Organizational objectives provide a general direction, objectives of departments will be more planned and detailed.
Here we establish the objectives for the whole organization and also individual departments. This is the second and perhaps the most important step of the planning process. What are the Types of Plan? 2] Setting Objectives A firm can look to explore this opportunity. Say for example the government plans on promoting cottage industries in semi-urban areas. A realistic look must be taken at the prospect of these new opportunities and SWOT analysis should be done. Once such opportunities get recognized the managers can recognize the actions that need to be taken to realize them. Let us take a look at the planning process.Īn important part of the planning process is to be aware of the business opportunities in the firm’s external environment as well as within the firm.
As you can imagine it is a systematic process involving eight well thought out steps.
It involves setting the goals of the company and then managing the resources to achieve such goals. The planning function of management is one of the most crucial ones.
