THE PLANNING PROCESS

Step 2 of the planning process

Step 2 involves conducting a SWOT analysis (where an organisation's internal strengths and weaknesses and external opportunities and threats are examined) in order to ascertain the present set-up of the company, where opportunities exist, and what must be taken into account when making the optimal decision.

Step 3 of the planning process

Step 3 involves developing alternative strategies which entails determining possible ways of achieving the objectives.

Step 4 of the planning process

Step 4 requires management to select and implement one strategy. This involves identifying the most appropriate and effective strategy and putting it into action.

Step 5 of the planning process

Step 5, the last step, is to monitor and evaluate the strategy and decide if the objectives are being met and take corrective action if not.

Step 1 of the planning process

The first step is to define objectives, which involves outlining what the organisation wants to achieve.