what is business planning class 12th

Business Studies for Class 12 Chapter 4 Planning Index Terms

Learn cbse business studies index terms for class 12, chapter 4 including definitions and meanings.

1. Planning – Planning centres around accomplishing objectives. Organisations are set up with a universal purpose in view. Planning makes these objectives explicit and states activities are to be embraced to achieve these objectives. Planning is an essential capacity, and it sets out the base for all functions of management.

In other words, planning is the process of creating a structure in advance regarding the work that needs to be done. It is helpful in defining the goals and objectives that need to be achieved by an individual or organisation. Therefore, it involves a series of steps that are bound logically.

2. Goals – A business goal is the terminus, achievement, focus, or objective of an association that it wants to accomplish for a short period of time or a long period of time. Business goals can take various structures or forms and be persuasive or aspirational. For example, driving an organisation toward a predetermined goal like improved client care.

3. Planning Process – Planning is ascertaining prior to what to do and how to do it. It is one of the primary managerial duties. Before doing something, the manager must form an opinion on how to work on a specific job. Hence, planning is firmly correlated with discovery and creativity. But the manager would first have to set goals. Planning is an essential step that managers at all levels take. It requires making decisions since it includes selecting a choice from alternative ways of performance.

4. Single-use Plans – As the term suggests, a single-use plan is formed for a short period of time, and after the completion of the project or assignment, this plan is discarded. Since they are formed for a specific reason or a project, situation, or for assignment, they do not have a wider scope. Single-use plans are one-time plans that are not utilised repeatedly. For example, budgets and objectives.

5. Standing Plans – Standing plans are formed for a long period of time. It has a wider scope as standing plans involve the entire organisation under its purview. Standing plans are repetitive and recurring in nature. For example, methods, procedures, and policies.

6. Objectives – Management is accountable for establishing and attaining objectives for the company. It has to deliver a variety of objectives in all operations contemplating the interest of all shareholders, including stakeholders, consumers, the government, and employees. The principal objective of any company must be to use material and human resources to the maximum potential benefit, that is, to meet the financial objectives of a firm, and they are survival, profit, and growth.

7. Strategy – Strategy is a cycle that can permit an organisation to focus its limited assets on the best chances to build sales and accomplish competitive advantages in the market. A business strategy is a clear-cut arrangement of plans, activities, and objectives that traces how a business will contend in a specific market, or markets, with a product or number of products or services.

8. Policies – Business policy characterises the spheres or scope inside which choices can be taken by the subordinates in an organisation. Business policies are the rules created by an organisation to administer its activities. They characterise the cutoff points inside which decisions should be made.

9. Procedures – Procedures are a sequence of steps undertaken to complete a certain activity. It describes the exact manner in which an activity is performed. In other words, procedures are a stipulated sequence of a course of action for handling activities. They are specified in chronological order and are designed to execute policies and achieve objectives. For example, the procedure may be for the purchase of raw material, selection of employees, redressal of grievances, etc., and there may be a procedure for requesting supplies for production.

10. Rules – Rules are specific statements that inform what is to be done. They do not allow any flexibility or discretion. It reflects a managerial decision that a certain action must or must not be taken. Rules generally refer to the administrative area of the procedure. They serve as guides and do not leave any scope for discretion.

11. Method – A method characterises the manner or way where a specific undertaking or task can be performed. It thinks about one stage of a whole strategy and characterises the steps to be taken to the finishing of the given assignment.

12. Programme – A programme is a unique and transient key undertaking, attempting to accomplish an advantageous change and consolidate a group of related tasks and routine business activities.

13. Budget – A budget is an assessment of income and expenses over a predetermined future time frame and is generally gathered and reconsidered on an occasional premise. Financial planning or budgeting can be made for an individual, a business administration, the government, or for a group of people, or almost anything else that makes and burns through liquid assets.

14. Decisions – A decision is a cycle that is intentionally browsed among a bunch of wanted choices or options to accomplish the desired outcome. Decision-making is viewed as one of the main undertakings of management. The manager assumes an essential part in serving their choices or decisions, as the development and failures of a business association are reliant upon opportune decisions taken. Each administrative decision, like organising, staffing, directing and planning, are all sub-portions of decision-making.

15. Standards – Standards are agreed, documented, harmonised, and repeatable methods of operating. Standards comprise technical guidelines or other specific criteria outlined consistently as a definition, rule or plan. They assist the organisation in making better decisions which increases soundness and effectiveness.

16. Premises – Premises is usually where an individual, organisation, or government conducts its business. Premises is where an organisation owns the land and building and other necessary assets to conduct its business.

17. Assumptions – Assumptions are thoughts or ideas that one attempts to be valid prior to decision-making. Assumptions are likewise made in organisations for fostering a methodology, planning and taking decisions. These guesses are usually normalised as revelation or disclosure of risks and vulnerability.

18. Alternatives – Alternatives are the strategic pathways that can be taken by an organisation at a given point or in the course of business life. Alternatives are centred on three categories that are restructuring within the organisation to make more profits, selling its business at the time of heavy losses, and at the expansion stage in the growth stage.

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Chapter 4: Planning

CBSE Class 12
Unit 1:Business studies I
Chapter 4: Planning Notes

Introduction and Feature & Importance of Planning

BUSINESS STUDIES-XII
Publication
ABCD CLASSES
Business Studies

PLANNING MEAN I NG

Planning is deciding in advance what to do and how to do it. It is one of the basic managerial functions. Planning is the process of thinking before doing. Planning try to bridge the gap between where we are and where we want to go.

BENEFITS OF PLANNING.

Act as a guide for deciding what action should be taken and when
Without planning, employees would be working in different directions.
Planning predicts advantages and disadvantages in future events and suggests suitable action.
Strength, Weakness, Opportunities and Threats are examine to determine the most suitable action
Since planning is the first function of management, managers use new ways and means to achieve required goals
Managers use foresight, logical thinking and creativity to achieve goals
Provides standards against which actual performance is measured.
Controlling makes the planning a base and compares actual performance with standards
Make a choice from various alternatives.
The manager evaluates each alternative and selects the most suitable alternative
Reduces wasteful activities
Clearly defined the activities and efforts of different divisions, departments and individuals.
Avoids confusion and misunderstanding to carry the work smoothly.

“Though planning is an important tool of management, yet it is not a remedy for all types of problems”. Do you agree with this statement? Give any five reasons in support of your answer.

Limitations of Planning

LIMITATIONS OF PLANNING

Sometimes top-level management consumes a lot of time in formulating the plans, as a result of which very less time is left for them to implement these plans.
Huge cost is involved in the formation of plans.
This cost is in terms of money and time. For example, a lot of time is involved in scientific calculations to ascertain facts and figures and to check the accuracy of facts while formulating a plan.
Likewise, a lot of money was spent on boardroom meetings, discussions with experts and preliminary investigation to find out the effectiveness of the plans.
Moreover sometimes are cost incurred in formulating plans is higher than the benefits received from these plans.
The various forces of the business environment like social, political, technological and legal keep on changing and the organization has to adapt themselves to these changes.
Thus, it becomes very difficult to forecast when there is a change in government policies, natural calamity, political instability in the country, etc.
Usually in an organization planning function is performed by the top management and the rest of the members are required to implement these plans.
As a result, middle management and other members are neither allowed to deviate from plans nor granted authority to act on their own.
Hence most of their initiative and creativity in them gets reduced.
An organization is successful when the plans are effectively drawn and implemented.
Managers are in the habit of depending on previously tried and tested successful plans, but this practice sometimes does not work and may lead to failure instead of success.

Planning process

PLANNING PROCESS

End goals for which organization works
Should be well defined, specific, quantitative, and realistic.
Maximum people must participate in the objective of the setting process
Consists of forecasting future conditions likely to have an influence on goals like demand for good cost of raw materials, state of technology, govt. Policies etc.
Known as planning premises .
Many ways to act and achieve objectives and alternative courses of action should be identified.
Action can adapt by involving more people and sharing their ideas.

Sales can be increased by either reducing the price, improving quality, or more promotions.

The positive and negative aspects of each proposal need to be evaluated according to the need of the organization

Example : - Reducing price will affect revenue

Best plan has to be adopted and implemented.
Would be the most possible, profitable and with the least negative consequences.
Understanding customer needs can be a better option.
Concerned with putting the plan into action
For example, to increase sales then more advertisement and sales promotional methods are required
To see whether plans are being implemented and activities are performed according to schedule.
Once a plan is implemented it requires continuous monitoring

Standing Plan and Single Use Plan

TYPES OF PLANS

Single-Use Plan & Standing Plan

Single-use plan

Single-use plans apply to activities that do not recur or repeat.
Such Plan is developed to meet the needs of a unique situation.
The length of a single-use plan differs greatly depending on the project in question, as a single event plan may only last one day while a single project may last weeks or months.
Includes :- - Budget , Programs

Standing plans – known as repeat use plans

Are used over and over again because they focus on organizational situations that occur repeatedly.
Usually made once and retain their value over years
That is why they are also called repeated use plans.
Includes :- Policies, Procedures, Methods And Rules

Differences between standing and single-use plans

Objectives:

Objectives are the ends towards which the physical & human energies of the enterprise are channelized.
All individuals, groups, and depts. are integrated, coordinated and directed to achieve this end.
Objectives can be major, minor, collateral. They are set by the top-level management.

Strategy is a comprehensive plan for accomplishing an organization‘s objectives.
This comprehensive plan will include (3 dimensions):
Determining long term objectives
Adopting a particular course of action
Allocating resources necessary to achieve objectives

Organization general response to a particular problem/ situation.
These are general statements/ understandings, which guide thinking & decision-making. A policy is an Organization's intention to act in certain ways when specific types of circumstances arise.
Policies define the boundaries within which decisions can be made and they direct decisions towards the accomplishment of objectives.
The general response to a particular problem: guide managers in view of the repeated appearance of similar problems/situations
Basis for objectives: Policies provide the routes to objectives.
Provide guidelines for thinking/ action.
Discretionary: provide scope for executive judgment.
Top management‘s intention: generally formulated by top management. For operational purposes, managers at all levels also formulate their own policies

Examples: Recruitment policy, Pricing policy (for the elite segment); We don‘t sell on the credit's a policy of the sales dept.

A procedure is a series of related tasks that make up the chronological sequence & the established way of performing work to be accomplished.
It gives a series of actions directed towards a goal.
It specifies tasks to be performed /done sequentially for completing a piece of work
Defines steps of doing different jobs/methods in routine. So it saves time.
Helps to improve efficiency by providing standards and the best manner of doing work.
Cuts across all dept. lines (e.g. execution of a sales order concerns sales, finance, production depts.)
Help in the implementation of policies

Admission procedure, the Selection procedure for employees, Passport/Visa, Procedure for placing an order.

A method is a type of management plan that specifies the detailed and the best manner of performing a particular step, comprised in a procedure.

