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Business Plan

The article discusses the business plan, essential elements, types, and business plan format. As planning is a key factor in entrepreneurship, the concept is well explained with the help of business plan examples.

Table of Content

Any entrepreneurial venture needs systematic planning. A business plan helps in the identification of the resources for successful implementation. It crisply outlines the purpose of the business, the creation of the business, organisational structure, and responsibilities. It highlights the strategies that need to be adopted to achieve organisational goals. A business plan also helps identify the potential risks and threats the business may encounter and their solutions. Generally, investment-seeking entrepreneurs use business plans to propose their business vision to potential investors. It also presents different financial aspects, like income, cash-flow statements, financial ratios, etc.

Business Plan Details

The business plan contains different elements. There are mainly three parts to a business plan.

Business Concept

It discusses the structure of the business like the related products and services, the structural framework of the organisation, and other relevant details.

Marketplace section

This section is primarily about the target customers of the business, the competitors in the market, the potential threats and risks, strategies to overcome these threats, and plans regarding how to establish the business in the competitive market.

Financial Section

This section is related to income, investments, returns, and other financial details.

The length of the business plan can vary from 15 pages to even 100 pages. It primarily depends upon the complexity of the venture.

Business Plan Format

A business plan format has several components. It includes a cover page, title page, and contents page. The main features of the business plan are:

Executive Summary

It has the purpose statement of the business and other information like the leadership and ownership details, the location of the company, the operational procedure, number of employees, etc.

Business Description

The business description, products and services, pricing and lifespan, consumer benefits, production and manufacturing processes, different patents and technology, research and development initiatives are discussed here. This section must include a detailed business model, revenue stream, cost structure, key partners, activities, customer segments, etc.

Market Strategies

The detailed strategy regarding attracting the customers, increasing reach, distribution channel, different campaigns for advertising and marketing, etc., are specified here. Other market trends affect businesses, recovery options, and strategies. Must also be included in this section.

Competitive Analysis

This section discusses the details regarding the current market scenario, existing competitors, potential risks and threats, the position of the market, strengths and weaknesses, etc. In short, it presents an overview of the target market and the competition in the market. It must be based on deep research and analysis.

Design and Development Plan

The design of the business processes, how they are to be developed and operated, etc., are included in this section of the business plan.

Operations and Management Plan

The aspects related to the operation of the business and the management section are presented here.

Financial Factors

The estimated budget of the business, associated costs for staffing, marketing campaigns, production, and other processes are included in the financial factors. Further financial information like the financial statement, balance sheets, expected returns, potential investors, plans, and expectations from the business, are discussed in this section.

Purpose of Business Plan

Analysing different business plan examples, it can be concluded that the primary purpose of business plans is Internal or External. As far as internal purpose is concerned, a business plan is a roadmap for the venture. It can be considered an internal planning tool that helps the organisation achieve its goals and objectives. Besides, it can also act as a contingency plan that can be referred to if there is a risk of any unforeseen circumstances or potential threats. Different solutions mentioned in the plan can be referred to when required.

The external purpose of the plan is to attract potential investors and present them with a clear idea related to the business. Strategically planned businesses can easily attract investments. Presenting the detailed aspects of the business help can help in pitching better.

Business Plan and Entrepreneurship

Business plans are crucial for entrepreneurial ventures. It helps businesses to identify possible problems and design practical solutions. It helps in critical decision-making. This is a pragmatic approach and helps the business in the long run. Another critical aspect of a business plan is it helps in identifying short-term goals and long-term goals. It sets up the targets and creates a vision.

It helps in planning the resources and allocating them optimally for better results. They help assess the feasibility of different processes and whether they will be beneficial. It also establishes the business’s structural framework and helps present the business better. It makes it easier for entrepreneurs to approach investors.

Frequently asked questions

Get answers to the most common queries related to the CBSE CLASS 12 Examination Preparation.

Is a business plan a legal document?

Answer : No, a business plan is not a legal document.

What is the mission statement in a business plan?

Is a marketing plan a subset of the business plan.

Answer : Yes, a marketing plan is a subset of the business plan.

How long should an ideal business plan be?

Answer : It defines the purpose of the existence of the business shortly.

Answer : There is no fixed length of the business plan . Most plans are between 15 and 20 pages. But, there are even business plans as long as a hundred pages.

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Cbse class 12 results 2023, cbse class 12 syllabus, related articles, working capital of a business.

Working capital financing refers to the amount of funds that are used to cover all of a business's short-term expenditure that is payable within a year.

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Table of Contents

ACKNOWLEDGMENT

Many people helped me through their support and guidance for the successful completion of this project.

First of all, I thank the Almighty God for his goodness and mercy in giving me the strength to complete this project.

I, at this moment, express my abundant and sincere gratitude to Mrs. SANILA MANOJ, Department of Commerce, Dr. GR PS, XTZ for her valuable guidance, constant encouragement, and creative suggestions rendered during this project.

I thank SISTER XTZ (Managing Trustee) Mrs. XYZ (Senior Principal) Mr. XYZ (Principal) for providing me with all facilities and also for the constant inspiration and encouragement for successful completion of this project.

I offer my deepest gratitude to my family members, whose prayers and blessings guided me for the successful completion of this project. I also owe my gratitude to my classmates, whose support was inevitable for the completion of the project.

INTRODUCTION

A business plan is a written description of the business further. That means a document that describes what plan to do and how to do it. Business plan com perform several tasks for those who write & read them. They are used by investment seeking entrepreneurs to convey their vision to potential investors. They may also be used by firms that are trying to attract key employees, the prospect for new business deals with suppliers, or simply to understand how to manage their companies cutter.

To provide clarity of thought & purpose.
To introduce the business models.
To present examples, step by step explanation of the business plan.
To define what the business plan is and who prepares it.
To understand the scope and the value of the business

NEED AND SIGNIFICANCE

It gives direction to the vision formulated by the entrepreneurs.
To monitor the progress after implementing business plans.
To persuade others to join the business.
To seek loans from financial institutions.
To identify the actual strength and weaknesses of the plan.

EXECUTIVE SUMMARY

“ELVAGO CANTINA” believes in its unique delivery to service as its policy is “Consumer is king’ It’s traditional, as well as members outlook gives you the feeling as if you are the members of its family.

Though we are now the love and taste in our foods will be abundant.

The location is just a half kilometer from the bus bay situated at the heart of Cobin city. It provides great facilities provided with first-class infrastructural facilities.

ABOUT THE COMPANY

“ELVAGO CANTINA’ is a first-class startup company with very good infrastructure. This company believes she is securing the society by organizing social activities such as entertainment programs for the Physically Challenged or differently-abled children.

It also has the policy to donate a part of income to various and all spread old age homes around the Rochi city also.

In the present situation, ‘ELVAGO’ consists of about too many employers overall.

There are about employees and so on the executive staff members. It is situated in the less bay in Vytilla in the heart of Kochi City.

ELVAGO CANTINA

‘ELVAGO CANTINA’ is something a place where the variety of goods are sold to the customers. The statement motivates us to go to the restaurant business in India. We have suggested this because there is no branded restaurant until now. The tag line for ELVAGO CANTINA is

” TASTY; BUT CHEAPER”

To become the most preferred restaurant among the people by treating the people in the way they like to be treated.

For every business, location plays a vital role. The success and the future of the company depend on that place from the selling of the product and availability of the required raw materials at least cost. The location of our restaurant is in the heart of Kochi, i.e., Vytilla.

BUSINESS OBJECTIVES

To establish a working store for the restaurant.
To provide the true flavor of India at reasonable costs.
To understand the taste of the customers.
To balance our business goal with one financial objective.
To provide the best quality food to the customers.

