ASSESSMENT OF PRACTICES AND CHALLENGES OF STRATEGY PLANNING PROCESS IN THE CASE OF CONSTRUCTION & BUSINESS BANK

Abstract

Strategic planning is about managing the future through effective strategy formulation, implementation and evaluation. Today banking firms need to cope up with competitive challenges related to innovation, dynamic responses, knowledge sharing etc. by means of effective and dynamic strategy planning process. The purpose of this research paper is to assess the practices of strategy planning process of Construction and Business Bank (CBB). To accomplish this study, primary & secondary data were gathered. Furthermore, the study used purposive or judgmental sampling technique due to the fact that this technique enables the researcher’s experience to select the samples based on the necessity of their participation in the planning process. The data is collected through open and closed ended questioners & interviews. Accordingly, 84 (eighty four) managerial employees of the bank were selected by the researcher and 74 (seventy four) questioners were filled and collected. To analyze the research, descriptive method of data analysis were employed. The study brought about major findings and conclusions such as absence of proper environmental scanning, lack of experts and consultants in the industry as well as in the bank regarding the planning process and also the presence of supportive environment and technology in the organization. The research finally recommends that, the bank must analyze its major competitive advantages, should create conducive environment for stakeholder to involve in the strategy planning process and also it recommends that the bank should develop contingency plan for the next strategy period.