Methods are formalized/-standardized ways of doing routine jobs
These are standard ways of doing jobs, though there is no penalty for violation of methods
These are defined to increase efficiency
They are usually manual/ mechanical ways to perform an operation
Depreciation methods: Straight line method, written down value method
Methods of stocktaking: LIFO, FIFO, Training methods (e.g. orientation programs, lectures, etc.)
A rule requires that a specific action be taken for a situation.
Rules are prescriptive directives to people in the org. and elsewhere to do or not to do things, to behave or not to behave in particular ways.
Rules indicate limits of acceptable behavior to the members of the org.
They help to improve efficiency
Help in maintaining discipline in the org.

•No smoking, No admission without permission

A budget is a plan which states the expected results of a given future period in numerical terms. It may be expressed in time, money, or physical units.

Presents the objectives of the enterprise in financial/Quantitative terms.
Helps in financial control: provides standards by which actual performance can be measured.
Coordinates activities of various depts. of a big enterprise by adjusting the departmental budgets into the master plan.

Since budgets specify measurable goals to be achieved within a specific period (usually one year), they inject a sense of clarity in directing and performing the activities of the org.

Cash budget determines cash inflows and outflows, so that management knows how much cash it

should hold at all points of time for various purposes.

It is a comprehensive plan designed to implement the policies and accomplish objectives.
It is a combination of goals, policies, task assignments, resource flows, etc.
It is a concrete or well-designed scheme designed to accomplish a specific objective.
It spells out the steps to be taken, resources to be used and the time taken to complete the task.
It also indicates who should do what and how?
Single-use abut comprehensive
Action-based
Result oriented
Designed to ensure smooth and efficient functioning of the organization
Great risk of failure due to changes in the environment

Example –

Launching a new product.
Training program.
Advertising program.
Expansion program.

Related Chapter Name

Chapter 1: nature and significance of management.

Introduction
Introduction and Concept of Management
Characteristics & Importance of Management
Objectives of Management
Importance of Management
Nature of Management
Objectives & Levels of Management
Functions of Management
Coordination-The essence of Management

Chapter 2: Principles of Management

Introduction and Concept of Principles of Management
Feature & Importance of Management Principle
Henri Fayol's POM
Taylor's POM
Fayol versus Taylor-A comparison

Chapter 3: Business Environment

Introduction and Feature & Importance of Business Environment
Importance of Business Environment
Dimensions of Business Environment
Macro Business Environment
Impact of Government changes on Business & Industry
Demonetisation

Chapter 5: Organising

Introduction and Organising Process.
Feature & Importance of Organising
Formal and informal organization.
Organisation structure
Formal & Informal organisation
Decentralisation

Chapter 6: Staffing

staffing as part of Human Resource Management
Introduction and Feature & Importance of Staffing
Staffing process
Elements of Staffing
Internal and External Recruitmnet
Training & Development
Methods of Training

Chapter 7: Directing

Introduction and Feature & Importance of Directing
Elements of Directing
Supervision and Motivation
Maslow's Need Hierarchy Theory
Financial Vs Non-Financial Incentives
communication
Formal and Informal Communication
Barriers to Communication

Chapter 8: Controlling

Planning & Controlling
Introduction and Importance of Controlling
Controlling Process
CPC & MBE

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NCERT Notes for Class 12 business studies Chapter 4 PLANNING

Class 12 business studies chapter 4 planning.

NCERT Notes for Class 12 business studies Chapter 4 PLANNING, (business studies) exam are Students are taught thru NCERT books in some state board and CBSE Schools. As the chapter involves an end, there is an exercise provided to assist students to prepare for evaluation. Students need to clear up those exercises very well because the questions inside the very last asked from those.

Sometimes, students get stuck inside the exercises and are not able to clear up all of the questions. To assist students, solve all of the questions, and maintain their studies without a doubt, we have provided step-by-step NCERT Notes for the students for all classes. These answers will similarly help students in scoring better marks with the assist of properly illustrated Notes as a way to similarly assist the students and answer the questions right.

Every organisation whether it is government-owned, a privately owned, small business or large business requires planning. The government makes five- year plans for the country, a small business has its own plans, while other companies have big plans, sales plans, production plans etc. All of them have some plans. Dreams can be turned into reality only if business managers think in advance on what to do and how to do it.

Meaning of Planning

Planning is the first function of management. Planning can be defined as “thinking in advance what is to be done, when it is to be done, how it is to be done and by whom it should be done”. Planning is the process of thinking before doing. Planning bridges the gap between where we are standing today and where we want to reach.

Planning involves setting up of objectives and developing appropriate courses of action to achieve these objectives. It is concerned with both ends and means i.e., what is to be done and how it is to be done.

Features of Planning

Planning focus on achieving objectives.

Every organization has to fulfil certain objectives. Planning involves setting up of objectives and developing appropriate courses of action to achieve these objectives. Planning has no meaning unless it contributes to the achievement of predetermined organizational goals.

Planning is a primary function of management

Planning is the primary or basic function of management. All other managerial functions are performed within the frame work of plans drawn. Planning provides the basis of all other managerial functions.

Planning is pervasive

Planning is required at all levels of management. It is not an exclusive function of top management or of any particular department. But the scope of planning differs at different levels and among different departments. For example, the top management undertakes planning for the organisation as a whole. Middle management does the departmental planning. At the lowest level, day-to-day operational planning is done by supervisors.

Planning is continuous

Planning is a never ending or continuous process. Plans are prepared for a specific period of time, may be for a month, a quarter, or a year. At the end of that period there is need for a new plan to be drawn on the basis of new requirements and future conditions. Hence, planning is a continuous process.

Example-If the plan is made during boom period and during its execution there is depression period then planners have to make changes according to the conditions prevailing.

Planning is futuristic (Forward-looking)

Planning essentially involves looking ahead and preparing for the future. Planning is thinking in advance what is to be done, when it is to be done, where it is to be done, and who is to be done. In other words, planning relates to future.

Planning is a mental exercise

Planning is a mental exercise involving creative thinking and imagination. Planning is not guesswork but involves logical and systematic thinking. Thinking for planning must be orderly and based on the analysis of facts and forecasts.

Planning involves decision making

Planning essentially involves choice from among various alternatives. The need for planning arises only when alternatives are available. In actual practice, planning presupposes the existence of alternatives and choosing the most appropriate one.

Importance/Advantages of Planning

It is difficult to manage operations without formal planning. It is important for an organisation to move towards achieving goals. The major benefits of planning are given below:

Planning provides directions

Planning involves setting up of objectives and developing appropriate courses of action to achieve these objectives. By stating in advance how work is to be done planning provides direction for action. Due to planning, employees know in advance in which direction they have to work. If there were no planning, employees would be working in different directions and organization would not be able to achieve its desired goal.

Planning reduces the risks of uncertainty

Business organizations have to face many uncertainties and unexpected situations every day. Planning enables these enterprises to predict future events and prepare to face unexpected events. With the help of planning, manager can identify potential dangers and take steps to overcome them.Thus, planning helps to reduce risk and uncertainty.

Planning reduces overlapping and wasteful activities

Planning serves as the basis of coordinating the activities and efforts of different divisions, departments and individuals. It helps in avoiding confusion and misunderstanding. Since planning ensures clarity in thought and action, work is carried on smoothly without interruptions. Useless and redundant (out of work) activities are minimised or eliminated.

Planning promotes innovative ideas

Planning requires high thinking and it is an intellectual process. So, there is a great scope of finding better ideas, better methods and procedures to perform a particular job.

Planning facilitates decision making

Planning helps the management to take various decisions. As in planning goals are set in advance and predictions are made for future. These predictions and goals help the manager to take fast decisions.

Planning establishes standards for controlling

Through planning management decides the standard of performance in advance. With the help of these standards, comparison can be made with the actual. If there is any deviation with the standard, proper steps can be taken to correct it. Therefore, we can say that planning is a prerequisite for controlling. Therefore, planning provides the basis of control.

Planning improves efficiency

Planning results in systematic and smooth functioning of the company because planning is concerned with the predetermined course of action. The predetermination of action avoids confusion and clashes and wastage of scarce resources.

Limitations of planning

We have often seen in our daily life that things do not always go according to plan. Unforeseen events and changes, rise in costs and prices, environmental changes, government interventions, legal regulations, all affect our business

plans. Plans then need to be modified. The major limitations of planning are given below:

Planning leads to rigidity

In an organistion a well-defined plan is drawn up with specific goal to be achieved with a specific time period. These plans decide the future course of action to be followed. Once a well-defined plan is drawn, managers may not be able to change it. The business environment change rapidly but mangers is committed to execute the predefined plan. It may not bring positive result to the business

Planning may not work in a dynamic environment

The business environment is dynamic as it keeps on changing. The environment consists of a number of dimensions, economic, political, physical, legal and social dimensions. These factors are beyond the control of a business. Since, planning cannot foresee everthing, and there may be obstacles to effective planning. Under the conditions of rapid changes, the plans become outdated and irrelevant even before they are implemented.

Planning reduces creativity

Planning is an activity which is done by the top management. Usually the rest of the members are blind followers of the plan. Employees only carry out orders. Employees do not even attempt to formulate plans. Thus, much of the initiative or creativity inherent in them gets lost or reduced.

Planning involves huge costs

Planning is an expensive process. Collection, analysis, and evaluation of the different information, facts and alternatives involve a lot of expenses. Sometimes, costs incurred may not justify the benefits derived from the plans.

Planning is a time-consuming process

Planning process is a time-consuming process because it take long time to evaluate the alternatives and select the best one. Lot of time is needed to develop planning premises. Whenever there is a need for prompt and immediate decision then we have to avoid planning.

Planning does not guarantee success

The success of an enterprise is possible only when plans are properly drawn up and implemented. Managers have a tendency to rely on previously tried and tested successful plans.But, It is not always true that a plan which has worked before, will work effectively again.

Planning process

Planning means deciding in advance what is to be done, when it is to be done, how it is to be done etc. It is a process of decision making. It involves certain logical steps. They are as follows.

Setting Objectives

The first and foremost step is setting objectives. Objectives are the end- results which manager’s wish to achieve. Objective must be specific and clear. Objectives may be set for the entire organisation and each department or unit within the organisation. They give direction to all departments. If the end result (objective) is clear it becomes easier to work towards the goal.

Developing premises

Planning is concerned with the future which is uncertain and every planner is using assumptions about future. These assumptions are called premises. Premises are the base on which plans are made.Forcast is the technique of gathering information. Forecast can be made about the demand for a product, change in government policy, tax rate, competition etc. Accurate assumptions/ premises become essential for successful plans.

Identifying various alternative courses of action

Once objectives are set and assumptions are made, then the next step is to act upon them. There are alternative ways to achieve the stated objectives. All the alternative courses of action should be identified.