MANAGEMENT SUMMARY

The initial summary of management depends on the founders, and there are various another working inside the company. As we grow, we will take an additional held in certain key areas.

At present, the ELVAGO CANTINA has two founders, Head offices, Eco, Sheffs, Managers, Waiting staff, etc.

The restaurant aims to be a stone in the community creating a neighborhood atmosphere where the customers feel safe and comfortable.

We target all the age groups of people from small children to teenagers and adults to the old aged people also. Our company’s culture is to satisfy in every way all the customs stepping into ‘ELVAGO’ especially with our special mems including:

Muttons Biryani
Elvago’s Special Biriyani
Vegetable Biryani.
Egg Biryani
Elvago’s Special Fried Rice
Green Chicken Rice.
Chicken Chops
Elvago’s Special Butter Chicken
Elvago’s Special Chicken Curry.

MARKET & COMPETITION

We are the startup company and are looking forward to earning a good share of the market. The other important things are customer satisfaction. The competitions are common in every society between Various enterprises

Our competitors are: –

Pai Brothers.

Sardarji ka Dhabha.

INFRASTRUCTURE

ELVAGO CANTINA provides great infrastructural facilities. Over 45 seats and family rooms are provided with a good air conditioning system. The infrastructure in our restaurant is very attractive. The restaurant has mainly two floors for the customers.

PHYSICAL PLANT

Area: – The piece of land which is required to organize the whole set up is about 1,600 sq. feet

MACHINERY AND EQUIPMENT

Refrigerators

FINANCIAL RESOURCES

It is SBA’s most basic and common loan program. These loans are mostly available through various commercial institutions, and most American banks participate as lenders in this program. Lenders typically grand loans up to £ 2,00,000.

FRIENDS & FAMILIES

Friends and family members might be the most lenient member of the ELVAGO CANTINA launch. They don’t tend to make you pledge your house and may even agree to sell their interest in your company back to you for a nominal return.

PERSONNEL PLAN

The personnel plan is based on operating 24/7 hrs and falls in with how EAVAGO CANTINA operates throughout the week.

Any additional price will be part-time & devoted to expansion on any catering functions, as well as increased capacity of private party function.

The enterprise currently has 100 employees. There are about 100 employees & 30 executive staff.

MARKET STRATEGY

Our strategy is based on serving our markets well. The concentration will be on providing fresh & quality good items.

A combination of local media & local store marketing programs will be utilized at each location. By providing a fun & entertaining environment with high-quality goods (foods at a reasonable rate, we will be coming shortly on top of the town.

UNIQUE SELLING PROPORTION

There are many restaurants in India. What gives a competitive advantage to the product of “ELVAGO CANTINA” is that it produces good and quality food. When compared to other restaurants, what makes us special is that we have many varieties of foods. The other restaurants charge a very high price in their foods; we charge only a reasonable price.

By analyzing the product,

I could easily find the customer’s taste and preferences in the area.
It could also analyze the price of Various products.
By writing a business plan, it is necessary to know about the starling of a business enterprise.

CONCLUSIONS

A Business plan is an important document that is essential for every business firm. This is valuable not only for the entrepreneurs but also for all the stakeholders who access the firm directly or indirectly. There are various components of a business plan which is prepared to depend upon the entrepreneur’s enterprise and knowledge.

CERTIFICATE

This is to certify that the project is an authentic record of the work done by ROHITH S. BOBBY , class XII.D during 2017-2018 towards the partial fulfillment of the AISSCE course prescribed by the Central Board of Secondary Education (CBSE). The student has done the project with his/her effort & with the guidance of a concerned teacher.

Teacher In-charge

External Examiner

DECLARATION

I, XYZ do at this moment declare that the project entitled “BUSINESS PLAN” is a bonafide record of the project work done by me and was under the guidance of Mrs. SANILA MANOJ, also declare this project or any part of it has not been submitted by me fully or partially for any other examination before.

BIBLIOGRAPHY

NCERT textbook (Class XII) –
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NCERT Solutions for Class 12 Business Studies Chapter 4:Planning; Available for free download

This article from jagran josh presents complete ncert solutions for class 12 business studies chapter 4, planning. also find some important topics from the chapter for upcoming cbse board examinations 2024..

NCERT Solutions for Class 12 Business Studies Chapter 4 : Find complete NCERT Solutions for Class 12 Business Studies Chapter 4, Planning. This article also provides free PDF Download link for complete NCERT Solutions of the chapter mentioned above. All the solutions have been prepared by our subject experts as per Revised CBSE Syllabus 2023-2024.

NCERT Exercises are prepared from important topics present in the chapter. Practise of these NCERT Solutions can clear your concepts of important topics and help you practically implement the knowledge gained through the chapter. Most importantly it plays a crucial role in scoring good marks in academics.

Importance of Planning
Features of Planning
Limitations of Planning
Planning process
Types of Plan

CBSE Class 12 Business Studies Revised Syllabus 2023-2024 (PDF)

CBSE Class 12 Business Studies Sample Paper 2023-2024(PDF)

NCERT Solutions for Class 12 Business Studies Chapter 4, Planning are present below:

Very Short Answer Type

1 .How does planning provide direction?

Answer . Planning is the pre-decided order or work for fulfilling objectives smoothly. Since, planning governs our course of action and tells us what to do next in order to achieve your goal, it can be said that planning provides direction.

2.A company wants to increase its market share from the present 10% to 25% to have a dominant position in the market by the end of the next financial year. Ms Rajni, the sales manager has been asked to prepare a proposal that will outline the options available for achieving this objective. Her report included the following options - entering new markets, expanding the product range offered to customers, using sales promotion techniques such as giving rebates, discounts or increasing the budget for advertising activities. Which step of the planning process has been performed by Ms Rajni?

Answer. Ms Rajni has performed third step of the planning process i.e identifying alternative courses of action because in this case, Ms Rajni is jotting down every possible alternative to fulfill the objectives of the organization which will then be decided on account of feasibility, profitability and accessibility.

3.Why are rules considered to be plans?

Answer. Rules are inflexible statements that have to be adhered to and direct the course of our action. Since, planning too directs our action, rules can be considered to be simplest type of plan, with only difference being that plans are flexible and rules aren’t.

4.Rama Stationery Mart has made a decision to make all the payments by e-transfers only. Identify the type of plan adopted by Rama Stationery Mart

Answer. Rama Stationery Mart has adopted ‘Policy’. Policy is a general statement that guides or channelizes energies in a particular direction. In this case, the organization has adopted a direction of payment, i.e. Through e-transfers. Hence, policy has been used in the above case.

5.Can planning work in a changing environment? Give a reason to justify your answer.

Answer. No, I don’t think planning can work in a changing environment because a plan is made on premises of a particular situation, influenced by a particular business environment, if that changes than the same plan might not work. Different plans has to be created in different situations.

Short Answer Type

1. What are the main aspects in the definition of planning?

Setting Objectives
Time period
Alternatives for action
Selection of the best alternative

2.If planning involves working out details for the future, why does it not ensure success?

Answer. Yes, planning involves working out details for the future but future is uncertain. It is impossible to determine what future holds. Thus, accurate prediction of future is impossible. Plans are mere execution of predictions aimed at fulfilling goals and objectives. Though it does not ensure success but it can stop you from wandering around and ensure you move ahead in the right direction.

3.What kind of strategic decisions are taken by business organisations?

Answer . Strategy is a comprehensive plan for accomplishing an organization’s objectives. This comprehensive plan will include three dimensions:

(i) determining long term objectives

(ii) adopting a particular course of action

(iii) allocating resources necessary to achieve the objective.

