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Corporate planning is a term that describes an approach or style of management, an attitude of mind, that uses a structured and integrated approach to all aspects of a company’s activities. The idea is to treat the company as a whole rather than a collection of parts. Treat a company on a long-term basis instead of a short-term one. Companies are examined with clear definitions of their goals that fit into their past, present, and future environment.
Corporate planning is defined by Drucker as “a continuous process of making business decisions systematically and with the best possible knowledge of their future, systematically organizing the effort required to implement these decisions and measuring results against expectations through organized systematic feedback.” is defined.”
In the study of hundreds of international companies, the reasons for these companies’ corporate planning have been identified;
• effective diversity;
• reasonable allocation of resources;
• better coordination and anticipation of technological change;
• high profitability and growth rate.
Although annual profits are important, they are short-term factors in corporate plans. Manpower and new product development are examples of factors that affect the viability of an organization in the long run. Better results are obtained by companies that adopt corporate planning methods. In fact adopting a management style that works in an atmosphere of change is the key to the successful application of corporate planning.
Management systems and practices in all types of companies such as banks, local governments and industry need to be revamped to give more weight to strategic considerations. Competition may not be so much in products or markets, but in conflict with government and pressure groups in society related to issues such as pollution, safety and welfare.
Therefore, corporate plans need to cope with social and political changes. This requires careful thought in setting goals, policies and social plans to achieve social and political acceptance of the company’s ideas. The idea behind this is a strategic challenge to adapt the organization to its environment and this usually means fundamental changes in the organization’s management and structure.
The entire industry of which the company is a part should be studied such as supply and demand factors, possible future trends and new opportunities, threats or problems. A comparison should be made between the performance of the company and its competitors. Economic and political trends such as government controls on mergers should be taken into account. Then some key factors that seem to improve the company’s position should be identified.
The final evaluation will cover specific areas and their challenges and opportunities:
• research and development necessary for new product needs and product improvements;
• Necessary human resources to ensure the availability of employees according to the required quantity and quality;
• sales and marketing that reflect the relevance of sales policies, market share, quality suitability, product design and pricing, marketing mix;
• Production required to ensure adequate production capacity and other facilities and production costs are acceptable.
From the above analysis the possibility of reorganization, merger, diversification etc.
The basic requirement is that plans from different areas of a business are integrated so that functional plans are linked together to form an overall corporate plan. A corporate plan, however, is more than just linking functional plans; it can be considered as a systems approach to achieve business goals over a period of time. An interesting account of the different strategies that can be adopted and the classification of opportunities and risks in managing results is given by Peter Drucker.
It identifies two important strategies that must be decided upon:
(a) To decide what opportunities the company wants to pursue and what risks it is willing and able to accept:
(b) Deciding on scope and structure and the right balance between specialization, diversification and integration.
His classification of opportunities (additive, complementary and successful) and threats are interesting and practical guides that help to prepare strategies. A large company found for the first time in such an investigation that 75 percent of its profits come from a single product and that this market is slowly shrinking. Many other important factors can come from such an analysis, such as under-utilization of financial assets.
The last point in this direction is the measure of ‘synergy’ which is often defined as ‘assessing strengths and weaknesses’. The concept of coordination can be best explained using the following example. If, for example, the company’s total return on investment is just the return on existing activities plus the return on new activity, there is no synergy (2+2=4). But where the new activity uses existing resources, the return to the firm as a whole will be greater than the average of the new and existing activities (2+2=5).
Plans range from the broad scope that concerns the long-term, which is the concern of top managers, to the short-term, day-to-day operational plans that concern managers at lower levels of the organization. As the amount of innovation increases over a given period, the time available to exploit the new product decreases. But it still takes the same to develop and test new products; Money must still be spent on promotional and marketing activities, and as the lifespan of a product decreases, profitability will decrease. Long-range planning (LRP) allows management to anticipate challenges and take steps to eliminate them before they arise and can help provide a more integrated approach to the various factors of the problem. However, plans must clearly define which manager is responsible and for what results, that is, it must be managed by specific objectives.
The length of the plans varies from industry to industry. Happier can plan for the next few years, like the car industry. Others may only plan six months ahead like the fashion industry. Different aspects of the plan will cover different time frames such as loans to cover certain expenses can be planned a year ahead while plans for a new car cover at least four years ahead. The LRP will certainly include the short-range plan (SRP) which is assumed to be one year for convenience. The freedom to change the SRP is limited and may be divided into monthly commitments. It is important to note that the assumptions made in the LRP must be specified and any changes to them carefully scrutinized.
Corporate planning is simply a formal, logical method of running a business, which is comprehensive or covers all the activities of an organization. Individuals are responsible for planned outcomes. Corporate planning is a management tool that guides the business towards its agreed upon goals. Corporate planning can be said to include long-term planning and management by objectives and has been in a state of development since its inception in the United States of America in the 1950s.
The position of the corporate planner in an organization can determine the status of the activity. People usually have a role as a staff member, to advise management; He usually reports to a senior person, sometimes the CEO. He is responsible for:
• department organization;
• preparation of a coordinated planning system;
• Ensuring that all roles are known and that everyone meets agreed standards;
• Acts in the preparation, coordination and control of the company’s plan on behalf of the head of management;
• preparation of progress reports.
His specific responsibilities are:
• identifying growth opportunities and setting goals and strategies to exploit growth;
• keep abreast of business trends and developments in management techniques.
However, the corporate planner also faces limitations:
• are only responsible for their staff members;
• advises the chief executive of events that affect the company’s plans.
There are many advertisements for corporate planners and the skills required usually include a degree with a good knowledge of mathematics, statistics and management techniques. In addition, he must have at least eight years of experience in companies, or more than one industry and a personality that is accepted by many people. Their role is to establish and maintain a system; corporate planners do not plan the system; if they do, it will cause many problems.
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