BBA 3rd Year Corporate Planning Long Question Answer

Goals, Objectives and Target

Strategic planning is a very important business activity. It is also important in the public sector areas such as education. It is practised widely informally and formally. Strategic planning and decision processes should end with objectives and a roadmap of ways to achieve them. The goal of strategic planning mechanism is to increase specificity in business operation, especially when long-term and high-stake activities are involved.

One of the core goals when drafting a strategic plan is to develop it in a way that is easily translatable into action pians. Most strategic plans address high level initiatives and overarching goals, but don’t get articulated (translated) into day-to-day projects and tasks that will be required to achieve the plan. Terminology or word choice, as well as the level at which a plan is written, are both examples of easy ways to fail at translating your strategic plan in a way that makes sense and is executable to others. Often, plans are filled with conceptual terms which don’t tie into day-to-day realities for the staff expected to carry out the plan.

The terms used in strategic planning are desired ends states, plans, policies, goals, objectives, strategies, tactics and actions. Definitions vary, overlap and fail to achieve clarity. The most common of these concepts are specific, time bound statements of intended future result in general and continuing statements of intended future results, which most models refer to as either goals or objectives (sometimes interchangeably).

One model of organising objectives uses hierarchies. The items listed above may be organised in a hierarchy of means and ends, numbered as top rank objective, second rank objective, third rank objective etc. From any rank, the objective in a lower rank answers to the question How? and the objective in a higher rank answers to the question ‘why?’ The exception is the top rank objective there is no answer to the ‘Why?’ question. That is how the top rank objective is defined.

People typically have several goals at the same time. ‘Goal congruency’ refers to how well the goals combine with each other. Does goal A appear compatible with goal B? Do they fit together to form a unified strategy? ‘Goal hierarchy’ consists of the nesting of one or more goals within other goal(s). One approach recommends having short-term goals, medium-term goals, and long-term goals. In this model, one can expect to attain short-term goals fairly easily, they stand just slightly above one’s reach. At the other extreme, long-term goals appear very difficult, almost impossible to attain. Strategic management jargon sometimes refers to ‘Big Hairy Audacious Goals’ (BHAGs) in this context. Using one goal as a stepping-stone to the next involves goal sequencing. A person or group starts by attaining the easy short-term goals, then steps up to the medium-term, then to the long-term goals. Goal sequencing can create a ‘goal stairway’. In an organisational setting, the organisation may coordinate goals so that hey do not conflict with each other. The goals of one part of the organisation should mesh compatibly with those of other parts of the organisation.

BBA 3rd Year Corporate Planning  Long Question Answer
BBA 3rd Year Corporate Planning Long Question Answer

Q.4. Discuss the various steps of long-term planning.

(2014, 15)

Or Explain the concept of long-term planning.

Ans. Concept of Long-term Planning: Understanding the natural progression of long-term care and the resources available to help can be an invaluable asset to a family or spouse who are currently providing care or someday in the future, may eventually have to provide help for a loved one. We call this process long-term care planning. There are seven steps of long-term planning as follows:

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