For example: In order to achieve the organizational objective of ‘increasing profits’, the alternatives ways may be:

Increasing selling price
Purchasing new technology machines
Increase the efficiency of workers by giving proper training

Evaluating alternative courses of action

In this stage, management will evaluate the merits and demerits of various alternatives in the light of various objectives of the business and planning premises. Alternatives are evaluated in the light of its risk, return, feasibility etc.

Selecting an alternative

After analyzing the merits and demerits, the most appropriate alternative is selected. This is the real point of decision making. The best plan is to be adopted and implemented. It would be the most feasible, profitable, and with least negative consequences.

Example: Selecting ’Purchasing new technology machine’ as the best solution

for increasing profits.

Implementing the plan

Implementing is the stage at which the best selected alternative is put into action. Implementing the plan means putting the plan into action so as to achieve the objective of the business.

For example: The business already decided to buy new machinery as part of its goal of maximizing profit. At this stage the company takes steps to acquire that machinery.

Planning is a continuous process so manager’s job does not get over simply putting the plan into action. To see whether plans are being implemented and activities are performed according to schedule is also part of the planning process. During follow up many adjustments are made in the plan. Monitoring the plans is equally important to ensure that objectives are achieved.

Developing Premises
Identifying Alternative courses of Action
Evaluating Alternative Courses
Selecting an Alternative
Implementing the Plan
Follow-up Action

Types of plans

Fig: Planning Process

An organization has to prepare a plan before making any decision related to business operation, or undertaking any project. Plans can be classified into several types based on the use and length of the planning period. Certain plans have short term horizon (prospects) and helps to achieve organizational goalsTwo types of plans in business are designed and implemented depending on the size, scope and nature of the plan being written: standing plans and single-use plans

Standing Plan

A standing plan is a business plan that is intended to be used many times. It is designed to guide managerial decisions and actions that tend to be recurring. It is used over a long period , sometimes indefinitely, and is altered as circumstances change. Standing plans include objectives, strategy, policy, procedure, method and rules. Standing plans define actions to take in certain situations or actions that must be completed to accomplish a particular goal.

Examples of standing plans include policies for employee interaction, emergency operations procedures in the event of a companywide disaster, instructions (rules) for reporting internal issues in the company and regulations regarding what is allowable and what is prohibited in the business.

Single-use Plan

A single-use plan, otherwise known as a specific plan, is used for nonrecurring, one-time situations in business. A single-use plan is meant to solve one particular problem and then be discarded. The single-use plan becomes obsolete after its intended and specific use. The length of a single- use plan differs depending on the project as a single event plan may only last one day (organising an event or a seminar or conference) while a single project may last weeks or months (An advertising campaign for a new product launch).

Types of Standing Plans

Objectives are the ends toward which activity is aimed. It is the desired future position that the management would like to reach. Objectives are prerequisite for planning. Objectives are expressed in quantitative or measurable terms. Objectives are result oriented not activity oriented.

An organization may have an objective of increasing sales by 10%
Reduction in quality rejects from existing 5% to 2%.
Crossing 30,000 crore marks in sales 2020
An organization may have an objective of increasing its profit by 10%

A business strategy can be defined as the combination of all the decisions taken and actions performed by the business to accomplish the business goals. It is a comprehensive (complete) plan for accomplishing organisation’s objectives. A business objective without a strategy is just a dream.

Example: Objective is to increase company’s profit by 10%.To achieve this objective, company can adopt strategies like create and launch new products or models, introduce new distribution channels like online sale, select new advertisement media like internet marketing, implement new sales promotion techniques etc.

Policies are the general guidelines for conducting an action. It ensures uniformity in decision making for achievement of predetermined objectives. Policies define boundaries within which decisions can be made. Policy is a standing plan.

The management of Union Bank of India decided to promote employees on the basis of merit only. (Example for policy)

Recruitment Policy (Hiring only university-trained engineers)

Sales Policy (Selling product only on cash basis or only wholesale) Mobile phone policy (Allow in working hours or not)

Payment will be provided for overtime work only if it is allowed by the management.

Procedure is a series of steps, taken together, to achieve a desired result. They are specified in a chronological order. It describes the exact manner in which the work is to be performed. Procedure is necessary to speed up the performance. Procedures are rigid; there is no possibility for deviation. Procedure is a standing plan.

Example -Methods of selecting employees, placement of order, Procedure for selection of employees, procedure to produce a product

A method is the prescribed way in which a task has to be performed considering the objectives. It deals with the best way to perform a particular task. Selection of proper method saves time, money and effort and increases efficiency. Methods are helpful in the simplification, standardization and systematization of work. Method is a standing plan. Example: For the valuation of stock, the organization must decide in advance what method has to be adopted (LIFO or FIFO), different payment options in online purchase etc.

Rules are specific statements that inform what is to be done and what is not to be done.They do not allow any deviations/ flexibility. Rules are made for the purpose of creating discipline in the organization. Rules is a standing plan.

Example: No smoking, no admission without permission, 0using mobile phone during office hours is prohibited

Types of single use plans

Programmes are detailed statements about a project. Programme may be taken as a combination of policies, procedures, rules, tasks, human and physical resources required, budgets etc. The same programme may not be used for achieving other goals.

Example:Programmes for construction of shopping mall,programmes for opening a new department in our business.

Budget is a projection designed to define the anticipated costs and results in numerical terms of single project. Budget is a recorded plan of action expressed in quantitative terms. It may be expressed in time, money or physical units.

It is an instrument of both planning and controlling. Budget preparation involves forecasting; therefore, it comes under planning. Budget is a control device because budget helps to compare actual figures with budgeted figure and take corrective action if necessary.

Example-Cash budget, sales budget

Types of plans in a nut shell

Standing Plan – to deal with situations that can occur again and again

Objectives – Objectives are the ends toward which activity is aimed.
Strategy – It is the combination of all the decisions taken and actions performed by the business to accomplish the business goals.
Policy – Policies are the general guidelines for conducting an action.
Procedure – Procedure is a series of steps, taken together, to achieve a desired result.
Method – A method is the prescribed way in which a task has to be performed considering the objectives.
Rule – Rules are specific statements that inform what is to be done and what is not to be done.

Single Use Plan – It is one-time plan specifically designed to achieve a particular goal.

Programme – Programmes are detailed statements about a project, includes combination of policies, procedures, rules, tasks, budgets etc.
Budget – Budget is a projection designed to define the anticipated costs and results in numerical terms of single project.

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12 Business Studies notes Chapter 4 Planning

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CBSE Class 12 Business Studies Revision Notes CHAPTER – 4 Planning class 12 Notes Business Studies

• Deciding in advance what to do& how to do it. It is one of the basic managerial functions.

• It involves 2 aspects: Setting of aims and objectives of the organization + Selecting and developing an appropriate course of action to achieve these objectives.

• Koontz and O‘Donnell – ―Planning is deciding in advance what to do, how to do, when to do, and who to do it. Planning bridges the gap from where we are to where we want to go. It makes it possible for things to occur which would not otherwise happen.

• Involves setting of objectives & developing an appropriate course of action to achieve these objectives

Importance of Planning

1. Planning provides directions: By stating in advance how the work is to be done planning provides direction for action. If there was no planning, employees would be working in different directions and the organization would not be able to achieve its goals efficiently.

2. Planning reduces the risk of uncertainity: Planning is an activity which enables a manager to look ahead, anticipate change, consider the impact of change and develop appropriate responses.

3. Planning reduces wasteful activities: Planning serves as the basis of coordinating the activities and efforts of different departments and individuals whereby useless and redundant activities are mentioned.

4. Planning promotes innovative ideas: Planning is the first function of management. Managers get the opportunity to develop new ideas and new ideas can take the shape of concrete plans.

5. Planning facilities decision making: Under planning targets are laid down. The manager has to evaluate each alternative and select the most viable option.

6. Planning establishes standards for controlling: Planning provides the standards against which the actual performance can be measured and evaluated. Control is blind without planning. Thus planning provides the basis for control.

Limitations of Planning

(A) Internal Limitations

1. Planning leads to rigidity: Planning discourages individual’s initiative &creativity. The managers do not make changes according to changing business environment. They stop taking or giving suggestions and new ideas. Thus detailed planning may create a rigid framework in the organization.

2. Planning may not work in dynamic environment: Planning is based on anticipation of future happenings and since future is uncertain and dynamic therefore, the future anticipations are not always true.

3. Planning involves huge costs: When plans are drawn up, huge cost is involved in their formulation.

4. Planning is time consuming: Sometimes plans to be drawn up take so much of time that there is not much time left for their implementation.

5. Planning does not guarantee success: The success of an enterprise is possible only when plans are properly drawn and implement. Sometimes managers depend on previously tried successful plans, but it is not always true that a plan which has worked before will work effectively again.

6. Planning reduces creativity: In planning, work is to be done as per pre-determined plans. It is decided in advance what is to be done, how it is to be done and who is going to do it. Moreover, planning is done by top management which leads to reduction of creativity of other levels of management.

(B) External Limitations

They are those limitations of planning which arises due to external factors over which an organization has no control.

1 . Changes in Government policies way leads to failure of planning.

2. Natural calamities such as flood, earthquake etc. also adversely affect the success of planning.

3. Changes in the strategies of competitors also leads to failure of planning many times.

4. Regular technological changes may affect planning.

5. Changes in the Economic and Social Conditions also reduces the effectiveness of planning.

Planning Process

1. Setting Objectives: – Objectives specify what the organization wants to achieve. – Objectives can be set for the entire org. & stated to each dept. within the org. very clearly, to determine how all depts. would contribute towards overall objectives. -Then these have to percolate down to all employees at all levels so that they understand how their actions contribute to achieving objectives. – E.g. Objective could be to achieve sales, expansion of business etc.

2. Developing Premises: – Plans are made on the basis of some assumptions. – These assumptions, which provide the basis for planning, are called premises. – All managers involved in planning should be familiar w/ them, cuz plans are expected to operate & reach their destination subject to these. They can be: • Internal premises: Cost of products, capital, machinery, profitability etc. • External premises: Changes in technology, population growth, competition, govt. policies etc

3. Identifying Alternative Courses Of Action: – After setting the objectives, managers make a list of alternatives through which the org. can achieve its objectives as there can be many ways to achieve the objectives & managers must know all of them. – E.g. Sales could be increased through any of the following ways: • By enhancing advertising expenditure • Appointing salesmen for door-to-door sales • By offering discounts • By adding more product lines.

4. Evaluating Alternative Courses Of Action – Positive & negative aspects of each &every proposal need to be evaluated to determine their feasibility and consequences in the light of each objective to be achieved. – E.g. In financial plans, risk-return trade-off are imp. Riskier the investment, higher the returns it is likely to give. To evaluate such proposals, detailed calc. of earnings, taxes, earnings per share etc. should be done.

