SELECT * FROM question_mgmt as q WHERE id=5143 AND status=1 SELECT id,question_no,question,chapter FROM question_mgmt as q WHERE courseId=3 AND subId=20 AND chapterId=593 and ex_no='3' AND status=1 ORDER BY CAST(question_no AS UNSIGNED) CBSE Free NCERT Solution of 12th business-studies Planning an auto company c ltd is facing a problem of decl

Question:

An auto company C Ltd. is facing a problem of declining market share due to increased competition from other new and existing players in the market. Its competitors are introducing lower priced models for mass consumers who are price sensitive. C Ltd. realized that it needs to take steps immediately to improve its market standing in the future. For quality conscious consumers, C Limited plans to introduce new models with added features and new technological advancements. The company has formed a team with representatives from all the levels of management. This team will brainstorm and will determine the steps that will be adopted by the organisation for implementing the above strategy. Explain the features of Planning highlighted in the situation given below. (Hint: Planning is pervasive, Planning is futuristic and Planning is a mental exercise).

Answer:

The features of planning highlighted in the above case are:

1. Planning is pervasive: Planning is required at all levels of management as well as in all departments of the organization. It is not a function restricted to top level but it is performed by managers at every level. Where the top level management forms organizational plans, the middle level does departmental planning, and the lower level makes plans for the day-to-day working or the organization.

2) Planning is futuristic: Planning is based on forecasting and it is prepared for the future. The main purpose of planning is to meet future events effectively to the best advantage of an organization. It implies looking into the future, analyzing it and predicating it. Thus planning is a futuristic process.

3. Planning is a mental exercise: Planning is a mental exercise as it requires creativity, imagination and higher thinking skills with sound judgement. It is an intellectual activity of thinking. It requires logical and systematic thinking rather than guesswork or wishful thinking.


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