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www.gyaniversity.com88Managerial Processes-I Discuss the necessity of having Planning and how it helps organizations. Describe various types of planning and their merits.2. Strategic Planning: Strategic planning focuses on long-term objectives but is more specific than corporate planning. It involves analysinginternal strengths and weaknesses, as well as external opportunities and threats, to formulate strategies that will help the organization remain competitive. Merits: (1) Encourages a forward-thinking approach by anticipating future challenges and opportunities. (2) Enhances the organization%u2019s ability to compete in a dynamic market environment. (3) Supports sustainable growth by aligning strategies with long-term goals.3. Tactical Planning:Tactical planning translates broad strategic goals into specific, short-term actions. It deals with the medium-term plans that focus on implementing components of the strategic plan. Merits: (1)Bridges the gap between strategic objectives and day-to-day operations. (2) Allows flexible adjustments to meet immediate challenges. (3) Help managers assign clear responsibilities and concentrate on operational effectiveness.4. Operational Planning: Operational planning is highly specific and concerned with short-term tasks and activities. These plans focus on the day-to-day functioning of the organization and ensure that all the routine activities align with higher-level plans.Merits: (1) Provides detailed guidelines for daily operations. (2) Enhance efficiency by coordinating specific short-term actions. (3) Ensures immediate execution of strategies, thereby maintaining a steady workflow.5. Contingency Planning: Contingency planning involves preparing for unforeseen circumstances and emergencies. It lays out specific actions to be taken in response to potential crises or changes in the business environment. Merits: (1) Minimize risks by preparing for unexpected events. (2) Ensure that the organization remains resilient during crises. (3) Provides a framework for quick decision-making when disruptions occur.6. Perspective and Programme Planning: Perspective planning takes a broad and conceptual look at the future, focusing on generalized long-term goals driven by the organization%u2019s vision. Programme planning, on the other hand, involves a sequence of projects or tasks aimed at achieving specific outputs thatsupport broader strategic objectives. Merits: (1) Perspective planning inspires organizational innovation and future orientation. (2) Programme planning provides a clear roadmap for achieving tangible results through planned initiatives. (3) Both types help in aligning long-term vision with actionable steps.