5. Selecting The Best Alternative – Real point of decision-making→ Best plan has to be adopted and implemented. – The ideal plan = most feasible, profitable and with least negative consequences. – Most plans may not be subjected to mathematical analysis. In such cases, subjectivity & manager‘s experience, judgment and intuition are important to select the most viable alternative. – Sometimes a combination of plans may be selected instead of one best course.

6. Implementing The Plan – Concerned with putting the plan into action. – For implementing the plans, managers start organizing & assembling resources for it. – E.g. If there is a plan to ↑ production, then more labour, more machinery will be reqd. This step would also involve organizing for more labour and purchase of machinery.

7. Follow Up Action – This involves monitoring the plans and ensuring that activities are performed according to the schedule. – Whenever there are deviations from plans, immediate action has to be taken to bring implementation according to the plan or make changes in the plan.

TYPES OF PLAN

A Plan is a specific action proposed to help the organization achieve its objectives. It is a document that outlines how goals are going to be met. The importance of developing plans is evident from the fact that there may be more than one means of reaching a particular goal. So with the help of logical plans, objectives of an organization could be achieved easily.

SINGLE USE PLAN

A Single use plan in a business refers to plan developed for a one-time project or event that has one specific objective. It applies to activities that do not reoccur or repeat. It is specifically designed to achieve a particular goal. Such plan is developed to meet the needs of a unique situation. The length of a single use plan differs greatly depending on the project in question, as a single event plan may only last one day while a single project may last one week or months. For example, an outline for an advertising campaign. After the campaign runs its course, the short term plan will lose its relevance except as a guide for creating future plans.

Types of Single Use Plan

1. Programme: A programme is a single use plan containing detailed statements about project outlining the objectives, policies, procedures, rules, tasks, physical and human resources required to implement any course of action.

2. Budget : A budget is a statement of expected result expressed in numerical terms for a definite period of time in the future.

STANDING PLANS

Standing plans are used over and over again because they focus on organizational situations that occur repeatedly. They are usually made once and retain their value over a period of years while undergoing revisions and updates. That is why they are also called repeated use plans. For example, Businessman plans to establish a new business Entrepreneur drafts business plan before opening the doors to their business, and they can use their plan to guide their efforts for years into the future.

Types of Standing Plans

1. Objectives: Objectives are defined as ends for the achievement of which an organization goes on working. They may be designed as the desired future position that the management would like to reach. The first and foremost step of the planning process is setting organizational objectives. Examples increasing sales by 10%, Getting 20% return on Investment etc. Objectives should be clear and achievable.

2. Strategy: Strategies refer to those plans which an organization prepares to face various situations, threats and opportunities. When the managers of an organization prepare a new strategy for the business it is called internal strategy and when some strategies are prepared to respond to the strategies of the competitors, then such strategies are called external strategies. Examples, selection of the medium of advertisement, selection of the channel of distribution etc.

3. Policy: Policies refers to the general guidelines which brings uniformity in decision-making for achievement of organizational objectives. They provide directions to the managers of an organization. They are flexible as they may be changed as per requirement. Example, selling goods on cash basis only, reserving some post for women in the organization.

4 . Procedure : Procedures are those plans which determine the sequential steps to carry out some work/activity. They indicate which work is to be done in which sequence/way. They help in the performance of work. Procedures are guides to action. Example: Process adopted in the Selection of Employees.

5. Rule : Rules are specific statement that tell what is to be done and whatnot to be done in a specified situation. They help in indicating which points are to be kept in mind while performing task/work. Rules are rigid which ensure discipline in the organization. Example : ‘No smoking in the office premises’. Violation of rules may invite penalty.

6. Method: Methods are standardized ways or manners in which a particular task has to be performed. There may be many ways/method of completing a task but that method/way must be selected by which work can be done early at the minimum possible cost. Methods are flexible. Example, various methods of training are adopted by an organization to train its employees like apprenticeship training, vestibule training etc.

CBSE Revision notes (PDF Download) Free
CBSE Revision notes for Class 12 Business Studies PDF
CBSE Revision notes Class 12 Business Studies – CBSE
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Summary of the NCERT books all chapters in Business Studies class 12
Short notes for CBSE class 12th Business Studies
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CBSE Class-12 Revision Notes and Key Points

Planning class 12 Notes Business Studies. CBSE quick revision note for class-12 Business Studies, Chemistry, Math’s, Biology and other subject are very helpful to revise the whole syllabus during exam days. The revision notes covers all important formulas and concepts given in the chapter. Even if you wish to have an overview of a chapter, quick revision notes are here to do if for you. These notes will certainly save your time during stressful exam days.

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Planning Class 12 Notes: CBSE 12th Business Studies Chapter 4, Download PDF

Cbse class 12 planning notes: here, students can find handwritten class 12 business studies chapter 4 planning notes. this will guide you in appropriate revision for the upcoming cbse board exam..

Planning Class 1 2 Notes: Jagran Josh brings to you detailed and complete revision notes for Class 12 Business Studies Chapter 4, Planning. These CBSE Planning class 12 short notes have been prepared by the subject matter experts, after a thorough reading and analysis of the whole chapter. Students who are going to appear for the CBSE Board Examination in 2024 must have a look at the Planning Class 12 notes attached below. Also, Planning Class 12 notes PDF download links have been attached at the bottom for your convenience.

Why is Planning revision notes Class 12 important for boards?

It clears your doubts related to the Planning chapter
All the points are presented and explained briefly
Makes revision of the chapters easy and quick
Unconsciously fills your mind with all the important details related to planning and its aspects
Will help you recall the information during examinations

CBSE Class 12 Business Studies MCQs

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Revision Notes for Class 12 Business Studies Chapter 4, Planning

What do you mean by Planning?

Planning is deciding in advance what to do and how to do it. It is one of the basic managerial functions. Planning therefore involves setting objectives and developing an appropriate course of action to achieve these objectives. It is also defined as setting objectives for a given time period, formulating various courses of action to achieve them, and then selecting the best possible alternative from among the various courses of action available.

Planning provides directions
It reduces the risks of uncertainty
It reduces overlapping and wasteful activities:
Planning promotes innovative ideas
It facilitates decision-making
It establishes standards for controlling
Planning focuses on achieving objectives
It is a primary function of management
Planning is pervasive
It is continuous
Planning is futuristic
It involves decision-making
Planning is a mental exercise
It leads to rigidity
Planning may not work in a dynamic environment
It reduces creativity
It involves huge costs
Planning is a time-consuming process
Planning does not guarantee success

Planning Process

Setting the objectives
Developing Premises
Identifying alternative courses of action
Evaluating alternative courses
Selecting an alternative
Implementing the plan
Follow-up action

Types of Plans

Single-use Plans- The plans that are created for non-recurring situations and for a single-time use are called single-use plans. These plans are not repeated and the duration of the plan extends till the completion of the project. These plans include budgets, programs, and projects.
Standing Plans- A standing plan is used for activities that occur regularly over a period of time. It is designed to ensure that the internal operations of an organization run smoothly. Such a plan greatly enhances efficiency in routine decision-making. It is usually developed once but is modified from time to time to meet business needs as required. Standing plans include policies, procedures, methods, and rules.

What do you mean by Objectives?

Objectives are the desired aim an organisation wants to reach. They are very basic to the organisation and they are defined as ends that the management seeks to achieve through its operations. They define the future state of affairs which the organisation strives to realize. They serve as a guide for overall business planning. Objectives need to be expressed in specific terms i.e., they should be measurable in quantitative terms.

What do you mean by Strategy?

Strategy is a comprehensive plan for accomplishing an organisation's objectives. This comprehensive plan will include three dimensions, determining long-term objectives, adopting a particular course of action, and allocating resources necessary to achieve the objective. Strategies usually take the course of forming the organization’s identity in the business environment.

What do you mean by Policy?

Policies are general statements that guide thinking or channelize energies toward a particular direction. They are guides to managerial action and decisions in the implementation of strategy. Policies define the broad parameters within which a manager may function.

What do you mean by Procedure?

Procedures are routine steps on how to carry out activities. They detail the exact manner in which any work is to be performed. They are specified in a chronological order. Procedures are specified steps to be followed in particular circumstances. The sequence of steps or actions to be taken is generally to enforce a policy and to attain pre-determined objectives.

What do you mean by Method?

Methods provide the prescribed ways or manner in which a task has to be performed considering the objective. Selection of the proper method saves time, money, and effort and increases efficiency. For imparting training to employees at various levels from top management to supervisory, different methods can be adopted.

What do you mean by Rule?

Rules are specific statements that inform what is to be done. They do not allow for any flexibility or discretion. It reflects a managerial decision that a certain action must or must not be taken. They are usually the simplest type of plan because there is no compromise or change unless a policy decision is taken.

What do you mean by Programme?

Programs are detailed statements about a project that outline the objectives, policies, procedures, rules, tasks, human and physical resources required, and the budget to implement any course of action.

What do you mean by Budget?

A budget is a statement of expected results expressed in numerical terms. It is a plan that quantifies future facts and figures. A budget is useful as it becomes easier to compare actual figures with expected figures and take corrective action subsequently.

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Business Plan

The article discusses the business plan, essential elements, types, and business plan format. As planning is a key factor in entrepreneurship, the concept is well explained with the help of business plan examples.

Table of Content

Any entrepreneurial venture needs systematic planning. A business plan helps in the identification of the resources for successful implementation. It crisply outlines the purpose of the business, the creation of the business, organisational structure, and responsibilities. It highlights the strategies that need to be adopted to achieve organisational goals. A business plan also helps identify the potential risks and threats the business may encounter and their solutions. Generally, investment-seeking entrepreneurs use business plans to propose their business vision to potential investors. It also presents different financial aspects, like income, cash-flow statements, financial ratios, etc.

Business Plan Details

The business plan contains different elements. There are mainly three parts to a business plan.

Business Concept

It discusses the structure of the business like the related products and services, the structural framework of the organisation, and other relevant details.

Marketplace section

This section is primarily about the target customers of the business, the competitors in the market, the potential threats and risks, strategies to overcome these threats, and plans regarding how to establish the business in the competitive market.

Financial Section

This section is related to income, investments, returns, and other financial details.

The length of the business plan can vary from 15 pages to even 100 pages. It primarily depends upon the complexity of the venture.

Business Plan Format

A business plan format has several components. It includes a cover page, title page, and contents page. The main features of the business plan are:

Executive Summary

It has the purpose statement of the business and other information like the leadership and ownership details, the location of the company, the operational procedure, number of employees, etc.

Business Description

The business description, products and services, pricing and lifespan, consumer benefits, production and manufacturing processes, different patents and technology, research and development initiatives are discussed here. This section must include a detailed business model, revenue stream, cost structure, key partners, activities, customer segments, etc.

Market Strategies

The detailed strategy regarding attracting the customers, increasing reach, distribution channel, different campaigns for advertising and marketing, etc., are specified here. Other market trends affect businesses, recovery options, and strategies. Must also be included in this section.

