What are the main points in the definition of planning?

Question

Case Problem 

Lately many companies have planned for significant investment in organised retailing in India. Several factors have prompted their decision in this regard. 

Customers income is rising. People have developed a taste for better quality products even though they may have to pay more. The aspiration levels have increased. The government has also liberalised its economic policies in this regard and permitted even cent per cent foreign direct investment in some sectors of retailing.

What are the main points in the definition of planning?

Answer 1

The main points in the definition of planning are as follows 

(i) Planning is deciding in advance what to do and how to do. 

(ii) It is one of the basic managerial function. 

(iii) Planning involves setting objectives and developing an appropriate course of action to achieve these objectives. 

(iv) It bridges the gap between where we are and where we want to reach.