An Assessment of the Impact of Globalization on Strategic Planning Practices at Standard Chartered Bank

Abstract

Chapter one contains the background information and purpose of the study. The purpose of this study was to determine the impact of globalization on strategic planning practices at Standard Chartered Bank Kenya. The objectives for the study were to establish the effects of globalization on strategic planning practices at SCB Kenya and also to establish how SCB Kenya has responded to globalization challenges and opportunities. The respondents for this study were 9 managers out of the 11 that the researcher targeted. This constituted 82% of the response to the interview questions. Chapter two contains the literature review which mainly focused on strategic planning practices and globalization and also the drivers of globalization. Planning refers to the process of deciding what to do and how to do it. This chapter summarizes the strategic planning practices, effective planning takes into account diverse perspectives and impacts, allowing decision-makers to identify and implement the most effective ways to achieve goals. Global business, that is, business activities between individuals, companies, governments and non-government organizations in different countries, has existed for centuries. Globalization is a much newer concept. Globalization implies an integration of world economies. It includes a rapid increase in the movement of goods, services and capital across national borders. Globalization is related to the increase in the significance of individual businesses that operate in a range of countries. Primary data was collected using an interview guide and the respondents were both middle level and the senior management as SCB kenya.The data collected was analyzed through the use of content analysis to arrive at analytical conclusions as the data collected was qualitative in nature

Findings of the study did indicate that globalization influenced the operations of SCB Kenya thus the need for strategic planning practices. The bank adopted different strategies depending on the prevailing situation so as to take advantage of opportunities resulting from globalization as well as cope with the challenges. Finally the study recommends that the management at SCB Kenya engages all cadres of employees in the strategic planning process as well as the implementation so as to ensure positive attitude as well as compliance. Evaluation of the plans should be closely monitored to ensure timely feedback for decision making and the corrective actions that need to be taken.