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PLANNING — OCM STD 12 Commerce — Question

Gujarat BoardEnglish MediumSTD 12 CommerceOCMPLANNING3 Marks
Question
Write a note on strategic plan.
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Answer

Strategic plan:
  • Strategic planning is an organization’s process of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy.
  • Based on their philosophies the business units decide several business objectives.
  • The unit then develops short term as well as long term strategies for achieving the desired objectives. This is called strategic planning.
  • Foresightedness and experience are essential for developing strategic plans.
  • The effects of strategic plans are seen in the long. These plans shape the future of the business.
  • These plans demand that the unit takes consistent decisions that are in line with the strategy formed.

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