Tarang Enterprises Limited is planning to increase its sales by 30% in...
Management is a goal oriented process..
Explanation:- As there is a goal to increase sales up to 30%.
Tarang Enterprises Limited is planning to increase its sales by 30% in...
Planning as a Feature of Management
Planning is the feature of management being highlighted in the given statement. Planning is a process of setting objectives and determining the best course of action to achieve those objectives. In this case, Tarang Enterprises Limited is setting a target to increase its sales by 30% in the next quarter.
Importance of Planning in Management
Planning plays a crucial role in the success of any organization. It helps in the following ways:
1. Setting Goals: Planning helps in setting specific, measurable, achievable, relevant, and time-bound goals for an organization.
2. Resource Allocation: Planning helps in allocating resources effectively to achieve the goals of the organization.
3. Coordination: Planning helps in coordinating the activities of different departments and individuals towards achieving common goals.
4. Risk Management: Planning helps in identifying potential risks and developing strategies to mitigate them.
5. Decision Making: Planning helps in making informed decisions based on the goals and objectives of the organization.
Conclusion
In conclusion, planning is a critical feature of management that helps organizations achieve their goals and objectives. By setting a target to increase sales by 30% in the next quarter, Tarang Enterprises Limited is demonstrating the importance of planning in achieving business success.
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