Define the management activity of 'planning'. Planning is the setting down of specific goals and objectives and the putting in place of strategies that allow you to achieve the stated goals and objectives of the business. Planning forces a business to consider its future and how it will achieve continued success. Plans give business purpose and direction and reduce risk and uncertainty.

Leaving Cert Business Management Activities (Plan, Organise, Control): Define the management activity o

Mission Statement:
The mission statement serves as a visionary statement outlining what Clothes-4-Us Ltd does and informs stakeholders about what makes the business unique. In this case, it emphasizes 'fashionable fast moving clothing' as well as 'value for money'. This clarity drives customer engagement and aligns internal strategies towards a common goal.
Strategic Planning:
Strategic planning pertains to long-term objectives, typically spanning five years or more. This type of planning is crucial for Clothes-4-Us Ltd, as it helps in identifying the direction of the business and allows management to allocate resources effectively. Moreover, it incorporates stakeholder feedback to solidify long-term growth.
Tactical Planning/Operational:
Tactical planning is focused on short-term objectives that break the strategic plans into manageable steps, usually carried out by middle-level managers. For example, regular meetings are held to review the expansion of the business, facilitating an organized approach to operational tasks and ensuring alignment with strategic goals.
Contingency Planning:
This serves as a backup plan to tackle unforeseen circumstances that could disrupt operations. Contingency planning is vital for Clothes-4-Us Ltd, ensuring they are prepared for possible disruptions, such as shortages in essential stock from suppliers, thus minimizing risk and potential losses.