Lectur 3
g. Important components of a
P L A N N I N G
PLANNING
- is the process of setting objectives and
determining what should be done
accomplish them.
- is also deciding in advance what to do, how
to do this particular task, when to do it, and
who is to do it.
- helps managers analyze the present
condition to identify the ways of attaining
the desired position in future.
Vision
- details where the organization aspires to
go.
Mission
- defines the organization's business, its
objectives, and how it will reach these
objectives.
T Y P E S O F P L A N N I N G
1. STRATEGIC
a. Strategic plans are all about why
things need to happen.
b. It’s big picture, long-term thinking.
c. It starts at the highest level with
defining a mission and casting a
vision.
d. Strategic planning includes a
high-level overview of the entire
business.
e. It’s the foundational basis of the
organization and will dictate
long-term decisions.
f. The scope of strategic planning can
be anywhere from the next two years
to the next 10 years.
strategic plan are vision, mission
and values.
to
2. OPERATIONAL
a. Operational plans are about how
things need to happen.
b. Guidelines of how to accomplish the
mission are set.
c. This type of planning typically
describes the day-to-day running of
the company.
d. Operational plans are often
described as single use plans or
ongoing plans.
e. Single use plans are created for
events and activities with a single
occurrence (such as a single
marketing campaign).
f. Ongoing plans include policies for
approaching problems, rules for
specific regulations and procedures
for a step-by-step process for
accomplishing particular objectives
3. TACTICAL
a. Tactical plans are about what is going
to happen.
b. at the tactical level, there are many
focused, specific, and short-term
plans, where the actual work is
being done, that support the
high-level strategic plans.
c. Tactical planning supports strategic
planning.
d. It includes tactics that the
organization plans to use to achieve
what’s outlined in the strategic plan.
e. the scope is less than one year and
breaks down the strategic plan into
actionable chunks
4. Contingency
 a. Contingency plans are made when
something unexpected happens or
when something needs to be changed.
b. Contingency planning can be helpful
in circumstances that call for a
change.
c. Although managers should
anticipate changes when engaged in
any of the primary types of planning,
contingency planning is essential in
moments when changes can’t be
foreseen.

SWOT ANALYSIS
Strengths, Weaknesses, Opportunities, Threats

- is a strategic planning and strategic

management technique used to help a
person or organization identify strengths,
weaknesses, opportunities, and threats
related to business competition or project
planning.
- It is sometimes called situational
assessment or situational analysis.

PESTLE ANALYSIS PORTER'S FIVE FORCES MODEL

Political, Economic, Social, Technological, Legal & - a model that identifies and analyzes five
Environmental factors. competitive forces that shape every
industry and helps determine an industry's
- A tool used to gain a macro picture of an weaknesses and strengths.
industry environment.
- It allows a company to form an impression
of the factors that might impact a new
business or industry.