Company’s take major strategic decisions like:

(i) Determining whether the business should function in the same line of business or not

(ii) Determining new lines of activity with the existing business.

(iii) How to seek the dominant position in the market.

(iv) Determining your target audience, customers, consumers etc

(v) Observing demand for product

(vi) Finding out best channel of distribution

(vii) Checking out the pricing policy

(viii) Product advertising

4.Planning reduces creativity. Critically comment.(Hint: both the points - Planning promotes innovative ideas and planning reduces creativity – will be given).

Answer. Planning is a laid-out direction of what is to be done and how it is to be done. It is determined after looking at all aspects of fulfilling a goal that any change in them can lead to failure of the plan and most importantly unfulfillment of objectives. Thus, it does reduce the scope of creativity since a plan has to be made considering what can constitute to achieve a goal. But, planning does not limit your scope for innovation. Infact, innovative plans often lead to successful plans and pose an organization as a market leader. For example: if an organization brings up an innovative idea of promoting chocolate by showing that chocolates act as a comfort between couples and can be shared in different emotions like joy, sadness etc. It is an innovative plan which can benefit the company but it can limit your creativity in terms of language to be used, and creatives in the ad to be used, as a whole. So, yes planning reduces creativity because they are laid out on account of formal execution determined to achieve certain goals but it can never disrupt your innovative thinking.

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CBSE Class 12 Business Studies Chapter 4 – Planning Class 12 Notes

Planning Class 12 Revision Notes

Planning class 12 notes explain the meaning of planning. It is deciding in advance what to do and how to do it is the basic managerial function. This chapter also explains the importance of planning. This chapter explains the features of planning. Planning focuses on achieving objectives. It is a primary function of management. Planning is pervasive, continuous, futuristic, involves decision making and it is a mental exercise. It also deals with the limitation like planning leads to rigidity, planning may not work in a dynamic environment, planning reduces creativity, planning involves huge costs, planning is a time consuming and planning does not guarantee success.

This chapter also explains the planning process and different types of planning. All business firms like to be successful, increase their sales and earn profits. All manger dream of these and strive to achieve their goals but to turn these dreams into reality managers need to work hard in thinking about the future, in making business predictions and achieving targets. Dreams can be turned into reality only if the business manager thinks in advance on what to do and how to do it. This is the essence of planning . The chapter also explains the planning process and different types of planning.

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Sub-topics covered under Planning:

Introduction, Meaning, Importance, Features & Limitations of Planning : The sub-topic explains the planning is deciding in advance what to do and how to do.
Planning Process : The sub-topic explains the planning process like setting objectives, developing premises, identifying alternatives courses of action, evaluating alternative courses, selecting alternatives, implement the plan and follow –up action.
Types of Plan : The sub-topic explains different types of planning i.e. objectives, strategy, policy, procedure, method, rule, program, and budget.

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CBSE Class 12 Business Studies Revision Notes

CBSE Class 12 Business Studies Chapter 13 – Entrepreneurship Development Class 12 Notes
CBSE Class 12 Business Studies Chapter 12 – Consumer Protection Class 12 Notes
CBSE Class 12 Business Studies Chapter 11 – Marketing Class 12 Notes
CBSE Class 12 Business Studies Chapter 10 – Financial Markets Class 12 Notes
CBSE Class 12 Business Studies Chapter 9 – Financial Class 12 Notes
CBSE Class 12 Business Studies Chapter 8 – Controlling Class 12 Notes
CBSE Class 12 Business Studies Chapter 7 – Directing Class 12 Notes
CBSE Class 12 Business Studies Chapter 6 – Staffing Class 12 Notes
CBSE Class 12 Business Studies Chapter 5 – Organising Class 12 Notes

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Business Studies Study Material for CBSE Class 12

Class 12 business studies advances your knowledge of the business world from what you learned in class 11 business studies teaching more important topics like management, planning, market, consumer protection, etc. completely prepare for the board or competitive exams with our cbse class 12 business studies study material that provides a structured blueprint with chapter-wise notes updated according to 2024-25 cbse guidelines. you can also test your knowledge with sample papers and the previous year's board question exam paper with solutions..

Discover a smoother learning journey through our effortless roadmap

Chapter 1: Nature and Significance of Management

Management : Meaning, Characteristics, Objectives, and Importance

Difference between Efficiency and Effectiveness

Nature of Management as a Science, Art and Profession

Levels of Management - Top, Middle and Lower

Functions of Management - Planning, Organising, Staffing, Directing and Controlling

Coordination in Management : Concept, Features & Importance

Difference between Coordination and Cooperation

Chapter 2: Principles of Management

Nature and Significance of Principles of Management

14 Principles of Management by Henri Fayol

Difference between Unity of Command and Unity of Direction

Principles of Scientific Management

Techniques of Scientific Management

Difference between Time Study and Motion Study

Difference between Fayol and Taylor Theories of Management

Chapter 3: Business Environment

Importance of Business Environment

Dimensions of Business Environment

Economic Environment in India

New Industrial Policy : Features & Impact

Concept and Features of Demonetization

Chapter 4: Planning

11 articles

Features, Importance and Limitations of Planning

Planning Process: Concept and Steps

Types of Plans: Standing Plan and Single-use Plan

Difference between Standing Plans and Single-Use Plans

Difference between Policies and Objectives

Difference between Policies and Strategy

Difference between Policies and Procedures

Difference between Procedures and Methods

Difference between Procedures and Rules

Difference between Policies and Rules

Difference between Rules and Methods

Chapter 5: Organising

10 articles

Organising : Meaning, Importance and Process

Types of Organisation Structure

Difference between Functional Structure and Divisional Structure

Formal and Informal Organisation

Difference between Formal and Informal Organisation

Elements and Importance of Delegation

Difference between Authority, Responsibility and Accountability

Centralization and Decentralization

Difference between Centralization and Decentralization

Difference between Delegation and Decentralization

Chapter 6: Staffing

12 articles

Staffing : Meaning, Definition, Features and Importance

Staffing and Human Resource Management

Staffing Process

Sources of Recruitment (Internal and External: Meaning, Merits and Demerits)

Difference between Internal Recruitment and External Recruitment

Steps in Selection Process

Difference between Recruitment and Selection

Importance of Training and Development to Organisation and Employees

Methods of Training: On-the-Job Methods and Off-the-Job Methods

Difference between On-the-Job Training Methods and Off-the-Job Training Methods

Difference between Training and Development

Difference between Training, Development and Education

Chapter 7: Directing

19 articles

Directing: Meaning, Characteristics and Importance

Principles and Elements of Directing

Importance of Supervision

Features and Importance of Motivation

Process of Motivation

Maslow's Hierarchy of Needs Theory

Financial and Non-Financial Incentives

Difference between Financial and Non-financial Incentives

Features and Importance of Leadership

Types of Leadership Styles

10 Qualities of a Good Leader

Which is more effective Push or Pull marketing ?

Communication: Meaning, Definition, Features and Importance

Elements of Communication Process

Communication Channels | Formal and Informal

Formal Communication: Meaning, Types, Merits and Demerits

Informal Communication: Meaning, Networks, Merits and Demerits

Barriers to Effective Communication

Measures to improve Communication Effectiveness

Chapter 8: Controlling

Controlling: Nature, Importance, and Limitations

Relationship between Planning and Controlling

Process of Controlling

Chapter 9: Financial Management

Role and Objectives of Financial Management

Types of Financial Decisions

Investment Decision: Meaning and Factors affecting Investment Decision

Financing Decision: Meaning and Factors affecting Financing Decision

Dividend Decision: Meaning and Factors affecting Dividend Decision

Financial Planning: Objectives and Importance

What is Capital Structure?

