This consequently will cut down on the time devoted for the research work.
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