Competitive Analysis

This section discusses the details regarding the current market scenario, existing competitors, potential risks and threats, the position of the market, strengths and weaknesses, etc. In short, it presents an overview of the target market and the competition in the market. It must be based on deep research and analysis.

Design and Development Plan

The design of the business processes, how they are to be developed and operated, etc., are included in this section of the business plan.

Operations and Management Plan

The aspects related to the operation of the business and the management section are presented here.

Financial Factors

The estimated budget of the business, associated costs for staffing, marketing campaigns, production, and other processes are included in the financial factors. Further financial information like the financial statement, balance sheets, expected returns, potential investors, plans, and expectations from the business, are discussed in this section.

Purpose of Business Plan

Analysing different business plan examples, it can be concluded that the primary purpose of business plans is Internal or External. As far as internal purpose is concerned, a business plan is a roadmap for the venture. It can be considered an internal planning tool that helps the organisation achieve its goals and objectives. Besides, it can also act as a contingency plan that can be referred to if there is a risk of any unforeseen circumstances or potential threats. Different solutions mentioned in the plan can be referred to when required.

The external purpose of the plan is to attract potential investors and present them with a clear idea related to the business. Strategically planned businesses can easily attract investments. Presenting the detailed aspects of the business help can help in pitching better.

Business Plan and Entrepreneurship

Business plans are crucial for entrepreneurial ventures. It helps businesses to identify possible problems and design practical solutions. It helps in critical decision-making. This is a pragmatic approach and helps the business in the long run. Another critical aspect of a business plan is it helps in identifying short-term goals and long-term goals. It sets up the targets and creates a vision.

It helps in planning the resources and allocating them optimally for better results. They help assess the feasibility of different processes and whether they will be beneficial. It also establishes the business’s structural framework and helps present the business better. It makes it easier for entrepreneurs to approach investors.

Frequently asked questions

Get answers to the most common queries related to the CBSE CLASS 12 Examination Preparation.

Is a business plan a legal document?

Answer : No, a business plan is not a legal document.

What is the mission statement in a business plan?

Is a marketing plan a subset of the business plan.

Answer : Yes, a marketing plan is a subset of the business plan.

How long should an ideal business plan be?

Answer : It defines the purpose of the existence of the business shortly.

Answer : There is no fixed length of the business plan . Most plans are between 15 and 20 pages. But, there are even business plans as long as a hundred pages.

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Cbse class 12 results 2023, cbse class 12 syllabus, related articles, working capital of a business.

Working capital financing refers to the amount of funds that are used to cover all of a business's short-term expenditure that is payable within a year.

Vestibule Training

What do you understand by Vestibule training? What is the significance of Vestibule training for an organisation?

Understand the meaning of selection

What is the meaning and definition of selection

Understand the limitations of planning.

Both for-profit and non-profit enterprises require planning. Some people believe that there are certain limitations of planning that you must know.

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CBSE Class 12 Business Studies Notes
Revision Notes

Business Studies Class 12 Notes - Free PDF Download

Class 12 Business Studies is an interesting subject comprising lots of concepts and problem diagrams. Students can only enjoy Class 12 Business studies if they understand the complex terms and basic concepts in easy language. To help students perform well in the Class 12 Business studies exam and give them better clarity of all the crucial concepts of this subject, nothing can be better than well-explained Class 12 Business Studies Notes .

Business Studies class 12 notes are prepared by the subject experts who have experience of over 20+ years and sound knowledge of the latest CBSE syllabus as well as the Class 12 board exam pattern. Business Studies Class 12 Notes will provide the students with a complete overview of all the chapters with the broad coverage of crucial topics from each chapter that has high marks weightage in the exam for the better performance of students.

Detailed Overview of Class 12 Business Studies Revision Notes

Download cbse class 12 business studies revision notes 2024-25 pdf.

Also, check Class 12 Business Studies Notes for other chapters:

CBSE Class 12 Notes for Business Studies Followed By NCERT Guidelines

Evision notes of business studies class 12 - free pdf download.

Class 12 Business Studies Notes are available to access both online and offline in PDF format on our official website and app for free. Our team prepares these notes strictly as per the latest syllabus of CBSE and follows the current examination pattern. The teachers we have here are highly experienced who have prepared these notes, significantly based on concepts followed by CBSE from the past several years. Class 12th business studies notes provide you with a very smooth understanding of the subject and will clear all your concepts in one go.

Well-explained in an easy to understand language with solved problems, graphical representation, and practical examples, class 12th business studies notes help students understand the crucial concepts of Class 12 business studies conveniently. Students can refer these notes to quickly brush up the important topics from each chapter of Class 12 Business Studies in a strategic manner just before the exam without any panic. Also, Class 12 Business Studies Notes help students understand which topics are critical from an exam point of view and thus require their more attention.

CBSE Class 12 Business Studies Weightage 2024-25

Revision notes of business studies class 12- chapter-wise.

Business studies is a fundamental concept as it teaches you the theories you will need to put into practice if you want to run any business successfully. You have to focus on these concepts because these will be useful even if you interact with any business organisation in the future. The subject concentrates on principles and concepts that elaborate on the science of management and its significance. They also focus on different business environments as well as functions like planning and organisation.

Class 12 Business Studies Notes explains the chapter-wise crucial concepts in a lucid and straightforward manner to help students understand all these concepts thoroughly. All these concepts are important from Class 12 board exam point of view as many questions appear in the exam from these concepts and by revising these concepts, students can score good marks in Class 12 Business Studies exam.

CBSE Class 12 Study Materials

Overview of revision notes cbse class 12 business studies.

CBSE Class 12 Business studies is a very important branch of the syllabus that deals with different concepts related to the management and effectiveness of a business. There are 12 chapters included in the syllabus of Class 12 Business studies. All these chapters are divided into two books called Principles and Functions of Management and Business, Finance, and Marketing. Students will get familiarized with concepts such as Management, Planning, Organizing, Staffing, Controlling, and Directing a Business. The syllabus also covers other important topics such as Financial Management, Financial Markets, Consumer Protection, Marketing, and much more. To complete their syllabus, students will need Class 12 Business Studies Notes provided by Vedantu.

The learned subject matter experts at Vedantu have created well-researched and verified Revision notes for the students.

With these Class 12th business studies notes, students will be able to dominate their syllabus and secure good grades in their examinations. By getting detailed insights into the chapters through the notes, students will be able to learn the subject and master the concepts easily. With Business Studies Notes for Class 12 PDF , students have the chance to cement their knowledge about business topics and concepts in the best way. These notes have been prepared according to CBSE guidelines and thus students can actually gain a lot of important benefits if they manage to download the revision notes for this subject in Class 12.

Benefits of Class 12 Business Studies Notes PDF Download

The Class 12 Business studies notes will explain each and every single concept of the chapters in acute detail. Students can study the revision notes to gain proper insights into the chapter and achieve a proper conceptual foundation in the subject of business studies.

The learned experts at Vedantu have designed these notes according to the requirements of the students. So, they don’t have to look for other resources to complete their study materials. The links to all the chapters and the revision notes have been provided right here.

Students can use the revision notes to clarify any particular doubts that they are having about a certain chapter or a topic. For instance, if you have doubts about the first chapter, you can download Class 12 Business Studies Chapter 1 Notes PD F and rectify any errors and clear doubts.

Students can definitely rely on the revision notes to completely their syllabus in time for the exams. They don’t have to go through the elongated process of reading the entire textbook to learn about the chapters. Just going through the revision notes will help students complete all the chapters on time.

Students will be able to guess the CBSE exam pattern from the revision notes as these study materials have been crafted according to CBSE guidelines . Students can find out the topics that are most important and most likely to appear in the examinations. This will help them get prepared beforehand.

Chapter-Wise Division of Crucial Topics Covered in Revision Notes of Business Studies Class 12:

Chapter 1 - nature and significance of management.

Definition of Management.

Effectiveness v. Efficiency.

Characteristics of Management.

Management Objectives.

Importance of Management.

Chapter 2 - Principles of Management

Nature of Business Management.

Significance of Principles of Management.

Principles of Scientific Management.

Fayol’s Principle of Management.

Chapter 3 - Business Environment

Meaning

Features

Dimensions

Chapter 4 - Planning

Importance

Types

Planning Process

Chapter 5 - Organising

Introduction

Organisational Structure

Delegation

Importance of Delegation

Chapter 6 - Staffing

Recruitment

Sources of Recruitment

Chapter 7 - Directing

Characteristics

Elements of Directing

Chapter 8 - Controlling

Limitations

Relationship between Planning and Controlling.

Chapter 9 - Financial Management

Financial Management.

Financial Decisions.

Factors Affecting Financial Decisions.

Factors Affecting Capital Budgeting Decisions.

Factors Affecting Dividend Decision.

Financial Planning.

Capital Structure.

Debt v. Equity.

Chapter 10 - Financial Markets

Functions.

Capital v. Money Market.

Chapter 11 - Marketing

Marketing and Selling

Functions of Marketing

Chapter 12 - Consumer Protection

Legal Protection

Consumer Rights

Chapter 13 - Entrepreneurship Development

Concept

Roles and Functions of Entrepreneurship.

3 Revision Techniques to Use NCERT Class 12 Business Studies Notes PDF

Revise, Rest, and Repeat: Studies indicate that a brief nap of approximately 20 to 30 minutes enhances memory retention. Therefore, incorporating regular cycles of revision, rest, and repetition aids in boosting memory and recall abilities. Utilize this revision strategy while utilizing the NCERT Class 12 Business Studies Notes PDF .

Pomodoro Technique: An Effective Method for Distracted Learners: The Pomodoro technique offers an effective approach to revision, particularly beneficial for students struggling with sustaining focus on a task for extended periods. By utilizing this technique, students can effectively utilize the NCERT Class 12 Business Studies Notes PDF to comprehensively revise the entire syllabus.

Blurting: A Novel Approach to Revision: In addition to the aforementioned methods, blurting emerges as a noteworthy revision technique. This method involves vocalizing Business Studies notes aloud, as verbalizing aids in retention. Following this, assess your comprehension by jotting down recollections obtained during your Class 12 Business Studies revision sessions.

Subject-wise Solutions for Class 12

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Download Revision Notes for Business Studies Class 12

When it comes to preparing for exams, students need to be prepared by completing their syllabus. Download Quick Revision Notes for Business Studies Class 12 from Vedantu and you will have all the assistance to complete the syllabus and retain information about the chapters.

FAQs on CBSE Class 12 Business Studies Notes

1. Can You Give me the Details of the Portion of Business Studies Class 12?

Class 12 Business Studies is divided majorly into two portions.

The 1st Portion Consists:

Principles and Functions of Management - Nature and Significance of Management, Principles of Management, Business Environment, Planning Organizing, Staffing, Directing and Controlling.

The 2nd Part Consists:

Business Finance and Marketing.