Factors affecting the choice of Capital Structure

What is Fixed Capital and Working Capital?

Factors Affecting the Fixed Capital

Factors Affecting the Working Capital

Chapter 10: Financial Markets

15 articles

Financial Market : Meaning, Functions, and Classification

Instruments of Money Market

What is Capital Market?

Difference between Money Market and Capital Market

What are the different Methods of Floatation of Securities in Primary Market?

Difference between Primary Market and Secondary Market

What is Stock Exchange?

Trading Procedure on a Stock Exchange

Basic Stock Market Terms | Common Terms in Stock Exchange

Depository System: Meaning, Services and Constituents

Demat Account: Types, Importance & How to Open

What is National Stock Exchange of India (NSEI)?

What is Over the Counter Exchange of India (OTCEI)?

Difference between NSEI and OTCEI

Securities and Exchange Board of India (SEBI): Objectives and Functions

Chapter 11: Marketing

24 articles

Marketing: Features and Functions

Advantages and Disadvantages of Commercial Paper

Marketing Management Philosophies

Elements of Marketing Mix : 4Ps

What is Product Mix?

Classification of Products

Difference between Convenience Products, Shopping Products and Speciality Products

Difference between Consumer Products and Industrial Products

What is Branding?

Packaging: Levels, Importance and Functions

What is Labelling?

Price Mix: Meaning and Factors Affecting Price Determination

What is Place/Physical Distribution Mix?

Types of Distribution Channels

Factors Determining Choice of Channels of Distribution

Components of Physical Distribution

What is Promotion Mix?

Advertising : Features, Merits and Demerits

Objections to Advertising

Personal Selling: Features, Merits and Role

Qualities of a Good Salesman

Difference between Advertising and Personal Selling

Sales Promotion: Merits, Demerits and Activities/ Techniques

Public Relations (PR) : Meaning, Importance, Roles and Tools

Chapter 12: Consumer Protection

Consumer Protection: Meaning, Importance and Means

Consumer Rights and Responsibilities

Who is a Consumer?

Consumer Protection Act 1986 v/s Consumer Protection Act 2019

Redressal Agencies under the Consumer Protection Act, 2019

Remedies available to Consumers under Consumer Protection Act 2019

Study Material Overview:

Our CBSE Class 12 Business Studies material provides concise notes covering the entire syllabus, keeping in mind the chapter-wise weightage for exams. Our resources include solved board papers for practice, ensuring a comprehensive understanding of business concepts. Equip yourself for success with our study material.

What do we offer?

GeeksForGeeks has curated the best study material for CBSE Class 12 business studies by taking inputs from teachers and pass-out students. The study material is the best choice to revise class 12 business studies before exams. We have provided chapter-wise notes, with extra emphasis on the important concepts that are frequently asked in board exam papers. Along with notes, the study material also consists of the previous year's board question paper solutions so that students can know the correct method to answer a question. By the end of this study material, you will have completed the entire class 12 business studies syllabus and mastered all important concepts. You can also test your knowledge with the help of a sample paper.

Key Highlights of this Study Material:

Based on Latest NCERT Guidelines and update for the 2024-25 academic session.
The in-depth teaching of the most important topics of CBSE class 12 Business studies.
The use of images and infographics makes it a better choice than hand-written notes.
The study material is easily accessible through the use of the internet.
Practice and learn using sample paper and board paper solutions.

GeeksforGeeks breaks down complex ideas into easy-to-understand concepts. Very helpful.

With GeeksforGeeks, It become easy to understand class 12th Business Studies. Their easy explanations and helpful practical examples make studying less stressful.

Aryan Gupta

Easy to read and Understand. Great Business Studies learning Material

Rohan Singh

Class 12 Business Studies Guide: Clear, simple, and exactly what I need for exams.

How many chapters are in Business Studies Class 12?

There are 12 chapters in CBSE class 12 business studies. They are categorized into two parts- Part A and Part B. Part A contains 8 chapters and Part B contains 4 chapters.

Is it necessary to use the Class 12 Business Studies notes PDF?

CBSE class 12 business studies note pdf is useful when revising the entire syllabus, but our study material not only helps you revise the entire syllabus but it will also help you revise specific important topics.

What should be the study plan to ace the CBSE class 12 Business Studies board exam?

The study plan to ace your business studies board exam should be, learning and revising important topics from our study material. Practice the previous year's questions, and at last, be consistent and practice every day.

How does this study material help in learning CBSE class 12 business studies?

The study material provided here is an updated study material that compiles every important concept with practice examples and solutions. After completing this study material, you can easily score 95+ in your board exams.

Are NCERT solutions helpful for Class 12 Business Studies?

Yes, NCERT solutions provide detailed solutions to all questions in the NCERT textbooks and are very helpful.

How to effectively use study materials for Class 12 Business Studies?

To effectively use our class 12 business studies study material, understand the concepts, practice questions regularly, and solve previous years examination questions.

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Education /

Business Studies Class 12 Project: Marks Distribution, Topics, and More

Updated on
Jan 16, 2024

Looking for a Class 12 Business Project? CBSE has mandated students to prepare a project as part of the Class 12 Business Studies syllabus wherein they can conduct their own research, gather primary or secondary data and make inferences out of the results in a presentable way. If you are struggling to make a nice project and want to have good guidance, read on to find everything you need to know about the Business Studies class 12 project and BST project class 12 on marketing management , principles of management, stock exchange and more.

This Blog Includes:

CBSE BST Project Class 12 2023-24: Marks Distribution

CBSE Class 12 BST Project Topics 2023-24

Marketing management, elements of business environment , principles of management project in business studies, stock exchange, important guidelines, cbse bst project class 12 2023-24 : marks distribution.

The revised Business Studies Class 12 syllabus 2022-23 allotted 20 marks to the project work. Take a look at the distribution of marks for Class 12 Business Studies Project 2023-24:

Click here to download the official CBSE Class 12 Business Project Topics

Here are the best BST project class 12 topics:

Elements of Business Environment
Consumer Protection

Also Read: Controlling Class 12: Important Revision Notes

For this BST project class 12 on Marketing Management, The students can consider the following products and conduct research to gather information about the various aspects concerning the marketing of the product. Some of the most prominent and sought-after products are mentioned in the table below:

The students can choose either of the aforementioned or any of the products permissible by the teacher for their Business Studies Project. Taking any one of the products into consideration, the students will have to gather information on the following parameters.

Profit margin in percentage to the manufacturer, wholesaler and retailer
Packaging of the product
Selling price to the consumer
Promotion or marketing of the product
Identify the USP
Type/category of product
Grading and standardization
Channels of distribution

Also Read: Courses & Career Options in Commerce without Maths

In this topic of the Business Studies class 12 project, given below are the important elements of the business environment:

Changes witnessed in packaging and economic impact over the last few years in relation to products like fruits and vegetables, plastic/wooden furniture, milk, reuse of packages, packages as a means of advertisement, etc.
Reasons behind the changes in “ Coca Cola and Fanta in the 70s decade to Thums up and Campa Cola in the 80s decade to Pepsi and Cola in the 90s. ”
Changes in the patterns of export and import of different products.
The law, effects and implementation of the anti-plastic campaign.
Social factors affecting acceptance and rejection of an identified product (atta maker, dishwasher)
Effect of changes in the technological environment on employee behaviour.

