{"id":3021,"date":"2023-02-19T16:11:19","date_gmt":"2023-02-19T16:11:19","guid":{"rendered":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/chapter\/introduction-to-planning\/"},"modified":"2025-05-22T15:57:06","modified_gmt":"2025-05-22T15:57:06","slug":"introduction-to-planning","status":"publish","type":"chapter","link":"https:\/\/content.one.lumenlearning.com\/introductiontobusiness\/chapter\/introduction-to-planning\/","title":{"raw":"Learn It 9.2.1: Planning","rendered":"Learn It 9.2.1: Planning"},"content":{"raw":"<section class=\"textbox learningGoals\">\r\n<ul>\r\n\t<li><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Differentiate between different types of planning&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:14720,&quot;10&quot;:0,&quot;11&quot;:4,&quot;14&quot;:{&quot;1&quot;:2,&quot;2&quot;:0},&quot;15&quot;:&quot;Calibri&quot;,&quot;16&quot;:10}\">Differentiate between different types of planning<\/span><\/li>\r\n\t<li><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Understand what a SWOT analysis is&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:14720,&quot;10&quot;:0,&quot;11&quot;:4,&quot;14&quot;:{&quot;1&quot;:2,&quot;2&quot;:0},&quot;15&quot;:&quot;Calibri&quot;,&quot;16&quot;:10}\">Understand what a SWOT analysis is<\/span><\/li>\r\n\t<li><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Understand why planning is important&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:14720,&quot;10&quot;:0,&quot;11&quot;:4,&quot;14&quot;:{&quot;1&quot;:2,&quot;2&quot;:0},&quot;15&quot;:&quot;Calibri&quot;,&quot;16&quot;:10}\">Understand why planning is important<\/span><\/li>\r\n<\/ul>\r\n<\/section>\r\n<h2>Planning<\/h2>\r\n<p>Planning is a process of thinking about and organizing the activities needed to achieve a desired goal. By now you are familiar with the most comprehensive of all organizational planning: the business plan. The business plan provides the foundation for ongoing planning activities, but as the business grows and develops, it's the manager's responsibility to make adjustments and take the plans to the next level. A business without solid strategic, operational, and contingency plans will have a hard time meeting its organizational goals\u2014unless it intends to survive by luck alone.<\/p>\r\n<h2>The Foundation of Planning<\/h2>\r\n<p>When managers begin to plan, they need to strategize based on something\u2014an idea, an opportunity, or a dream. The company vision and mission statements create the foundation for planning by summarizing a company's business strategy in a form that can be communicated and understood easily by stakeholders.<\/p>\r\n<ul>\r\n\t<li><span style=\"color: #333333;\"><strong>Vision Statement<\/strong>: A vision statement gives employees something to rally behind, and for those businesses that choose to make their vision statement public, it lets the world know where the company is going. <\/span><span style=\"color: #ff0000;\"><span style=\"color: #333333;\"> Ikea, the Swedish multinational group of companies that designs and sells ready-to-assemble furniture, is driven by its corporate vision. This is the IKEA vision: \u201cTo create a better everyday life for the many people.\u201d<\/span><br \/>\r\n<\/span><\/li>\r\n\t<li><span style=\"color: #333333;\"><strong>Mission Statement<\/strong>: A mission statement outlines how the business will turn its vision into reality and becomes the foundation for establishing specific goals and objectives. Ikea's mission is \u201cto offer a wide range of well-designed, functional home furnishing products at prices so low that as many people as possible will be able to afford them.\u201d It is this mission that will enable\u00a0them to realize the vision of \"better everyday life.