2. Where can I get Free Revision Notes of Business Studies Class 12 Online?

Students can download well-explained and reliable Class 12 Business Studies Revision notes online for free from the official website of Vedantu and its app. These notes are prepared by the subject experts as per the latest CBSE syllabus and hence wholly trustworthy and reliable. Students can always access these notes freely whenever required.

3. Is it necessary to use Class 12 Business Studies notes?

Refer to Vedantu's Class 12 Business Studies Notes to ace your exam preparation. With the help of these notes, you will be able to revise all important topics of the syllabus in less time. These notes are prepared on the latest syllabus, exam pattern and marking scheme to fetch you more marks in the exam. They are fully authentic as they are prepared by the best Business Studies teachers in India. By studying from these notes, you will see a lot of progress in your exam preparation.

4. What are the chapters in Business Studies Class 12?

The syllabus of Class 12 Business Studies comprises 12 chapters that are divided into two books - Principles and Functions of Management, and Business Finance and Marketing.

There are eight chapters in the first book. These are as follows -

Chapter 1: Nature & Significance of Management

Chapter 2: Principles of Management

Chapter 3: Business Environment

Chapter 4: Planning

Chapter 5: Organising

Chapter 6: Staffing

Chapter 7: Directing

Chapter 8: Controlling

The second book consists of the following four chapters -

Chapter 9: Financial Management

Chapter 10: Financial Markets

Chapter 11: Marketing

Chapter 12: Consumer Protection

5. How do you make a BST note?

Business Studies notes are really important to simplify your exam preparation journey. You can prepare handwritten notes for BST. First, thoroughly read all the chapters from your NCERT BST textbook. While preparing notes, make sure that they are well-structured, crisp and short. Divide your notes into two sections - the theory section and the numerical section. Prepare the most important bullet points in simple words from every theory topic and write down statistics from the case studies. Revise these notes multiple times to strengthen your conceptual understanding.

6. How to download CBSE Class 12th Business Studies Quick Revision Notes?

You can easily download Class 12 Business Studies Quick Revision Notes by visiting the page CBSE Class 12 Business Studies Revision Notes on the Vedantu website. You can select the chapter and then proceed to download the PDF of its Revision Notes. These notes will help you ace Business Studies by providing the best quality study material from an examination point of view. They are 100% authentic notes, error-free and comprehensive. By downloading these notes, and regularly revising them, you will be able to learn the Business Studies concepts with a crystal-clear understanding. All these PDFs are available at free of cost on the Vedantu app as well.

7. Can you please provide a detailed Stepwise Study Plan to ace Business Studies Class 12?

First of all, study each chapter from the standard NCERT textbook to obtain conceptual clarity and to cover all basics. Then, solve every question given in the back exercises of each chapter. Refer to Vedantu's Revision Notes for Class 12 Business Studies CBSE Class 12 Business Studies Revision Notes. Prepare short notes to summarize all the main topics. Analyze the tables and charts given in the NCERT for better understanding. Practice as many previous year questions and sample papers as you can, and most importantly, revise all topics multiple times.

8. How can class 12 business studies chapter 1 notes pdf help me prepare for exams?

Class 12 business studies chapter 1 notes pdf can help you prepare for exams by providing a structured overview of the topics covered in the chapter. They serve as a handy revision tool, enabling you to quickly review key points and concepts before exams.

9. Are there any tips for effectively using class 12 business studies chapter 2 notes?

To effectively use class 12 business studies chapter 2 notes, consider the following tips:

Review the notes regularly to reinforce your understanding of the principles of management.

Use mnemonic devices or visualization techniques to memorize key principles and their applications.

Apply the principles learned in the notes to real-life business scenarios to deepen your understanding.

Discuss concepts with peers or teachers to gain additional insights and perspectives.

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Commerce Aspirant » Business Studies Class 12 » Planning Process Class 12 Notes Business Studies

Planning Process Class 12 Notes Business Studies

Business Studies Class 12 Notes Chapter 4 Process of Planning

Planning Process Class 12 explains the steps involved while planning as without planning any organization wouldn’t be able to survive. All the steps are given below you can click on the relevant point to get a detailed explanation.

Setting objectives

Developing premises
Identifying alternative courses of action

Evaluating alternative courses of action

Selecting an alternative

Implement the plan

Follow up action

Explanation of Planning Process

Planning means to think in advance about the major decisions such as what to do, how to do, who will do it and how it will be done.

Planning involves major brainstorming and thus helps in bridging the gap between the present position and the target position. Plans should be made very carefully because without a proper plan, decisions cannot be made and it becomes difficult to take any further steps. Organizing, staffing, directing and controlling also depend on planning.

Plans should be properly made by properly analyzing everything. it has logical steps to make a simple, achievable, logical, measurable and rational plan. These steps are as under:

Planning Process Class 12

First thing that comes in Planning Process Class 12 is setting objectives. Every organization has certain objectives which are to be achieved through different organizational activities. There are certain primary objectives. Keeping those objectives in mind, different departments and divisions have certain secondary objectives which are under the broad framework of the organization. Objectives clearly state what the goal of an organization is.

Objectives are set up for giving direction to the organization. When objectives are stated properly it becomes easy for the employees to unite their actions at a focal point. Objectives should be specific, measurable, actionable, achievable, reasonable, rational, and time-bound.

For example, A bicycle manufacturing company want to increase its sales by 10% this year. This is a primary objective set up by the company. Further, the departments can have different objectives such as getting new technology for faster production or better production to increase demand for bicycles etc.

Developing Premises

Plans are always made for the future. We do not have accurate information about the future. We are not sure about the happening which may happen in future. That is why; plans are made based on certain assumptions. These assumptions are called the premises for the plan. These premises are set based on facts, forecasts, past plans, basic policies etc.

The forecasting involves the following:

Assumptions of future events
Analyzing the trends
Systematic investigation

Every person or manager who is involved in the planning should follow the same assumption to avoid chaos and bring orderliness. Everyone should be in agreement with the premises set up by the organization.

For example, the bicycle manufacturing company has the objective of increasing its sales by 10 % this year then it must take into consideration the following assumptions:

Change in government policies, whether they will be favourable or unfavourable.
Increase or decrease in the competition of the product.

Identifying alternative courses of action under Planning Process Class 12

After setting up the objectives and developing the premises for the same, the next step in Planning Process Class 12 is to identify the alternative course of action. There are various ways in which a task can be performed. These steps are called the course of action. An organization needs to find out all the possible courses of action. It is very rare when there are no alternative courses of action.

An organization should come up with these alternatives through brainstorming, research, experiences, ideas from various people or stakeholders, and experimentation.

For example, the bicycle manufacturing company which wants to increase its sale by 10%, can reduce the prices, provide better services, increase the promotion of the bicycles etc.

After identifying various alternative courses of action, it is now time to evaluate these various courses of action. This evaluation is done on the basis of the positive and negative aspects of these actions. The pros of the proposal taken should be higher than its cons and should be in alignment with the objectives of the organization.

There are many different ways to evaluate these alternatives to find out their viability and feasibility. These methods include:

Careful considerations of various aspects
Marginal analysis
Cost-effectiveness analysis
Risk- return on investment calculation

For example, the bicycle manufacturing company has identified various courses of action and then evaluates these courses of action, such as:

Reducing the prices: Reduction in the prices of the product will attract various customers but it will become difficult for the company to cover the costs.

Increase the promotional activity: Increasing the investment in the promotion will further increase the cost of the product.

Providing better after-sales services: providing better after-sales services will help the organization in retaining customers and get better mouth publicity.

Selecting an alternative under Planning Process Class 12

After a proper analysis of all the courses of action, in Planning Process Class 12, it is now time to select and implement the best alternative course of action. The best course of action would be the most feasible, most viable, most profitable and with the least negative possible results. Managers may select the best alternative based on their judgement, forecasting, facts, and experiences.

Not always a single plan will work, sometimes a combination of various alternatives have to be selected for better results.

Now the plan is ready to be implemented. The plan now needs action. The next steps in Planning Process Class 12 need to be taken such as organizing, staffing, directing and controlling. For proper implementation and to get the best results, it is important to align the objectives of various departments and divisions with the main objective of the firm. Effective implementation is only possible with proper coordination.

For example: if the company wants to increase the manufacturing of the product then the next step will be to appoint the staff and the workers required for production and purchase the machinery for the same.

Follow up action under Planning Process Class 12

Just implementation is not enough checking up on whether it is properly implemented or not is also very important. This is sometimes also called controlling because it involves looking back and comparing the results with the standard results and then taking corrective actions. Feedback is the essence of planning as it helps in making changes to the plans and making future plans.

Planning Process Class 12 is the intellectual process which involves mental exercise and various logical steps are to be taken for proper implementation and achieving the objectives. It is the first function of management and should be performed very carefully because making a mistake while planning leads to chaos in the organization and other steps will suffer.

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What Is Competitive Intelligence?

The term competitive intelligence describes your capacity to collect, analyze, and leverage actionable data and insights on competitors, clients, and market forces or other business attributes that can help your company create competitive advantage. It’s a crucial compass to watch when making strategic decisions, as it provides you with details into competitive landscapes and analysis of industry trends, as well as rivals’ market shares, product features, and marketing strategies. The term "competitive intelligence" generally describes research done on the marketplace, competitors, industry dynamics, products, and other areas of interest with an eye towards boosting your ability to compete.

The Importance of Competitive Intelligence in Business

The practice of implementing a competitive intelligence strategy is important because, as you set about building your business , you aren’t doing so in a vacuum. Rather, a host of competitors, emerging trends and market conditions can impact your organizational effectiveness as well. That’s why gathering strategic competitive intelligence and collecting and analyzing data on rivals’ activities can be critical. Doing so not only allows you to better comprehend the market landscape in which you’re playing. It can also allow you to:

Understand market dynamics and trends
Identify emerging opportunities and challenges
Compare and contrast your efforts with those of competitors
Pinpoint new opportunities and new audiences to serve
Make more informed business decisions

“It pays to keep your eyes and ears open to see what’s going on out there,” notes Levetan, who says that doing so doesn’t have to necessarily be a difficult or time-consuming activity to pursue, either.

“From attending trade shows to see what products and solutions are on the rise to tuning into free online webinars that partners provide, it helps to always be learning. Even going to local networking events and discussing what marketing strategies are working with other small-business owners or polling customers to get their thoughts can provide helpful ideas and insights.”

Key Components of Competitive Insights

As part of your efforts to gather and analyze competitor intelligence, you’ll want to stay attuned to several variables. Doing so can not only help you better plan ahead and design winning business strategies. It can also help you maximize efforts to establish and maintain competitive advantage. For example, you’ll want to implement solutions such as:

Customer Analysis

Leveraging tools such as polls, surveys, and market research can help you better understand customers’ wants, needs, and pain points. So too can feedback and social media commentary help you better tune in to what’s driving clients’ business decisions. In effect, listening to your customers is a core aspect of the practice of gathering strategic competitive analysis. Insights gained through these efforts should inform the shape of products, services, and marketing campaigns to enhance targeting and client impressions.

