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Define the management activity of 'planning' - Leaving Cert Business - Question 2(A) - 2011
Question 2(A)
Define the management activity of 'planning'. Illustrate how different types of planning benefit Clothes-4-Us Ltd.
Worked Solution & Example Answer:Define the management activity of 'planning' - Leaving Cert Business - Question 2(A) - 2011
Step 1
Define the management activity of 'planning'.
Answer
Planning is the management activity that involves the setting down of specific goals and objectives, along with the formulation of strategies that enable an organization to achieve these aims. It acts as a framework for decision-making and provides the direction necessary for continuous business success. By assessing the future environment, planning helps to mitigate risks and allocate resources effectively.
Step 2
Illustrate how different types of planning benefit Clothes-4-Us Ltd.
Answer
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Mission Statement: The mission statement of Clothes-4-Us Ltd serves as a foundational reference point, articulating the essence of the business's purpose. It communicates to stakeholders what the company stands for, thereby giving a clear understanding of its strategic direction. Relevant Link: Clothes-4-Us's mission emphasizes 'fashionable fast moving clothing' as well as 'value for money'.
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Strategic Planning: This involves long-term planning to align the organization's resources and efforts with its goals over an extended period. Strategic planning enables Clothes-4-Us Ltd to allocate resources effectively, ensuring that short-term actions align with long-term objectives. For example, planning may include strategies to expand their market reach. Relevant Link: Aoife Coyle plans to 'expand her successful business model into the UK clothing market', which reflects aimed growth through a strategic approach.