\"<br \/>\r\n<\/span><\/li>\r\n<\/ul>\r\n<p>The vision statement and mission statement are often confused, and many companies use the terms interchangeably. However, they each have a different purpose. The vision statement describes where the organization wants to be in the future; the mission statement describes what the organization needs to do now to achieve the vision. The vision and mission statements must support each other, but the mission statement is more specific. It defines how the organization will be different from other organizations in its industry. Here are some examples:<\/p>\r\n<table style=\"width: 97.6768%;\">\r\n<thead>\r\n<tr>\r\n<th style=\"width: 18.5252%;\" scope=\"col\">Organization<\/th>\r\n<th style=\"width: 42.0759%;\" scope=\"col\">Vision Statement<\/th>\r\n<th style=\"width: 37.7802%;\" scope=\"col\">Mission Statement<\/th>\r\n<\/tr>\r\n<\/thead>\r\n<tbody>\r\n<tr>\r\n<td style=\"width: 18.5252%;\">LinkedIn<\/td>\r\n<td style=\"width: 42.0759%;\">Create economic opportunity for every member of the global workforce.[footnote]LinkedIn, \u201cAbout LinkedIn,\u201d Linkedin (LinkedIn, 2024), https:\/\/about.linkedin.com\/[\/footnote]<\/td>\r\n<td style=\"width: 37.7802%;\">Connect the world\u2019s professionals to make them more productive and successful.[footnote]LinkedIn, \u201cAbout LinkedIn,\u201d Linkedin (LinkedIn, 2024), https:\/\/about.linkedin.com\/[\/footnote]<\/td>\r\n<\/tr>\r\n<tr>\r\n<td style=\"width: 18.5252%;\">IKEA<\/td>\r\n<td style=\"width: 42.0759%;\">\r\n<p class=\"p1\">To create a better everyday life for the many people.[footnote]IKEA, \u201cThe IKEA Vision, Values and Business Idea,\u201d www.ikea.com, accessed September 9, 2024, https:\/\/www.ikea.com\/us\/en\/this-is-ikea\/about-us\/the-ikea-vision-and-values-pub9aa779d0[\/footnote]<\/p>\r\n<\/td>\r\n<td style=\"width: 37.7802%;\">To offer a wide range of well-designed, functional home furnishing products at prices so low that as many people as possible will be able to afford them.[footnote]IKEA, \u201cThe IKEA Vision, Values and Business Idea,\u201d www.ikea.com, accessed September 9, 2024, https:\/\/www.ikea.com\/us\/en\/this-is-ikea\/about-us\/the-ikea-vision-and-values-pub9aa779d0[\/footnote]<\/td>\r\n<\/tr>\r\n<tr>\r\n<td style=\"width: 18.5252%;\">ASPCA<\/td>\r\n<td style=\"width: 42.0759%;\">[T]he United States is a humane community in which all animals are treated with respect and kindness.[footnote]ASPCA, \u201cVision,\u201d ASPCA, 2015, https:\/\/www.aspca.org\/about-us\/aspca-policy-and-position-statements\/vision[\/footnote]<\/td>\r\n<td style=\"width: 37.7802%;\">[T]o provide effective means for the prevention of cruelty to animals throughout the United States.[footnote]ASPCA, \u201cMission,\u201d ASPCA, 2015, https:\/\/www.aspca.org\/about-us\/aspca-policy-and-position-statements\/mission[\/footnote]<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<p>&nbsp;<\/p>\r\n<p>Notice that each of these examples indicates where the organization will compete (what industry it is in) and how it will compete (what it will do to be different from other organizations). The mission statement conveys to [pb_glossary id=\"9045\"]stakeholders[\/pb_glossary] why the organization exists. It explains how it creates value for the market or the larger community.<\/p>\r\n<p><span style=\"color: #333333;\">Until a business has determined what its mission is, planning cannot begin. Furthermore, one plan cannot possibly encompass everything necessary to achieve the organization's mission, so managers are tasked with\u00a0developing sets of plans that, together, guide the organization's\u00a0activities.\u00a0<\/span><\/p>\r\n<h3><strong>Strategic Plans<\/strong><\/h3>\r\n<p><strong>Strategic plans<\/strong> translate the company mission into a set of long-term goals and short-term objectives. In the process of determining a company's strategic plan, top-level managers set out to answer the following questions:<\/p>\r\n<ol>\r\n\t<li style=\"list-style-type: none;\">\r\n<ol>\r\n\t<li>Where are we now?