Planning refers to thinking in advance about objectives, activities, timing, and responsibilities. It involves setting objectives, analyzing internal and external factors, identifying alternative courses of action, evaluating alternatives, selecting a plan, implementing it, and following up. Planning premises are the assumptions that influence alternative results and include internal/external, tangible/intangible, controllable/uncontrollable factors. Types of plans include objectives, strategies, policies, procedures, budgets, and programs. Strategies are flexible plans to optimize resources in response to competitors. Policies provide general guidelines for employee decision making. Strategies differ from policies in their flexibility, role of competitors, and purpose of addressing recurring vs. unique problems.

1. PLANNING FUNCTION

6. PLANNING PREMISES

11. PLANNING POLICY & STRATEGY

23. Strategy Vs. policy Guide for ideas and decision making Directs the use of human & physical resources 4. Guide Not necessary to be based on competitors move. Formulated in view of the activities of the competitors 3. Role of Competitors Standing plan, used time and again Adhoc plan and is formulated new every time 2. Type of Plan To tackle repeatedly appearing problems of the same nature Formulated for unforseen problems 1. Need Policy Strategy Basis of Differentiation