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Importance and Limitations of planning Video Lecture | Business Studies CUET Preparation - Commerce
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FAQs on Importance and Limitations of planning Video Lecture - Business Studies CUET Preparation - Commerce
| 1. What is the importance of planning in commerce? |  |
Ans. Planning plays a crucial role in commerce as it helps businesses set goals, allocate resources, and develop strategies to achieve success. It ensures that businesses have a clear roadmap to follow, enabling them to make informed decisions, manage risks, and adapt to changing market conditions.
| 2. What are the limitations of planning in commerce? | |
Ans. Despite its importance, planning in commerce has certain limitations. These include uncertainty and unpredictability in the business environment, the possibility of inaccurate forecasts, the need for frequent adjustments due to market fluctuations, and the potential for resistance from employees or stakeholders.
| 3. How does planning help businesses in commerce? | |
Ans. Planning provides businesses in commerce with several benefits. It helps them define their objectives, identify potential risks, allocate resources efficiently, and prioritize activities. It also aids in coordinating different departments, improving communication, and ensuring that everyone is working towards a common goal.
| 4. Can planning in commerce eliminate all uncertainties? | |
Ans. No, planning in commerce cannot eliminate all uncertainties. While it helps businesses anticipate and mitigate risks, there will always be external factors beyond their control. These factors, such as economic changes, natural disasters, or technological advancements, can impact the outcome of a plan. Therefore, businesses must remain flexible and adapt their plans accordingly.
| 5. How can businesses overcome the limitations of planning in commerce? | |
Ans. To overcome the limitations of planning in commerce, businesses can adopt certain strategies. These include regularly reviewing and revising plans, conducting thorough market research, seeking feedback from employees and customers, fostering a culture of innovation, and developing contingency plans to address unexpected events. By embracing flexibility and adaptability, businesses can navigate through uncertainties and improve the effectiveness of their planning process.
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Oct 31, 2024 Last updated |
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