<\/li>\r\n\t<li>Where do we want to be?<\/li>\r\n\t<li>How do we get there?<\/li>\r\n<\/ol>\r\n<\/li>\r\n<\/ol>\r\n<h3><strong>Tactical Plans\u00a0\u00a0<\/strong><\/h3>\r\n<p><strong>Tactical plans<\/strong> translate high-level (broad) strategic plans into specific plans for actions that need to be taken up and down the layers of an organization. They are short-range plans (usually spanning less than one year) that emphasize the current operations of various parts of the organization. As a company refines or alters its strategic plans, the tactics must also be adjusted to execute the strategy effectively.<\/p>\r\n<p>A tactical plan answers the following questions:<\/p>\r\n<ol>\r\n\t<li><span style=\"color: #333333;\">What is to be done?<\/span><\/li>\r\n\t<li><span style=\"color: #333333;\">Who is going to do it?<\/span><\/li>\r\n\t<li><span style=\"color: #333333;\">How is it to be done?<\/span><\/li>\r\n<\/ol>\r\n<h3><strong>Operational Plans<\/strong><\/h3>\r\n<p><strong>Operational plans<\/strong> establish detailed standards that guide the implementation of tactical plans and establish the activities and budgets for each part of the organization. Operational plans may go so far as to set schedules and standards for the day-to-day operations of the business and name responsible supervisors, employees, or departments.<\/p>\r\n<h3><strong>Contingency Plans<\/strong><\/h3>\r\n<p>Unforeseen events or disasters can be especially harmful to a business. For example, a fire, an earthquake, a widespread illness, or a flood may make it impossible to continue normal business operations. A <strong>contingency plan<\/strong> lays out the course of action a business will take in response to possible future events.<\/p>\r\n<section class=\"textbox tryIt\">[ohm2_question height=\"350\"]6410[\/ohm2_question][ohm2_question height=\"350\"]6411[\/ohm2_question]<\/section>","rendered":"<section class=\"textbox learningGoals\">\n<ul>\n<li><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Differentiate between different types of planning&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:14720,&quot;10&quot;:0,&quot;11&quot;:4,&quot;14&quot;:{&quot;1&quot;:2,&quot;2&quot;:0},&quot;15&quot;:&quot;Calibri&quot;,&quot;16&quot;:10}\">Differentiate between different types of planning<\/span><\/li>\n<li><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Understand what a SWOT analysis is&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:14720,&quot;10&quot;:0,&quot;11&quot;:4,&quot;14&quot;:{&quot;1&quot;:2,&quot;2&quot;:0},&quot;15&quot;:&quot;Calibri&quot;,&quot;16&quot;:10}\">Understand what a SWOT analysis is<\/span><\/li>\n<li><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Understand why planning is important&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:14720,&quot;10&quot;:0,&quot;11&quot;:4,&quot;14&quot;:{&quot;1&quot;:2,&quot;2&quot;:0},&quot;15&quot;:&quot;Calibri&quot;,&quot;16&quot;:10}\">Understand why planning is important<\/span><\/li>\n<\/ul>\n<\/section>\n<h2>Planning<\/h2>\n<p>Planning is a process of thinking about and organizing the activities needed to achieve a desired goal. By now you are familiar with the most comprehensive of all organizational planning: the business plan. The business plan provides the foundation for ongoing planning activities, but as the business grows and develops, it&#8217;s the manager&#8217;s responsibility to make adjustments and take the plans to the next level. A business without solid strategic, operational, and contingency plans will have a hard time meeting its organizational goals\u2014unless it intends to survive by luck alone.