kels, p. 304). In planning, the manager must analyze the present business situation, determine where they want it to be in the future, set objectives, and determine how to meet them. In strategic planning, long-term objectives are considered, with broad policies devised to attain them. Examples include which customers to serve, what products or services to sell, and which geographic areas to compete in. As for tactical planning, how to achieve short-term objectives is the key, which includes, for example, setting annual budgets. Finally, in contingency planning, management considers what to do in unexpec
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