Also Read: Top 20 Career Options in Commerce with Maths Stream

Under this subject of the Business Studies class 12 project, the students are required to visit any departmental store, fast food outlet or any industrial unit and perceive if applications like Fayol’s General Principles of Management or F.W. Taylor’s Scientific Management Techniques are applied or not. For clarification, have a look at the principles and techniques advocated by both the administrative gurus:

Also Read: Commerce Subjects in Class 12 [Download Updated PDF]

The students who opt for the third option in the business studies class 12 project will have to learn various aspects of the stock market, monitor the stock market trends and how calculate profit or loss in relation to stock. Through this topic, the students will be able to learn about the capital market and the sources of business finance along with a deep understanding of the concepts used in the stock exchange. Business Studies class 12 project will expect the students to work on the following parameters:

Create a brief report on the history of stock exchanges in India.
Prepare a hypothetical portfolio with a sum of INR 50,000 in any 5 top companies over a period of 20 working days.
Identify the reasons for fluctuations in prices, for example, change of seasons, strikes and accidents, political environment, the spread of an epidemic, international events, etc.
Find the value of the investments and update the portfolio accordingly through various graphical representations.

Also Read: Business Studies Class 11 Syllabus, Exam Pattern & More

Here are the official CBSE guidelines for the Class 12 Business Studies project:

The entire project must be completed between 25 to 30 pages
It is compulsory for class 12th students that the project must be handwritten
The project must be clubbed inside a neat and tidy transparent folder
Cover Page: Student information, School name and year
Index (List of Contents)
Acknowledgement and Preface
Introduction
Topic with a Unique Title/Heading
List of activities and planning done to gather information about the project (If any)
Observations from the places of visit
Conclusions
Photographs (if any)
Teacher’s remarks
Signature of the teachers

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Business Studies Presentation for Class 12

Book 1 - principles and functions of management, chapter 1: nature and significance of management, chapter 2: principles of management, chapter 3: business environment, chapter 4: planning, chapter 5: organising, chapter 6: staffing, chapter 7: directing, chapter 8: controlling.

Poonam Gandhi

R. K. Singla

NCERT Business Studies Part 1 and Part 2

Sandeep Garg

Rajat Arora

Book 2 - business finance and marketing, chapter 9: financial management, chapter 10: financial market, chapter 11: marketing management, chapter 12: consumer protection.

Oswaal One For All

Oswaal Q. Bank

Oswal Gurukul

Rachna Sagar

NCERT B. Studies I

NCERT B. Studies II

All Subjects Textbooks and Refreshers available

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Planning Class 12 Notes CBSE Business Studies Chapter 4: Full Explanation
Revision Notes

Revision Notes for CBSE Class 12 Business Studies Chapter 4 - Free PDF Download

Business Studies is a significant subject in the Class 12 Commerce syllabus. Studying this subject is very essential for those students who are willing to pursue a career in commerce, business management, chartered accountancy, business administration, etc. The 4 th chapter in this subject is Planning. It is extremely vital to learn this chapter and prepare a foundation of knowledge. This knowledge will then be used later to study subjects in advanced professional courses.

Vedantu has developed Class 12 Business Studies Chapter 4 revision notes in accordance with CBSE standards to make it simpler for students. To make your study plan more comfortable, you may access these notes at any moment. You may simply prepare the chapter and proceed to an advanced level by utilizing these notes as reference material. The topics clarified in these revision notes will increase your score. Why wait then? Check out the quality of the revision notes Class 12 Business Studies Chapter 4 and revise properly before an exam.

Download CBSE Class 12 Business Studies Revision Notes 2023-24 PDF

Also, check CBSE Class 12 Business studies revision notes for other chapters:

Related Chapters

Access Class 12 Business Studies Chapter 4 – Planning Notes

“Planning is an intellectual process, conscious determination of course of action, the basing of decision on purpose, facts and considered estimates.”

Koontz O'Donnell

Planning entails deciding what to accomplish and how to accomplish it ahead of time. It is a fundamental managerial function.

It entails establishing goals and devising strategies for achieving them.

The plan that is created must be completed within a certain time frame, yet time is a limited resource. It should be used with caution.

Importance of Planning

Planning Provides Directions: Planning provides guidance for action by defining how the task will be done in advance. Planning ensures that goals are clearly specified so that the best course of action may be devised. Once the strategies are in place, the department and individuals may work together.

Planning Reduces the Risk of Uncertainty: Planning is a task that allows the management to see into the future and predict changes. Changes and occurrences cannot be avoided, but managers may anticipate them and adapt their strategies accordingly by deciding plans and courses of action ahead of time.

Planning Reduces Overlapping and Wasteful Activities: The basis for coordinating the actions and efforts of several divisions, departments, and individuals is planning. It eliminates ineffective and unnecessary activities, prevents misunderstandings, and assures clarity of thinking and action.

Planning Promotes Innovative Ideas: The first role of management is planning. Managers are given the opportunity to generate fresh ideas, which can then be turned into tangible strategies. It directs all future actions that will lead to the company's growth and prosperity.

Planning Facilitates Decision Making: Setting goals and forecasting future situations are all part of planning, which aids in making sensible judgments among various options.

Planning Establishes Standards for Controlling: Planning establishes the benchmarks against which actual performance is assessed. As a result, planning is a must for controlling.

Features of Planning

Planning Focuses on Achieving Objectives: Organizations are formed with a certain goal in mind. The goals, general and specific as well as the strategies and activities to attain these goals, are established by organizations under the planning function.

Planning is a Primary Function of Management: Planning lays the groundwork for all other management tasks, without planning no other function can take place.

Planning is Pervasive: Planning is required in all types of organizations, at all the levels of management, as well as all the departments within the organization. Though at different levels and for different departments, the extent of planning varies.

Planning is Continuous: The planning cycle is linked to planning continuity. It indicates that a strategy is devised, implemented, and then followed by another strategy, and so on. Hence planning keeps on going, and is a never ending process.

Planning is Futuristic: The goal of planning is to efficiently meet future occurrences to an organization's benefit. Planning entails predicting future events and situations and making plans based on those predictions.

Planning Involves Decision Making: Choosing among a variety of options and activities is the essence of planning. There is no need to plan if there is just one conceivable aim or course of action because in that case no planning or decision making is required.

Planning is a Mental Exercise: Planning necessitates the use of the mind and foresight. Rather than guesswork, planning is an intellectual activity that necessitates logical and organized thought.

Limitations of Planning

Planning Leads to Rigidity: A well-defined plan is drawn up in an organization with specified goals to be reached within a specific time frame, but managers may not be able to amend it. Managers must be given some flexibility to react with changing conditions because the corporate environment is dynamic.

Planning May Not Work in a Dynamic Environment: Planning is based on anticipating future events, and because the future is unpredictable and dynamic, the organization must react to changes. However, planning will not be able to adequately predict future events.

Planning Reduces Creativity: Top management plans and intermediate management executes the plan, but they are not allowed to depart from the plan, limiting the creativity of these managers.

Planning Involves Huge Costs: The plan's formulation entails a significant financial investment. To determine data, detailed strategies necessitate scientific computations. The costs of preparation may not always be justified by the benefits gained.

Planning is Time Consuming: Many factors must be considered when developing a strategy, making it a lengthy process.

Planning Does Not Guarantee Success: Only carefully planned and implemented plans can lead to the success of a business. Managers are prone to implementing previously successful ideas, but a plan that worked in one context may not work in another.

Planning Process

Setting Objectives:

Specify the goals that the company wishes to attain.

Establish goals for the overall organization, as well as individual departments, units, and personnel. Clearly state the organization's objectives and define how all departments will contribute to the overall goals.

Objectives must be communicated to each unit and to personnel at all levels so that they are aware of how their actions contribute to the achievement of the goals.