<\/p>\n<h2>The Foundation of Planning<\/h2>\n<p>When managers begin to plan, they need to strategize based on something\u2014an idea, an opportunity, or a dream. The company vision and mission statements create the foundation for planning by summarizing a company&#8217;s business strategy in a form that can be communicated and understood easily by stakeholders.<\/p>\n<ul>\n<li><span style=\"color: #333333;\"><strong>Vision Statement<\/strong>: A vision statement gives employees something to rally behind, and for those businesses that choose to make their vision statement public, it lets the world know where the company is going. <\/span><span style=\"color: #ff0000;\"><span style=\"color: #333333;\"> Ikea, the Swedish multinational group of companies that designs and sells ready-to-assemble furniture, is driven by its corporate vision. This is the IKEA vision: \u201cTo create a better everyday life for the many people.\u201d<\/span><br \/>\n<\/span><\/li>\n<li><span style=\"color: #333333;\"><strong>Mission Statement<\/strong>: A mission statement outlines how the business will turn its vision into reality and becomes the foundation for establishing specific goals and objectives. Ikea&#8217;s mission is \u201cto offer a wide range of well-designed, functional home furnishing products at prices so low that as many people as possible will be able to afford them.\u201d It is this mission that will enable\u00a0them to realize the vision of &#8220;better everyday life.&#8221;<br \/>\n<\/span><\/li>\n<\/ul>\n<p>The vision statement and mission statement are often confused, and many companies use the terms interchangeably. However, they each have a different purpose. The vision statement describes where the organization wants to be in the future; the mission statement describes what the organization needs to do now to achieve the vision. The vision and mission statements must support each other, but the mission statement is more specific. It defines how the organization will be different from other organizations in its industry. Here are some examples:<\/p>\n<table style=\"width: 97.6768%;\">\n<thead>\n<tr>\n<th style=\"width: 18.5252%;\" scope=\"col\">Organization<\/th>\n<th style=\"width: 42.0759%;\" scope=\"col\">Vision Statement<\/th>\n<th style=\"width: 37.7802%;\" scope=\"col\">Mission Statement<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td style=\"width: 18.5252%;\">LinkedIn<\/td>\n<td style=\"width: 42.0759%;\">Create economic opportunity for every member of the global workforce.<a class=\"footnote\" title=\"LinkedIn, \u201cAbout LinkedIn,\u201d Linkedin (LinkedIn, 2024), https:\/\/about.linkedin.com\/\" id=\"return-footnote-3021-1\" href=\"#footnote-3021-1\" aria-label=\"Footnote 1\"><sup class=\"footnote\">[1]<\/sup><\/a><\/td>\n<td style=\"width: 37.7802%;\">Connect the world\u2019s professionals to make them more productive and successful.<a class=\"footnote\" title=\"LinkedIn, \u201cAbout LinkedIn,\u201d Linkedin (LinkedIn, 2024), https:\/\/about.linkedin.com\/\" id=\"return-footnote-3021-2\" href=\"#footnote-3021-2\" aria-label=\"Footnote 2\"><sup class=\"footnote\">[2]<\/sup><\/a><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 18.5252%;\">IKEA<\/td>\n<td style=\"width: 42.0759%;\">\n<p class=\"p1\">To create a better everyday life for the many people.<a class=\"footnote\" title=\"IKEA, \u201cThe IKEA Vision, Values and Business Idea,\u201d www.ikea.com, accessed September 9, 2024, https:\/\/www.ikea.com\/us\/en\/this-is-ikea\/about-us\/the-ikea-vision-and-values-pub9aa779d0\" id=\"return-footnote-3021-3\" href=\"#footnote-3021-3\" aria-label=\"Footnote 3\"><sup class=\"footnote\">[3]<\/sup><\/a><\/p>\n<\/td>\n<td style=\"width: 37.7802%;\">To offer a wide range of well-designed, functional home furnishing products at prices so low that as many people as possible will be able to afford them.