How To Implement Strategic Plan? A strategic plan is an effective tool that ensures the achievement of a firm’s predetermined goals and objectives. The strategic plan must be formulated to achieve the predetermined goals. For this, the formulated strategic plan must be implemented effectively which is an equally challenging job. If you formulate the strategic…
Every company’s dream is to achieve long-term profit and success that is competitive. For this, they have to create plans that chase the changing business climate and surpass the competition. One such plan is the strategic plan that enables companies to sustain themselves in the future. Here we will discuss, what strategic planning is, its…
Process of Strategic Planning Strategic Planning is the process of creating a comprehensive master plan that ensures the achievement of the organization’s long-term objectives and goals. It is an effective tool to match an organization’s resources with potential opportunities. The strategic planning process gives us the necessary steps to create the strategic plan. It helps…
Methods of Planning Managers on the basis of the organization’s nature, beliefs, culture, interests, situations, availability of information, and resources need to make different plans. There are many methods of planning managers can adopt to make plans. All of these methods have one thing in common: they all aim to bring effectiveness in planning and…
Hierarchy of Planning Planning hierarchy means the arrangement of plans based on their scope in the organizational success. Just like the managerial hierarchy, in the hierarchy of planning the higher-level plans are also at the top and lower-level plans are at the bottom. As panning is a pervasive function all levels of managers have to…
Importance of Planning Function Organizations can be like taking actions and actions but not getting the intended results without planning. Planning is the main function that every organization has to take in order to attain the intended goals. The importance of planning is that it is the means of organizational goal attainment and success. Planning…
Principles of Planning Planning principles are guidelines for formulating effective plans and implementing them. They guide managers on how they should make plans and implement them in order to achieve the desired goals efficiently. Planning is an essential tool for organizational success and goal achievement. It is the basic and most significant management function. Planning…
Types of Plan Types of the plan (types of planning): Planning is the essential aspect of setting goals, managing resources, choosing courses of action, and ensuring the desired goal achievement. Plans are essential tools organizations use to attain the intended goals or objectives. Depending upon the authority, purpose, situations, time, and nature there can be…
What is Planning Process? The planning process is a sequence of steps following which you can make an effective plan for yourself and for your organization’s goal achievement. Planning itself is a process, that is to say, it defines the desired goals an organization wants to achieve and chooses necessary activities that are meant to…