Class 12 Business Studies - Chapter Planning NCERT Solutions | What are the steps taken by management i
What are the steps taken by management in the planning process?
Planning means to decide in advance what to do and how to do. It is an activity which follows certain logical steps.
1. Setting objectives: Every organization works to achieve some objectives. So the first step of the planning is to define and describe the objectives of the organization. And once the objective is decided then these objectives should be communicated to all the units and employees.
2. Developing premises: Planning is concerned with the future, which is uncertain and every manager assumes about what might happen in future. Therefore the manager is required to make certain assumptions about the future. And these assumptions are known as premises. Premises are the base, upon which plans are drawn. They may be forecasts, existing plans or past information.
3. Identifying alternative courses of action: Once the objectives and planning premises are established, it becomes necessary to discover the various courses of action, which will be used to achieve the established objectives and the must know all the alternatives to achieve the objectives.
4. Evaluating alternative courses: After that the next step is to analyze the pro and cons of each alternative. It is important to evaluate the negative and positive aspect of each alternative to achieve the objectives. It involves a number of calculations to measure the cost and benefits related to an alternative.
5. Selecting an alternative: After evaluating the alternative course the next step is to selecting an alternative. And this is the real point of decision-making. The best plan has to be adopted and implemented. An ideal plan should be the one which is most profitable, most feasible and has least negative consequences.
6. Implementing the plan: The main role of this step is to put the plan into action and do what is required. And then the managers start to communicate the plans to the employees and initiate them to carry out the activities according to the specifications of plans.
7. Follow-up action: Since, planning is the continuous process so the managers keep on following up the plans to ensure that all the activities should be performed as per the schedule. Monitoring the plan is important to ensure achievement of objectives.
More Questions From Class 12 Business Studies - Chapter Planning
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How does planning provide direction?
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Why is it that organisations are not always able to accomplish all their objectives?
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An auto company C Ltd. is facing a problem of declining market share due to increased competition from other new and existing players in the market. Its competitors are introducing lower priced models for mass consumers who are price sensitive. C Ltd. realized that it needs to take steps immediately to improve its market standing in the future. For quality conscious consumers, C Limited plans to introduce new models with added features and new technological advancements. The company has formed a team with representatives from all the levels of management. This team will brainstorm and will determine the steps that will be adopted by the organisation for implementing the above strategy. Explain the features of Planning highlighted in the situation given below. (Hint: Planning is pervasive, Planning is futuristic and Planning is a mental exercise).
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In an attempt to cope with Reliance Jio’s onslaught in 2018, market leader Bharti Airtel has refreshed its ₹ 149 prepaid plan to offer 2 GB of 3G/4G data per day, twice the amount it offered earlier. Name the type of plan is highlighted in the given example. ? State its three dimensions also.
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Planning reduces creativity. Critically comment.(Hint: both the points - Planning promotes innovative ideas and planning reduces creativity – will be given).
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A company wants to increase its market share from the present 10% to 25% to have a dominant position in the market by the end of the next financial year. Ms Rajni, the sales manager has been asked to prepare a proposal that will outline the options available for achieving this objective. Her report included the following options - entering new markets, expanding the product range offered to customers, using sales promotion techniques such as giving rebates, discounts or increasing the budget for advertising activities. Which step of the planning process has been performed by Ms Rajni?
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Rama Stationery Mart has made a decision to make all the payments by e-transfers only. Identify the type of plan adopted by Rama Stationery Mart.
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What kind of strategic decisions are taken by business organisations?
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What are the main aspects in the definition of planning?
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Can planning work in a changing environment? Give a reason to justify your answer.
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