<a class=\"footnote\" title=\"IKEA, \u201cThe IKEA Vision, Values and Business Idea,\u201d www.ikea.com, accessed September 9, 2024, https:\/\/www.ikea.com\/us\/en\/this-is-ikea\/about-us\/the-ikea-vision-and-values-pub9aa779d0\" id=\"return-footnote-3021-4\" href=\"#footnote-3021-4\" aria-label=\"Footnote 4\"><sup class=\"footnote\">[4]<\/sup><\/a><\/td>\n<\/tr>\n<tr>\n<td style=\"width: 18.5252%;\">ASPCA<\/td>\n<td style=\"width: 42.0759%;\">[T]he United States is a humane community in which all animals are treated with respect and kindness.<a class=\"footnote\" title=\"ASPCA, \u201cVision,\u201d ASPCA, 2015, https:\/\/www.aspca.org\/about-us\/aspca-policy-and-position-statements\/vision\" id=\"return-footnote-3021-5\" href=\"#footnote-3021-5\" aria-label=\"Footnote 5\"><sup class=\"footnote\">[5]<\/sup><\/a><\/td>\n<td style=\"width: 37.7802%;\">[T]o provide effective means for the prevention of cruelty to animals throughout the United States.<a class=\"footnote\" title=\"ASPCA, \u201cMission,\u201d ASPCA, 2015, https:\/\/www.aspca.org\/about-us\/aspca-policy-and-position-statements\/mission\" id=\"return-footnote-3021-6\" href=\"#footnote-3021-6\" aria-label=\"Footnote 6\"><sup class=\"footnote\">[6]<\/sup><\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<p>Notice that each of these examples indicates where the organization will compete (what industry it is in) and how it will compete (what it will do to be different from other organizations). The mission statement conveys to <a class=\"glossary-term\" aria-haspopup=\"dialog\" aria-describedby=\"definition\" href=\"#term_3021_9045\">stakeholders<\/a> why the organization exists. It explains how it creates value for the market or the larger community.<\/p>\n<p><span style=\"color: #333333;\">Until a business has determined what its mission is, planning cannot begin. Furthermore, one plan cannot possibly encompass everything necessary to achieve the organization&#8217;s mission, so managers are tasked with\u00a0developing sets of plans that, together, guide the organization&#8217;s\u00a0activities.\u00a0<\/span><\/p>\n<h3><strong>Strategic Plans<\/strong><\/h3>\n<p><strong>Strategic plans<\/strong> translate the company mission into a set of long-term goals and short-term objectives. In the process of determining a company&#8217;s strategic plan, top-level managers set out to answer the following questions:<\/p>\n<ol>\n<li style=\"list-style-type: none;\">\n<ol>\n<li>Where are we now?<\/li>\n<li>Where do we want to be?<\/li>\n<li>How do we get there?<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<h3><strong>Tactical Plans\u00a0\u00a0<\/strong><\/h3>\n<p><strong>Tactical plans<\/strong> translate high-level (broad) strategic plans into specific plans for actions that need to be taken up and down the layers of an organization. They are short-range plans (usually spanning less than one year) that emphasize the current operations of various parts of the organization. As a company refines or alters its strategic plans, the tactics must also be adjusted to execute the strategy effectively.<\/p>\n<p>A tactical plan answers the following questions:<\/p>\n<ol>\n<li><span style=\"color: #333333;\">What is to be done?<\/span><\/li>\n<li><span style=\"color: #333333;\">Who is going to do it?<\/span><\/li>\n<li><span style=\"color: #333333;\">How is it to be done?<\/span><\/li>\n<\/ol>\n<h3><strong>Operational Plans<\/strong><\/h3>\n<p><strong>Operational plans<\/strong> establish detailed standards that guide the implementation of tactical plans and establish the activities and budgets for each part of the organization. Operational plans may go so far as to set schedules and standards for the day-to-day operations of the business and name responsible supervisors, employees, or departments.