Chapter 5, Problem 3DQ

Summary Introduction

To determine:

If developing a comprehensive plan is not necessary to acquire a start-up funding.

Introduction:

Planning is a process of making the plan before executing any work. The process of planning includes identification of goals and objectives, formulation of strategies, creating the means required and implementation and monitoring.

The First step of planning is to establish a strategic goal. The strategic goal is a statement defining where the company wants to be in the future. The strategic goal represents the whole organization's goal rather than to the goal of a division or department. After setting the strategic goal, the organization prepares its strategic plans. Strategic plans define the action steps by which the company intends to attain strategic goals. Strategic plans are actually the blueprint that defines the organizational activities and allocations required for meeting long terms targets.