Planning is a process of deciding in advance where we want to get to and how we will get there. It has several key characteristics: it contributes to objectives, is a primary management function, is pervasive, futuristic, continuous, involves decision making, and is a mental exercise. The basic planning steps include preparing to plan, analyzing the situation and needs, prioritizing goals and objectives, developing clear objectives, identifying and selecting strategies, implementing the plan, and evaluating the plan. While planning provides direction, reduces risks and waste, and promotes innovation, it also has limitations such as potential rigidity, reduced creativity, high costs, and not guaranteeing success.