Managers must engage in the goal-setting process and give ideas.

For example, setting sales goals, launching a new product, or expanding into new markets.

Developing Premises:

Because planning is a future-oriented activity and the future is uncertain, managers must make certain assumptions while creating organizational plans

These assumptions about the future are referred to as premises, and they serve as the foundation for creating plans.

All planning managers should be familiar with the same assumption, and they must all agree on it.

Internal and external factors that affect the planning are

External : Even a well-run corporation may not be able to survive in a terrible economy. Customers will spend less on sports, recreation, presents, luxury products, and new automobiles if they lose their employment or take positions that are barely enough to support them. Credit card interest rates that are too high can deter clients from spending. Although you can't control the economy, knowing how it works can help you detect risks and opportunities. Hence the firm needs to have a constant eye on the external environment.

Internal: Employees play a significant role in the internal environment of a firm. Whether they're creating code or selling things to strangers, the employees must be good at what they do. Managers must be capable of managing lower-level personnel as well as controlling other aspects of the workplace. Internal politics and disagreements can destroy a good organization, even if everyone is skilled and talented. Internal factors also includes suppliers, customers, etc.

Forecasting, for example, is a technique for accumulating data to create premises. For various goals, an organization employs numerous forecasts such as policy changes, new markets, product demand, and so on.

For successful plans, forecast accuracy is required.

Identifying Alternative Courses of Action:

After the objectives have been established, assumptions are formed, and different courses of action are chosen.

Managers must identify all possible courses of action for accomplishing the organization's objectives.

The course of action could be standard or novel. By integrating more people and sharing their ideas, an innovative course can be implemented.

For example, A business planned based on your idea, like a startup of a café is a smart establishment. This requires a populated area where school, colleges or offices are nearby in order to make it a profitable business.

Evaluating Alternative Courses of Action:

The next stage is to weigh the benefits and drawbacks of each prospective course of action.

Each proposal's positive and negative characteristics must be assessed considering the goals to be met.

For example, in financial decisions, the risk-return trade-off is critical. The larger the risk, the higher the return. To assess such suggestions, extensive calculations of earnings, taxes, earnings per share, and dividends are performed, followed by a judgement.

Selecting the Best Alternative:

From all the options, the best strategy is chosen and implemented.

The optimal strategy is the one that is the most practicable, profitable, and has the fewest drawbacks.

Because a mathematical analysis is not possible in most plans, the manager's expertise, judgement, and intuition play a vital part in determining the best viable option.

Rather than choosing the optimal option, a combination of plans may be chosen.

Implementing the Plan

In this step, the best plan is implemented, i.e. the plan is put into action.

Managers start organizing & assembling resources for implementing the plans.

For example, if output is to be increased, more labour and machinery will be necessary. This phase would also entail the hiring of more labour and the acquisition of new machinery.

Follow Up Action

It entails keeping track of the plans that have been implemented and ensuring that the actions are being carried out on time.

Continuous monitoring is required to identify deviations from plans, and corrective action is required to meet organizational goals.

Types of Plan

A plan is a commitment to taking a certain course of action to achieve specific goals. Depending on the use and length of the planning period, plans can be categoried into many types.

Single-use and standing plans are the two types of plans available.

Single Use Plan

A single-use plan is a set of instructions designed to handle a one-time only problem. It was created for a one-time endeavour or event with a single goal in mind.

A plan like this is made to satisfy the requirements of a certain situation.

A single usage plan's duration varies based on the type of project; for example, a single event plan may last one day, but a single project may last one week or months.

Single-use plans can't be reused because they're no longer useful once they've accomplished their goal. Budgets, programmes, project reports, and other documents are examples.

Standing Plans

Standing plans are used for actions that occur on a regular basis over time.

It is created once and retains its worth over time as it undergoes changes and upgrades.

It is created once and then adjusted as needed to satisfy business requirements.

Policies, procedures, methods, and norms are all part of the standing plans.

Plans Can Be Classed Into the Following Categories Based on What Goals the Plan Desires To Achieve.

Objectives:

Objectives are the desired outcomes that management hopes to attain through its activities.

They could be intended to reflect the anticipated future position that management aspires to. Setting organizational objectives is the first and most important phase in the planning process.

Objectives must be in stated terms, i.e., they must be quantifiable and documented in the form of a written declaration of desired outcomes to be achieved within a certain time frame.

For example, a 20% return on investment, a 10% increase in sales target, and so forth. The objectives should be achievable, and realistic.

Strategy refers to long-term decisions that define an organization's direction and scope.

These are the plans that an organization develops to deal with a variety of conditions, threats, and opportunities.

Internal strategy refers to the process of an organization's managers developing a new business strategy, whereas external strategy refers to the process of developing strategies in response to competitors' strategies.

For example, selecting an advertising medium, distribution networks, and so on Mainly strategy formulation takes place at three levels

Corporate level

Business level

Function level

Policies are broad statements that direct people's thoughts or energies in a specific direction. It serves as a foundation for interpreting strategy..

Policies exist for all levels and departments within an organization, including large and small policies.

Policies establish the boundaries within which a management can operate.

They are adaptable because they can be altered as needed.

For example, selling things on a cash-only basis, single source purchasing, and so forth.

Procedures are step-by-step instructions that specify how a task should be completed.

They specify which tasks should be completed in which order.

In general, the sequence of actions to be taken is to implement a policy and achieve predetermined goals.

For example, a company's recruitment procedure.

Rules are specific statements that specify what should and should not be done in situations.

Rules are rigid and do not allow for flexibility, ensuring organizational discipline.

For example, ‘Smoking is prohibited in the office.'

Methods describe the prescribed ways or manners in which a work can be completed considering the goal.

Choosing the right solution saves time, money, and effort while increasing efficiency.

The methods are adaptable.

For example, numerous training methods used by an organization to train its personnel, such as apprenticeship training, induction programmers, and so on.

A programme may include a complete list of project objectives, policies, processes, regulations, tasks, and the physical and human resources needed to carry out any course of action.

A budget is a numerical description of expected results for a specific time in the future.

For example, a sales budget, a production budget, research and development budget, master budget, cash budget etc.

Planning: Class 12 Business Studies Chapter 4 Revision Notes Summary

Planning is probably the most important term in the student’s life. Proper planning helps a student to achieve his goals by accomplishing every step in it. This simple concept has been modulated according to business studies, an important subject in the Class 12 Commerce syllabus. In order to make this chapter easy to study, the experienced commerce teachers in the team have scripted these revision notes so that every student can relate to the concepts easily. it will become a lot easier to study and understand the concepts of planning with the help of Class 12 Business Studies revision notes solution Chapter 4. Let us take a precise look into the subject matter of these revision notes.

In these revision notes, every section of the chapter has been properly described and explained using simpler language so that all the students can understand easily. The definition and explanation of planning will surely facilitate the learning of this chapter. Here, you will find the importance of planning in business. It is done to reduce the risks appearing while doing a business. Every phase of a business requires proper planning. Studying this chapter will also make the students more efficient in their personal life. Every feature of Planning will be discussed in the Business Studies Class 12 Chapter 4 revision notes. It is a futuristic step that helps a business to identify risks beforehand, to figure out the necessary steps, and to forecast growth. It is also a continuous process that certainly impacts future events. As you can see that every step in business needs planning. Hence, it can be concluded that planning is dynamic. A plan changes according to the outcomes and consequences of previous steps.

