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What Is the Meaning of Corporate Planning?

From a company's perspective, corporate planning involves formulating long term business goals so that the strategic planning of an enterprise may be developed and acted upon. The corporate planning term that was popular in the 1960s has since been referred to as strategic management.

  1. Primary Focus

    • Corporate and strategic planning focuses on efficiently and effectively achieving optimal performance from all business divisions, with actionable information provided to executive management in order to foster accountability and business growth.

    Process

    • The process of gathering data to prepare detailed action plans addresses a corporate organization's goals and objectives so that an actionable plan may be developed, usually by senior management.

    Information Considered

    • The resources of a business, company or organization is considered along with the environment in which it is operating. Statistical data including budget formulation and performance management is used in connection with business analysis and forecasting.

    Planning

    • A plan is developed using the determined information and resources including targets and milestones that corporate planning executives and managers may use to reach company goals and objectives.

    Significance

    • As a formal and structured approach, corporate planning can be instrumental in achieving strategic corporate goals and objectives for any kind of business organization.

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References

  • Photo Credit Image by Flickr.com, courtesy of Florian Groß

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