THE IMPORTANCE OF PLANNING PROCESSES: IMPACT ON FINANCIAL AND INNOVATION OUTCOMES

Abstract

Planning is one of the most influential factors pertaining to performance in organizational settings. Given the continuous changes in technology, competitive pressures, and consumer expectations, organizations and groups must plan how they will respond to such actions and changes. This study included 119 technology-based organizations and their corresponding website content pertaining to planning variables. This research indicates support for the planning model presented by Mumford, Bedell, & Hunter (2008). More specifically, institutionalization of innovation planning processes play a vital role in financial and innovative success. The implications of these findings and future research ideas are discussed.