As per the Class 12 notes Planning, another important factor is making a decision. A plan can only be executed when a proper decision is made. It all depends on the competency and potential of the decision-maker. In fact, the decisions will be influenced by several factors such as awareness of the situation, how a person reacts, and what resources he has to deploy. Planning is and always will be the primary function of Business Studies and Business Management. Utilizing the Class 12 Business Studies Planning revision notes will become mandatory to grab hold of the advanced concepts.

It will describe how a person should focus on the goals and systematically achieve them one by one. An objective should be there to provide a base for every plan. The strategic development of a business totally depends on the plans and decisions made. In this revision note, you will also study how a logical and systematic approach can influence and decide the outcome of a plan. Delve deeper to learn more about the limitations regarding planning to understand the threats and weaknesses. This is where Planning Class 12 Business Studies revision notes will come in very handy.

Important Topics Covered Under Chapter 4 of CBSE Class 12 Business Studies

Some of the important topics or concepts discussed in this chapter are listed below:

Meaning of planning

The importance of planning

The features of planning

The limitations of planning

The planning process

Types of plan

CBSE Class 12 Revision Notes and Key Points

Chapter 4 - Planning of Business Studies is one of the important chapters for the CBSE Class 12 students as this chapter mainly deals with the basic managerial function that is planning. The students facing difficulty in understanding the concepts related to planning can refer to the Revision Notes pdf of Chapter 4 to clear their doubts. These concepts have been explained in a simple and easy language which will help students to have an in-depth knowledge of the concepts.

Our commerce specialist lecturers develop the revision notes to give you with the highest quality study resources. Students may use these review notes for last-minute revision immediately before the test, which will help them enhance their Business Studies results. Visit Vedantu's website or download the app for the greatest learning experience and more excellent study resources such as Crucial Questions for Class 12 Business Studies and NCERT Answers for Class 12 Business Studies.

Conclusion

In the CBSE Business Studies Class 12 chapter "Planning," students are introduced to the concept of planning as a crucial function of management. Planning involves setting goals, determining strategies, and developing action plans to achieve organizational objectives.

The comprehensive notes provided for Chapter 4: Planning in CBSE Business Studies Class 12 offer a detailed explanation of the key concepts and processes involved in effective planning. These notes cover topics such as the importance and benefits of planning, the planning process, types of plans, and the limitations of planning.

By studying these notes, students gain a thorough understanding of the significance of planning in an organization's success. They learn how to set SMART (Specific, Measurable, Achievable, Relevant, Time-bound) goals, analyze the business environment, formulate strategies, and create detailed action plans. Moreover, the notes shed light on the potential challenges and limitations faced during the planning process.

FAQs on Planning Class 12 Notes CBSE Business Studies Chapter 4: Full Explanation

1. What are the types of plans in business studies?

In business studies, plans can be commonly categorized into single-use plans and standing plans. The types of plans are listed below.

Objectives

2. What are the important topics covered in the CBSE Class 12 Business Studies Revision Notes Chapter 4- Planning?

The important topics covered in the CBSE Class 12 Business Studies Revision Notes Chapter 4- Planning are as follows.

Definition, Meaning, and Importance of Planning

All the topics covered in the chapter on Planning are very interesting and have immense applications in business. Students should learn and understand these topics thoroughly to answer all the questions from this chapter in exams.

3. Are the CBSE Class 12 Business Studies Revision Notes Chapter 4- Planning available on Vedantu reliable?

Yes, the CBSE Class 12 Business Studies Revision Notes Chapter 4- Planning available on Vedantu are very reliable. Vedantu is among India’s leading e-learning platforms and our students vouch for the relevance and reliability of these Revision Notes. Our subject-matter experts have compiled the CBSE Class 12 Business Studies Revision Notes Chapter 4- Planning after a thorough research and analysis of the CBSE Class 12 Business Studies syllabus and previous year question papers. Every topic covered in CBSE Class 12 Business Studies Chapter-4 Planning is explained in a simple yet interesting manner in these solutions. So, students can rely upon these revision notes for their exam preparation.

4. Can I download the CBSE Class 12 Business Studies Revision Notes Chapter 4- Planning for free?

Yes, you can download the CBSE Class 12 Business Studies Revision Notes Chapter 4- Planning absolutely free of cost from Vedantu. These revision notes are available in PDF format on our website and mobile application. So, all you need to have is an internet connection and access to any digital screen to get the best revision notes on CBSE Class 12 Business Studies Chapter 4- Planning. You can also take a printout of these revision notes after downloading them as per your convenience.

5. What is planning in Class 12 Business Studies Chapter 4?

Planning, as discussed in Chapter 4 of Class 12 Business Studies, refers to thinking in advance about what, when, how and by whom a particular task is to be performed. Planning, in other words, means to devise an action strategy to reach the desired objective or goal. Without action or implementation of this thought out strategy, the goal can't be achieved. Thus, action or implementation is an important factor to make a plan successful. To know mte about planning, download the vedantu app.

6. What are the steps of planning Class 12?

The first step of the planning process involves obtaining clarity about the ultimate objective or goal of planning. The second step is to devise premises i.e., draw assumptions about the plausible future situation with the aid of the forecast information. The third and fourth steps are the identification and evaluation of the alternative courses of action respectively. The fifth step is to choose the best alternative action to reach the desired objective. The sixth step involves the actual implementation of this plan. The final step of planning is the follow-up action from time to time during the implementation of the plan.

7. What is the focus of planning Class 12?

The primary focus of planning is to successfully achieve the target/goal/objective. For any business or organisation to prosper, the set targets have to be achieved. In any institution, the main focus of planning is to devise strategies to reach a particular goal. Planning also focuses on futuristic perspectives. For instance, good business planning is undertaken while keeping in mind the market situation in the coming future to make the best planning decisions.

8. Can you please provide a detailed Stepwise Study Plan to ace Class 12 Business Studies, Chapter 4 - “Planning”?

To ace Class 12 Business Studies, Chapter 4 - “Planning”, first, read the chapter from the standard NCERT textbook thoroughly. This chapter will become easier to retain if you obtain conceptual understanding instead of rote learning the concepts. After reading and understanding the chapter, solve the NCERT questions from this chapter. Clear all doubts as soon as possible. Take your preparation to the next level by referring to Vedantu's Revision Notes for this chapter.

9. What are the real-time applications of Class 12 Business Studies, Chapter 4 - ‘Planning?’

The application of Class 12 Business Studies, Chapter 4 - ‘Planning,' can be easily seen in our day to day lives. Planning is the very foundation of a clarity-driven life. No matter whatever career we are pursuing or whatever task needs to be done, planning is crucial everywhere. The topics covered in this chapter have practical applications. For instance, the steps of planning given in this chapter are undertaken in real life by every business to maximize its profits.

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What Is Competitive Intelligence?

The term competitive intelligence describes your capacity to collect, analyze, and leverage actionable data and insights on competitors, clients, and market forces or other business attributes that can help your company create competitive advantage. It’s a crucial compass to watch when making strategic decisions, as it provides you with details into competitive landscapes and analysis of industry trends, as well as rivals’ market shares, product features, and marketing strategies. The term "competitive intelligence" generally describes research done on the marketplace, competitors, industry dynamics, products, and other areas of interest with an eye towards boosting your ability to compete.

The Importance of Competitive Intelligence in Business

The practice of implementing a competitive intelligence strategy is important because, as you set about building your business , you aren’t doing so in a vacuum. Rather, a host of competitors, emerging trends and market conditions can impact your organizational effectiveness as well. That’s why gathering strategic competitive intelligence and collecting and analyzing data on rivals’ activities can be critical. Doing so not only allows you to better comprehend the market landscape in which you’re playing. It can also allow you to:

Understand market dynamics and trends
Identify emerging opportunities and challenges
Compare and contrast your efforts with those of competitors
Pinpoint new opportunities and new audiences to serve
Make more informed business decisions

“It pays to keep your eyes and ears open to see what’s going on out there,” notes Levetan, who says that doing so doesn’t have to necessarily be a difficult or time-consuming activity to pursue, either.

