The need for planning in business arises because of a number of factors or reasons. Those factors or reasons are:
- Growing complexities of modem business.
- Rapid technological changes
- Growing competition.
- Rapid economic, social and political changes.
- Fluctuations in demand for products.
These forces of challenges can be met by management only through proper planning. Business activities without proper planning are likely to be ineffective, and may fail to achieve success. So, planning is a must for every business organization. In fact, the maxim in management is “First plan your work, and then work your plan”.
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