Product Analysis

It’s not only important to monitor your present-day product development efforts to ensure that they’re aligned with current market conditions and customer needs. You’ll also want to gather competitive insights that can help you future-proof your company by offering a better understanding of where the market is trending. Performing a product analysis can give you a better sense of how your offerings stack up against the competition’s – and where room for improvement and innovation, or opportunity to target different audiences and markets, exists.

“As fast as things are changing out there, it helps to keep one eye out for how product and service trends are evolving. You also need to stay up to date on how customer preferences are changing, too, if you want to maximize your odds of staying a profitable business.” —Josh Levetan, co-founder, LV Pros

Industry Analysis

No effort at assembling competitor intelligence is complete without running a full industry analysis either. Doing so provides a comprehensive look at sector dynamics, key players in any given space, and the relationships and regulations that govern the market. Insights gained here should provide a better sense of where opportunities and challenges exist – and how to craft your business models, strategic investments, and operating plans accordingly.

Market Analysis

Running an analysis on the marketplace also helps you identify emerging market trends , better target customers, and make strategic decisions that support the growth of your business and its market share. As part of these efforts, you can gain deeper insights into how the industry may evolve going forward, and you can adapt your company’s strategies and solutions in turn to match.

Applying Competitive Intelligence in Business Planning

It’s one thing to institute a competitive intelligence strategy, another to bring all the research and analysis that you’ve been running together to create actionable impact. On the bright side, leveraging competitor intelligence to shape business, product, and marketing strategy doesn’t have to be difficult when you actively apply learnings in context. You can more effectively address complex competitive environments and future-proof against economic or geopolitical uncertainty when you incorporate research and analysis into your strategic planning process.

Developing Effective Marketing Strategies

Via a combination of surveys, polling, and both actively listening to customers and monitoring rivals’ promotional efforts, you can enhance your marketing strategies. Likewise, implementing an ever-growing suite of customer relationship management and data management tools and solutions can provide helpful learnings and insights that can better inform the shape of promotional programs. In other words, by applying market research and market intelligence to stay better attuned to industry trends and customer expectations, you can design marketing and advertising campaigns to better resonate and connect. The most successful firms seamlessly interweave market research and competitive intelligence programs with business processes to know what outreach strategies to deploy and when, as well as how to present and package them – and which specific channels through which to deliver them. A variety of free and paid online tools can help you gain and leverage deeper insights into the marketplace to create promotional programs that better resonate with target demographics.

Enhancing Sales Strategies and Performance

Armed with a competitive intelligence strategy, you’ll gain greater visibility into the shape of competitive environments and be able to make better strategic decisions about how to position and promote your offerings. In effect, selling solutions to your customers becomes much easier when you understand their wants and needs, and are more intimately aware of the day-to-day challenges they face. Competitor intelligence efforts, tools, and platforms of varying kinds (including both free and paid solutions) can give you clearer visibility into how to better target prospects and package your products and services to sell. Likewise, data management and predictive technology platforms can also provide you with a better sense as to what solutions your customers may be interested in going forward – even if customers aren’t actively aware of these needs currently themselves.

Supporting Strategic Decision-Making

Nowadays, it’s more important than ever to be gathering, analyzing, and distilling data-driven insights into actionable strategic solutions. That means having to institute data collection, analysis, and visualization tools into business processes up and down the board, with every customer or market interaction your business engages in a potential source of insight. Conducting regular analysis of competitor intelligence can help you distill information into actionable insights, and proactively adapt your business strategies. Engaging in these practices not only helps you become more agile in terms of planning for or responding to shifts in the marketplace, it can also enable you to more rapidly build a competitive edge.

Challenges and Considerations in Competitive Intelligence

It’s critical that you leverage trusted, standardized, and accurate sources of data when making decisions. Likewise, it’s just as important that you make a point to boost your organization’s data literacy rates and learn to ask smarter questions, as information isn’t particularly useful from a strategic standpoint unless it’s applied in proper context. There are also legal and ethical concerns to be aware of, as well as privacy-related laws and issues. Overall, it pays to remember: details and fact-checking efforts matter when it comes to operating in a world of data-driven decision-making.

“You’ve got to get your facts straight and be sure you’re not operating off flawed data or assumptions,” says Levetan. “That typically means having to dig deeper into any given trend or theory to see if there’s a root cause or concern behind it. These days, it’s important to not take anything at face value without doing more research. Hopefully when you’re considering testing out a new marketing strategy or business theory, you’re starting out small and prototyping ideas cost-efficiently, too.”

Leveraging Competitive Insights for Market Fragmentation

Competing and winning in an increasingly more fragmented marketplace can require business owners and operators to think more strategically and stay better attuned to competitor intelligence. By designing and implementing a smart competitive intelligence strategy across your full range of operations, you can make your business more flexible and adaptable, and stay more in tune with changing times and trends.

“If there’s one constant in the world of business, it’s that things can and will change – and often change quite frequently,” says Levetan. “The more informed and aware you are, the better equipped to deal with whatever the future brings that you’ll typically be.”

Photo: Getty Images

Bass Pro’s $2,080 Smoker Penalty Draws Health Plan Class Suit

By Jacklyn Wille

A Bass Pro Group LLC employee filed a proposed class action saying the retailer’s health plan violates federal law by charging smokers a $2,080 annual penalty they can’t avoid without giving up tobacco.

Nora Ruiz’s lawsuit says the company’s health plan charges smokers an extra $40 per week to maintain coverage. Bass Pro encourages workers to complete a tobacco cessation program called Quit for Life, but workers can’t avoid the penalty by completing the program—instead they must remain tobacco-free for 90 days, Ruiz said.

Federal law allows employer-sponsored health plans to charge extra fees to workers who smoke, but the ...

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NCERT Solutions for Class 12 Business Studies Chapter 4 Planning

Table of Contents

Short Answer Type Questions

1. What are the main points in the definition of planning? Ans: The main points in the definition of planning are as follows (i) Planning is deciding in advance what to do and how to do. (ii) It is one of the basic managerial function. (iii) Planning involves setting objectives and developing an appropriate course of action to achieve these objectives. (iv) It bridges the gap between where we are and where we want to reach.

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2. How does planning provide direction? Ans: Planning provides direction for action by deciding in advance what has to be done, how to do, when to do and who will do. When we try to seek answers to the above questions, which are well planned then directions are automatically highlighted.

3. Do you think planning can work in a changing environment? Ans: Planning may not work in a changing environment. The environment consists of a number of dimensions, economic, political, social, legal and technological dimensions. The organisation has to constantly adapt itself to changes. It becomes difficult to accurately assess future trends in the environment. Planning cannot foresee everything and thus, there may be obstacles to effective planning.

4. If planning involves working out details for the future, why does it not ensure success? Ans: Planning does not guarantee success. The success of an enterprise is possible only when plans are properly drawn up and implemented. Any plan needs to be translated into action or it becomes meaningless. Managers have a tendency to rely on previously tried and tested successful plans. It is not always true that just because a plan has worked before it will work again. This kind of false sense of security may actually lead to failure instead of success.

5. Why are rules considered to be plans? Ans: Rules are specific statements that inform what is to be done. They do not allow for any flexibility or discretion. It reflects a managerial decision that a certain action must or must not be taken. They are usually the simplest type of plans because there is no compromise or change unless a policy decision is taken.

6. What kind of strategic decisions are taken by business organisations? Ans: Major strategic decisions include whether the organisation will continue to be in the same line of business or combine new lines of activity with the existing business or seek to acquire a dominant position in the same market.

Long Answer Type Questions

1. Why is it that organisations are not always able to accomplish all their objectives? Ans: Organisations are not always able to accomplish all their objectives due to the following reasons (i) Planning Leads to Rigidity In an organisation a well defined plan is drawn up with specific goals to be achieved, with in a specific time frame. These plans then decide how the work will progress in the future and managers may not be in a position to change it. This creates a problem as flexibility is very important. Always adhering to the plan may not give us the desired results always. (ii) Planning May not Work in a Dynamic Environment The business environment is dynamic, nothing is constant. The business environment is a totality of external forces, where in some changes or the other keep on taking place. Plans decide in advance what has to be done in future. Planning cannot foresee everything and thus there may be obstacles to effective planning. (iii) Planning Reduces Creativity Planning is generally done by the top management. Usually the rest of the members just implements these plans. As a consequence, middle management and other decisions makers are neither allowed to deviate from plans nor are they permitted to act on their own, thus planning in a way reduces creativity since people tend to think along the same lines as others, there is nothing new or innovative. (iv) Planning Involves Huge Cost Planning involves huge cost in their formulation. These may be in terms of time and money. The costs incurred sometimes may not justify the benefits derived from the plans. (v) Planning is a Time Consuming Process Sometimes plans to be drawn take up so much of time that there is not much time left for their implementation and the objectives to be achieved. (iv) Planning does not Guarantee Success Any plans needs to be translated into action or it becomes meaningless. Managers have a tendency to rely on previously tried and tested successful plans. It is not always true that just because a plan has worked before it will work again.

2. What are the main features to be considered by the management while planning? Ans: The main features to be considered by the management while planning are (i) It Focuses on Achieving Objectives Planning is purposeful. Planning has no meaning unless it contributes to the achievement of predetermined organisational goals. (ii) It is the Primary Function Planning lays down the base for other functions of management. All other managerial functions are performed within the framework of the plans drawn. Thus, planning precedes other function. (iii) Planning is Pervasive Planning is required at all levels of management as well as in all departments of the organisations. The top management undertakes planning for the organisation as a whole. Middle management does the departmental planning. At the lowest level, day-to-day operational planning is done by supervisors. (iv) Planning is Continuous Plans are prepared for a specific period of time, may be for a month, a quarter or a year. At the end of that period, there is need for a new plan to be drawn on the basis of new requirements and future conditions. Hence, planning is a continuous process. (v) Planning is Futuristic The purpose of planning is to meet future events effectively to the best advantage of an organisation. It implies peeping into the future, analysing it and predicting it. (vi) Planning Involves Decision Making Planning essentially involves choice from among various alternatives and activities. If there is only one possible goal then there is no need for planning. The need only arises when alternatives are available. Planning thus, involves thorough examination and evaluation of each alternative and choosing the most appropriate one. (vii) Planning is a Mental Exercise Planning is basically an intellectual activity of thinking rather than doing, because planning determines the action to be taken. Planning requires logical and systematic thinking rather than guesswork or wishful thinking.

