Planning is a fundamental process that involves defining objectives, outlining strategies, and establishing a roadmap for achieving goals. It is an essential part of project management, business development, and various endeavors. Effective planning ensures that resources are allocated efficiently, risks are mitigated, and tasks are executed in a coordinated manner.
For example, when launching a new product, a company engages in strategic planning that involves market research, competitor analysis, and setting timelines for product development, marketing campaigns, and sales activities. The planning phase sets the direction and goals for the entire project.
