Question

Planning is the process of thinking about the activities required to achieve a desired goal. It is the first and foremost activity to achieve desired results. Write an essay article presenting the following in 4 to 5 pages:
First: Definitions and importance of planning and goal setting.

Second: Internal and external factors that may affect managerial planning.

Answer 1

Planning is the process of thinking about the activities required to achieve a desired goal and planning creation is like a visualization of all the processes and results.

Planning is the most critical aspect of any expected performance or achievement, planning creates a roadmap to achieve the set goals with the fastest time and with the lowest budget.

Planning is everything of a plan and planning gives the basic ideas of hurdles or barriers during leading to achieve the plan.

Planning is an intellectual process that lays down an organizations objectives and develops various courses of action.

Characteristics of planning -

1) Planning is a managerial function -

2) Planning is goal-oriented

3) Routine process

4) Intellectual process

5) Planning is future-oriented

6) Planning involve decision making

7) Planning is pervasive  

These are the process of planning

1) First require the need for action

2) Setting the objectives

3) Developing premises

4) Identifying alternatives

5) Examine other options

6) Selecting the alternatives

7) Formulating supporting

8) Implementation of plan

Importance of planning and goals setting as below-

1) Planning gives the direction - Planning gives the direction to the plan and define well what to do, why to do, when to do and how to do.

2) Planning minimizes the risks of uncertainty- Well planned process always leads the ways and achieved the objectives.

3) Planning reduces the overlapping and wasteful activities- Well planned planning has well define direction and factors that reduce the waste.

4) Planning generates innovative and extraordinary ideas- Planning several times invent new concepts and innovation that reduce the cost, time , money, etc.

5) Planning facilitates decision making - Planning effectively facilitate decision making and reduce the failure.

6) Planning establishes a standard for controlling - Planning to establish the controlling measures.

7) Keep focusing objectives of company - Operation keep focusing on objectives because of planning.

Internal factors that can affect the managerial planning -

1) Top management vision - Top management vision and influence affect much to the planning activities, and overall planning activities directed by the management.

2) The product policy - Internal factors like product policy one of the key factor that affect much to the planning process.

3) The people- Size of organization always considered before planning and setting the goals.

External factors that can affect the managerial planning -

1) The business environment - Business environment like political factors, technological factors, economic factors, socio-cultural factors, etc affecting much to the business environment.

2) The market - market trends, competitors, the introduction of new products, etc are affecting much to planning.

3) Consumer requirements and expectation- Consumer expectations are the key factors that affecting the planning process.

4) Distribution channels- Types of distribution affect much overall planning process.