Characteristics of Planning:

1. Goal-oriented: Planning is the process of setting goals and objectives for the organization. It helps in identifying the desired outcomes and the steps required to achieve them.

2. Forward-looking: Planning is future-oriented and involves anticipating future events and trends. It helps in preparing for potential challenges and opportunities.

3. Continuous process: Planning is not a one-time activity but an ongoing process. It requires regular review and adjustment to adapt to changing circumstances and goals.

4. Systematic approach: Planning involves a systematic approach to decision-making. It requires gathering relevant information, analyzing it, and selecting the most appropriate course of action.

5. Flexible: Planning should be flexible enough to accommodate unforeseen changes and uncertainties. It should allow for adjustments and modifications as required.

6. Coordination: Planning involves coordinating various activities and resources within the organization. It ensures that different departments and individuals work together towards common goals.

Definitions of Planning:

1. According to Harold Koontz and Cyril O'Donnell, "Planning is deciding in advance what to do, how to do it, when to do it, and who is to do it. Planning bridges the gap between where we are to where we want to go."

2. According to George R. Terry, "Planning is the selection and relating of facts and making and using of assumptions regarding the future in the visualization and formalization of proposed activities believed necessary to achieve desired results."

3. According to Henry Fayol, "Planning is the act of analyzing the future and arranging the things that need to be done and the methods for achieving them."

4. According to Peter Drucker, "Planning is the continuous process of making present entrepreneurial decisions systematically and with the greatest knowledge of their futurity, organizing systematically the efforts needed to carry out these decisions, and measuring the results against expectations through organized, systematic feedback."

Business Environment - Notes:

The business environment refers to the external factors that affect the operations and performance of a business. These factors can be categorized into two broad categories: internal and external.

Internal factors include the organization's resources, capabilities, and structure. It also includes the company's culture, policies, and procedures. These factors are within the control of the organization and can be influenced through management decisions.

External factors include the economic, social, political, technological, and legal factors that impact the business. These factors are beyond the control of the organization and are influenced by the broader environment. Understanding the external environment is crucial for businesses to identify opportunities and threats and to formulate effective strategies.

The business environment is dynamic and constantly changing. Factors such as changes in technology, customer preferences, and government regulations can significantly impact the business. Therefore, it is important for businesses to continuously monitor and adapt to the changing environment to stay competitive and successful.