3. What are the steps taken by management in the planning process? Ans: The planning process involves the following steps (i) Establishing Objectives The first step in planning is to determine objectives which must be realistic, specific and clear so as to specify what is to be accomplished by the network of policies, procedures, strategies etc. (ii) Developing Premises They include assumptions or forecasts of the future and unknown conditions that will affect the operations of the plans. They provide an idea about the future which facilitates the work of planning. (iii) Identifying the Alternative Courses of Action The next step in planning is to identify the various alternatives available to achieve the objectives. (iv) Evaluating Alternative Courses The merits and demerits of different courses of actions are evaluated in the light of objectives to be achieved and their feasibility is judged i.e., how far they will be successful in helping to achieve the objective. (v) Selecting an Alternative The next step is to find out the most suitable course to be followed. The efforts are directed towards selecting that course. Which increases efficiency in the organisation by maximising output and profits at the minimum costs. (vi) Implement the Pla n At this step the best alternative chosen is put to use. (vii) Follow Up Only putting the best alternative to action is not enough. The future is uncertain and dynamic. Therefore, it becomes important to check back whether the plan is giving results or not

4. Is planning actually worth the huge costs involved? Explain. Ans: Planning involves huge cost, when plans are drawn up huge costs are involved in their formulation. These are in terms of time, money, effort etc. Detailed plans require scientific calculations to ascertain facts and figures. The costs incurred sometimes may not justify the benefits derived from the plans. There are a number of incidental costs as well (which are indirect) like expenditures on organising a meeting, consultation fees given to professional experts, market survey etc. But despite the high cost no firm can work without proper planning if used properly.

Case Problem

Art auto company C Ltd is facing a problem of declining market share due to increased competition from other new and existing players in the maket. Its competitiors are introducing lower priced models for mass consumers who are price sensitive. For quality conscious consumers, the company is introducing new models with added features and new technological advancements. 1 . Prepare a model business plan for C Ltd to meet the existing challenge. You need to be very specific about quantitative parameters. You may specify which type of plan you are preparing. Ans: In such a situation, formulating a strategy would be advisable. A strategy is a single use plan. It is normally made to fight competition in the market. The model business plan, i.e., strategy will be (i) It is objective and its purpose is that how much sales it wants to increase over a specified time. (ii) The company should then list down its strengths and weakness. This brings in light as to what will be easy and what will be difficult. (iii) Aggressive, advertising and sales promotion techniques to be adopted.

2. Identify the limitations of such plans. Ans: Limitations of the above strategy can be (i) Shortage of funds. (ii) Shortage of technical professionals. (iii) Top level may not be competent enough to develop a suitable strategy. (iv) The company may not be successful in assessing the future plans of the competitors as compared to its own strategy.

3. How will you seek to remove these limitations? Ans: The above limitations can be overcome by (i) Arranging funds in advance. (ii) Effective methods of recruitment should be adopted to ensure availability of effective staff in all departments. (iii) Middle level should be encouraged to propose plans in the form of suggestions. After considering all these, a strategy should be planned. (iv) The company should be able to assess the moves of the competitors.

Etihad's mammoth Airbus A380 has returned to the US after nearly retiring. Take a look at its exclusive $24,000 'The Residence' first-class suite.

Etihad Airways has returned its beloved Airbus A380 to New York amid booming demand.
The decision comes after the airline nearly retired the quad-engine superjumbo during the pandemic.
Etihad's A380 boasts the world's only three-room suite, complete with a bedroom and shower.

Eithad Airways' popular Airbus A380 has returned to the US after the pandemic nearly forced it into retirement .

On Monday, the mammoth plane took off from Abu Dhabi's Zayed International Airport at about 3:20 a.m. local time and landed at New York's John F. Kennedy International Airport more than 14 hours later, just after 10 a.m. ET.

This is the first time Etihad's quad jet fleet has flown the route since 2020 and represents its official re-entry into the US market after four years. The superjumbo also flies between Abu Dhabi and London.

According to Etihad, the A380 will boost capacity between the two metropolitan cities as it takes over one of the two flights presently serving New York-JFK — the second operated by a Boeing 787-9 Dreamliner.

"Our North American portfolio has continued to exceed expectations with the second daily JFK flight introduced last year performing well," Etihad CRO Arik De told Business Insider in December when the route was first announced.

With its return, deep-pocket US travelers once again have access to the A380's crown jewel: The Residence.

Take a look at what up to $50,000 gets you on a roundtrip flight between New York and Abu Dhabi in Etihad's one-of-a-kind first-class suite.

Exclusively installed on its mammoth A380, The Residence is the world's only three-room suite on a passenger plane.

The entire suite can accommodate up to two passengers and is located on the second level of the superjumbo .

Other carriers like Singapore Airlines offer first-class cabins with a separate bed , but Etihad takes luxury to a new level.

According to De, the Residence is only available by upgrading a first class ticket. Fares were priced at over $20,000 one-way pre-pandemic.

When booking on Etihad's website in December for a flight between New York and Abu Dhabi in mid-May, its first-class apartments were priced between roughly $9,000 and $10,000 each way, with another $3,000 per leg on top for the Residence, totaling about $24,000 .

Looking again on Monday, it appears the Residence is already booked up on most days for May, as it cannot be added to first-class bookings .

Demand for The Residence is booming — helping make Etihad's A380 an 'overall commercially profitable venture in New York.'

"We had our first bookings within minutes of the announcement that the A380 was coming to New York," De told BI. "It's a famous experience, and there are plenty of people out there who want to sample it, either as a dream one-off or as part of their overall travel mix."

The first space in The Residence is the livingroom with a giant flatscreen television and a multi-person couch.

The living room has a sliding door to ensure full privacy from the rest of the aircraft.

The space is designed to accommodate up to two people.

Here, travelers can eat, work, or watch movies.

A dedicated cabin crew team serves The Residence passengers. They will set up the dining table and serve meals, as well as prep the space for sleeping.

Passengers will be served luxury meals, including things like caviar, steak, champagne, and wine.

However, the butler service formerly offered in The Residence will not return, aviation journalist Andreas Spaeth said on X in mid-November after an interview with Etihad CEO Antonoaldo Neves.

Etihad confirmed to BI that a butler would not be onboard.

Down the hall from the living room is The Residence's private bathroom, complete with a shower.

"[The Residence] is a great experience for everyone, whether they are flying for business or pleasure or both," De told BI. "Flights between Abu Dhabi and New York are over 13 hours long, and people flying for business want to arrive refreshed and relaxed."

Monday's flight took a northern route across Russia, putting the trek at more than 14 hours, according to FlightAware.

Showers are rare onboard airliners because the water adds extra weight, with Emirates as the only other carrier offering one.

Like Etihad, Emirates has a first class suite complete with a shower spa. The rival UAE carrier is so loyal to its A380 that it recently announced a $1.5 billion investment to keep them flying.

The last room of The Residence is the bedroom.

The double bed is another rarity onboard commercial jetliners.

Qatar Airways famously flies a double bed in its QSuite business class, voted the best in the world by Skytrax last year.

Considered one of the most luxurious airline offerings in the sky, travelers were worried when Etihad's A380 nearly retired.

The A380's poor economics and fuel-hungry quad-engines make it an expensive jet to fly, and many carriers have ditched it for more efficient twinjets like the Boeing 787 and the Airbus A350.

Fortunately, the surge in demand for air travel in 2022 prompted Etihad to add it back to the fleet.

"We are entering a new phase of sustainable growth to meet the demands of our customers, and the A380 is the right aircraft to meet capacity demands on very select routes," De told BI. "We brought it back on our London services earlier this year, and saw tremendous commercial success, with guests loving the experience."

Etihad's new A380 route will be the second in its network following the return to London in July 2023.

According to Cirium data, Etihad has been flying three of its A380s between Abu Dhabi and London as of October, but one was plucked to serve the New York-JFK route.

De told BI that Etihad has a total of four planes in service and, in the short term, "will deploy them where it makes the most sense."

De told BI that the decision to add the A380 to NYC came after the second frequency proved commercially successful.

"Given the commercial performance, and the popularity of the aircraft with our guests, we feel now is the right time to bring the A380 on to our service to New York," he said.

Although some of its A380s are flying again, six of Etihad's 10 superjumbos are still parked but remain 'in reserve.'

The six jets are sitting in airports across France and Spain, according to Planespotters .

"We are focused on sustainable expansion going forward, and having the option of drawing on our A380 fleet is an element of that," De told BI, noting Etihad plans to double its fleet size to 150 planes and carry 33 million passengers by 2030. "We will make sure we choose the right aircraft to achieve that, and the A380s will be part of that mix for a while."

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Planning Class 12 Notes CBSE Business Studies Chapter 4 [PDF]
Every feature of Planning will be discussed in the Business Studies Class 12 Chapter 4 revision notes. It is a futuristic step that helps a business to identify risks beforehand, to figure out the necessary steps, and to forecast growth. It is also a continuous process that certainly impacts future events.
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1. Planning. Planning can be defined as "thinking in advance what is to be done, when it is to be done, how it is to be done and by whom it should be done.". According to Fayol, "Planning is chalking out plan of action, i.e., the result envisaged in the line of action to be followed, the stages to go through the methods to use.". 2.
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Chapter 4 - Planning. NCERT Solution Class 12 Business Studies Chapter 4 mainly focuses on the concepts of Planning. The key concepts such as the meaning of planning, the importance of planning, features of planning, the limitations of planning, the planning process, types of plans, etc. have been well covered under this topic.
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owned business or a company in the private sector requir es planning. The government makes five year plans for the country, a small business has it's own plans, while other companies have big plans, sales plans, production plans. All of them have some plans. All business firms would like to be successful, increase their sales and earn profits.
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Business Studies for Class 12 Chapter 4 Planning Index Terms

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Chapter 4: Planning

Introduction and Feature & Importance of Planning

Limitations of Planning

Planning process

Standing Plan and Single Use Plan

Related Chapter Name

Chapter 2: Principles of Management

Chapter 3: Business Environment

Chapter 5: Organising

Chapter 6: Staffing

Chapter 7: Directing

Chapter 8: Controlling

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NCERT Notes for Class 12 business studies Chapter 4 PLANNING

Meaning of Planning

Features of Planning

Planning is a primary function of management

Planning is pervasive

Planning is continuous

Planning is futuristic (Forward-looking)

Planning is a mental exercise

Planning involves decision making

Importance/Advantages of Planning

Planning provides directions

Planning reduces the risks of uncertainty

Planning reduces overlapping and wasteful activities

Planning promotes innovative ideas

Planning facilitates decision making

Planning establishes standards for controlling

Planning improves efficiency

Limitations of planning

Planning leads to rigidity

Planning may not work in a dynamic environment

Planning reduces creativity

Planning involves huge costs

Planning is a time-consuming process

Planning does not guarantee success

Planning process

Developing premises

Identifying various alternative courses of action

Evaluating alternative courses of action

Selecting an alternative

Implementing the plan

Types of plans

Standing Plan

Single-use Plan

Types of single use plans

Types of plans in a nut shell

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Planning Class 12 Notes: CBSE 12th Business Studies Chapter 4, Download PDF

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Revision Notes for Class 12 Business Studies Chapter 4, Planning

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