<\/p>\n<h3><strong>Contingency Plans<\/strong><\/h3>\n<p>Unforeseen events or disasters can be especially harmful to a business. For example, a fire, an earthquake, a widespread illness, or a flood may make it impossible to continue normal business operations. A <strong>contingency plan<\/strong> lays out the course of action a business will take in response to possible future events.<\/p>\n<section class=\"textbox tryIt\"><iframe loading=\"lazy\" id=\"ohm6410\" class=\"resizable\" src=\"https:\/\/ohm.one.lumenlearning.com\/multiembedq.php?id=6410&theme=lumen&iframe_resize_id=ohm6410&source=tnh&show_question_numbers\" width=\"100%\" height=\"350\"><\/iframe><iframe loading=\"lazy\" id=\"ohm6411\" class=\"resizable\" src=\"https:\/\/ohm.one.lumenlearning.com\/multiembedq.php?id=6411&theme=lumen&iframe_resize_id=ohm6411&source=tnh&show_question_numbers\" width=\"100%\" height=\"350\"><\/iframe><\/section>\n<hr class=\"before-footnotes clear\" \/><div class=\"footnotes\"><ol><li id=\"footnote-3021-1\">LinkedIn, \u201cAbout LinkedIn,\u201d Linkedin (LinkedIn, 2024), https:\/\/about.linkedin.com\/ <a href=\"#return-footnote-3021-1\" class=\"return-footnote\" aria-label=\"Return to footnote 1\">&crarr;<\/a><\/li><li id=\"footnote-3021-2\">LinkedIn, \u201cAbout LinkedIn,\u201d Linkedin (LinkedIn, 2024), https:\/\/about.linkedin.com\/ <a href=\"#return-footnote-3021-2\" class=\"return-footnote\" aria-label=\"Return to footnote 2\">&crarr;<\/a><\/li><li id=\"footnote-3021-3\">IKEA, \u201cThe IKEA Vision, Values and Business Idea,\u201d www.ikea.com, accessed September 9, 2024, https:\/\/www.ikea.com\/us\/en\/this-is-ikea\/about-us\/the-ikea-vision-and-values-pub9aa779d0 <a href=\"#return-footnote-3021-3\" class=\"return-footnote\" aria-label=\"Return to footnote 3\">&crarr;<\/a><\/li><li id=\"footnote-3021-4\">IKEA, \u201cThe IKEA Vision, Values and Business Idea,\u201d www.ikea.com, accessed September 9, 2024, https:\/\/www.ikea.com\/us\/en\/this-is-ikea\/about-us\/the-ikea-vision-and-values-pub9aa779d0 <a href=\"#return-footnote-3021-4\" class=\"return-footnote\" aria-label=\"Return to footnote 4\">&crarr;<\/a><\/li><li id=\"footnote-3021-5\">ASPCA, \u201cVision,\u201d ASPCA, 2015, https:\/\/www.aspca.org\/about-us\/aspca-policy-and-position-statements\/vision <a href=\"#return-footnote-3021-5\" class=\"return-footnote\" aria-label=\"Return to footnote 5\">&crarr;<\/a><\/li><li id=\"footnote-3021-6\">ASPCA, \u201cMission,\u201d ASPCA, 2015, https:\/\/www.aspca.org\/about-us\/aspca-policy-and-position-statements\/mission <a href=\"#return-footnote-3021-6\" class=\"return-footnote\" aria-label=\"Return to footnote 6\">&crarr;<\/a><\/li><\/ol><\/div><div class=\"glossary\"><span class=\"screen-reader-text\" id=\"definition\">definition<\/span><template id=\"term_3021_9045\"><div class=\"glossary__definition\" role=\"dialog\" data-id=\"term_3021_9045\"><div tabindex=\"-1\"><p>Stakeholders are individuals or groups who have an interest in or are affected by a company's actions, decisions, or performance, such as employees, customers, investors, suppliers, and the community.<\/p>\n<\/div><button><span aria-hidden=\"true\">&times;<\/span><span class=\"screen-reader-text\">Close definition<\/span><\/button><\/div><\/template><\/div>","protected":false},"author":21,"menu_order":11,"template":"","meta":{"_candela_citation":"[{\"type\":\"original\",\"description\":\"Introduction to Planning\",\"author\":\"Linda Williams and Lumen Learning\",\"organization\":\"\",\"url\":\"\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"}]","pb_show_title":"on","pb_short_title":"","pb_subtitle":"","pb_authors":[],"pb_section_license":""},"chapter-type":[],"contributor":[],"license":[],"part":3011,"module-header":"learn_it","content_attributions":[{"type":"original","description":"Introduction to Planning","author":"Linda Williams and Lumen 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