1st step - Identification of opportunity and problems
In this step , it is the duty of manager to identify the opportunity and problems . It means it will tell us why are we making plans . What problem will solve with planning .
2nd Step - Identification of Objectives
Manager should identify different objectives of company . After this he can make plans for achieving these objectives . Suppose , the company's objective is to earn profit . But for making planning to increase profit . Company will fix how much will company earn profit .
3rd step - Collection of Information
After making of different objectives of company , manager have to collect informational data relating to future plan . These are rough data , which will be helpful for completion the work of planning process .
4th step - Evaluate of collected information
This is very necessary step in which manager evaluates collected information in present situation . After this rough information is converted into company's valuable information for making plans .
5. Evaluate of Alternative course of Action
Planning tells us what to be done in future . After evaluate information , manager gets power to evaluate different alternatives of course of action . Because , one work can be done with different way . So , for making good planning , it is required to evaluate all the alternatives of course of action.
6. Select best alternative of course of action
After evaluating all alternative company selects best alternative to do work . Suppose Google Inc. has different alternatives to increase his sale of advertising products . But Google company's manager will evaluate all the alternatives and choose the best alternatives which is most useful for company under present condition .
7. Feed back
After selecting best alternative and applying the plans , company gets feed back from employees or customers , so that plans can be changed according to the situation and feed back report . We can take example of Google
When google launched any new product or make plans to launch any product . First of all google gets online feed back by writing what is your reaction or Do you like this and you have to answer in yes or no and your feed back is recorded in the account of Google company . Like this all company makes system for feed back .
