Ch 4 The Basic Planning Process

A ------------ (P): A method for doing or making something, consisting of a goal and a course of action.

A ----------------- (G): A specific result to be achieved; the end result of a plan.

------------------ (O): Specific results toward which effort is directed.

------------------ (P): The process of setting goals and courses of action, developing rules and procedures and forecasting future outcomes.

What ---------------- Entails?- Choosing goals and courses of action and deciding now what to do in the future to achieve those goals.-Assessing today the consequences of various future courses of action.

WHAT PLANNING ACCOMPLISHES? 6 things

A ------------------ (H) of plans: A set of plans that includes the company-wide plan and the derivative plans of subsidiary units required to help achieve the enterprise-wide plan.

The ---------------- (P) hierarchy: Top management formulates its plans based on upward feedback from the departments, and the departments in turn draft plans that make sense in terms of top managements plan.

How to develop a plan? 6 steps

Who Does the Planning?IN: Small Businesses, Large firms?

Name the business plan components? 4

Principles of Goal-Setting? 6