“From attending trade shows to see what products and solutions are on the rise to tuning into free online webinars that partners provide, it helps to always be learning. Even going to local networking events and discussing what marketing strategies are working with other small-business owners or polling customers to get their thoughts can provide helpful ideas and insights.”

Key Components of Competitive Insights

As part of your efforts to gather and analyze competitor intelligence, you’ll want to stay attuned to several variables. Doing so can not only help you better plan ahead and design winning business strategies. It can also help you maximize efforts to establish and maintain competitive advantage. For example, you’ll want to implement solutions such as:

Customer Analysis

Leveraging tools such as polls, surveys, and market research can help you better understand customers’ wants, needs, and pain points. So too can feedback and social media commentary help you better tune in to what’s driving clients’ business decisions. In effect, listening to your customers is a core aspect of the practice of gathering strategic competitive analysis. Insights gained through these efforts should inform the shape of products, services, and marketing campaigns to enhance targeting and client impressions.

Product Analysis

It’s not only important to monitor your present-day product development efforts to ensure that they’re aligned with current market conditions and customer needs. You’ll also want to gather competitive insights that can help you future-proof your company by offering a better understanding of where the market is trending. Performing a product analysis can give you a better sense of how your offerings stack up against the competition’s – and where room for improvement and innovation, or opportunity to target different audiences and markets, exists.

“As fast as things are changing out there, it helps to keep one eye out for how product and service trends are evolving. You also need to stay up to date on how customer preferences are changing, too, if you want to maximize your odds of staying a profitable business.” —Josh Levetan, co-founder, LV Pros

Industry Analysis

No effort at assembling competitor intelligence is complete without running a full industry analysis either. Doing so provides a comprehensive look at sector dynamics, key players in any given space, and the relationships and regulations that govern the market. Insights gained here should provide a better sense of where opportunities and challenges exist – and how to craft your business models, strategic investments, and operating plans accordingly.

Market Analysis

Running an analysis on the marketplace also helps you identify emerging market trends , better target customers, and make strategic decisions that support the growth of your business and its market share. As part of these efforts, you can gain deeper insights into how the industry may evolve going forward, and you can adapt your company’s strategies and solutions in turn to match.

Applying Competitive Intelligence in Business Planning

It’s one thing to institute a competitive intelligence strategy, another to bring all the research and analysis that you’ve been running together to create actionable impact. On the bright side, leveraging competitor intelligence to shape business, product, and marketing strategy doesn’t have to be difficult when you actively apply learnings in context. You can more effectively address complex competitive environments and future-proof against economic or geopolitical uncertainty when you incorporate research and analysis into your strategic planning process.

Developing Effective Marketing Strategies

Via a combination of surveys, polling, and both actively listening to customers and monitoring rivals’ promotional efforts, you can enhance your marketing strategies. Likewise, implementing an ever-growing suite of customer relationship management and data management tools and solutions can provide helpful learnings and insights that can better inform the shape of promotional programs. In other words, by applying market research and market intelligence to stay better attuned to industry trends and customer expectations, you can design marketing and advertising campaigns to better resonate and connect. The most successful firms seamlessly interweave market research and competitive intelligence programs with business processes to know what outreach strategies to deploy and when, as well as how to present and package them – and which specific channels through which to deliver them. A variety of free and paid online tools can help you gain and leverage deeper insights into the marketplace to create promotional programs that better resonate with target demographics.

Enhancing Sales Strategies and Performance

Armed with a competitive intelligence strategy, you’ll gain greater visibility into the shape of competitive environments and be able to make better strategic decisions about how to position and promote your offerings. In effect, selling solutions to your customers becomes much easier when you understand their wants and needs, and are more intimately aware of the day-to-day challenges they face. Competitor intelligence efforts, tools, and platforms of varying kinds (including both free and paid solutions) can give you clearer visibility into how to better target prospects and package your products and services to sell. Likewise, data management and predictive technology platforms can also provide you with a better sense as to what solutions your customers may be interested in going forward – even if customers aren’t actively aware of these needs currently themselves.

Supporting Strategic Decision-Making

Nowadays, it’s more important than ever to be gathering, analyzing, and distilling data-driven insights into actionable strategic solutions. That means having to institute data collection, analysis, and visualization tools into business processes up and down the board, with every customer or market interaction your business engages in a potential source of insight. Conducting regular analysis of competitor intelligence can help you distill information into actionable insights, and proactively adapt your business strategies. Engaging in these practices not only helps you become more agile in terms of planning for or responding to shifts in the marketplace, it can also enable you to more rapidly build a competitive edge.

Challenges and Considerations in Competitive Intelligence

It’s critical that you leverage trusted, standardized, and accurate sources of data when making decisions. Likewise, it’s just as important that you make a point to boost your organization’s data literacy rates and learn to ask smarter questions, as information isn’t particularly useful from a strategic standpoint unless it’s applied in proper context. There are also legal and ethical concerns to be aware of, as well as privacy-related laws and issues. Overall, it pays to remember: details and fact-checking efforts matter when it comes to operating in a world of data-driven decision-making.

“You’ve got to get your facts straight and be sure you’re not operating off flawed data or assumptions,” says Levetan. “That typically means having to dig deeper into any given trend or theory to see if there’s a root cause or concern behind it. These days, it’s important to not take anything at face value without doing more research. Hopefully when you’re considering testing out a new marketing strategy or business theory, you’re starting out small and prototyping ideas cost-efficiently, too.”

Leveraging Competitive Insights for Market Fragmentation

Competing and winning in an increasingly more fragmented marketplace can require business owners and operators to think more strategically and stay better attuned to competitor intelligence. By designing and implementing a smart competitive intelligence strategy across your full range of operations, you can make your business more flexible and adaptable, and stay more in tune with changing times and trends.

“If there’s one constant in the world of business, it’s that things can and will change – and often change quite frequently,” says Levetan. “The more informed and aware you are, the better equipped to deal with whatever the future brings that you’ll typically be.”

Photo: Getty Images

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A Gen X mom makes $25,000 at Applebee's and can only afford one meal a day. She's one of many Americans who live paycheck to paycheck but don't qualify for government help.

Cherie Tobias, 48, lives above the poverty line but struggles to afford necessities, like food.
She's considered an ALICEs — asset-limited, income-constrained, and employed.
Tobias makes $25,064 as an Applebee's server but can't pay for medicine and electricity.

Cherie Tobias, 48, hasn't been grocery shopping in over a year because she can't afford it.

She's a server at an Applebee's in Hastings, Michigan, and works at least 40 hours a week for $25,064 annually, per documents viewed by Business Insider. Still, Tobias said people "aren't tipping like they used to," and most of the time, she can only afford one meal a day.

As the main income earner for her household, Tobias works to support her 19-year-old son, her fiancé, and her fiancé's mother. She struggles to pay her bills and typically is only able to eat something when she uses her employee discount at Applebee's or has enough money to buy a few stand-alone ingredients at a time from the store.

Tobias said her financial situation makes her feel "hopeless, desperate, defeated, and ready to give up." Still, because her income technically places her above the federal poverty line , she doesn't qualify for government assistance.

"I make too much to get help," she told Business Insider.

Tobias is one of a growing number of Americans who are ALICEs — people who are asset-limited, income-constrained, and employed. Many ALICEs make too much money to qualify for government assistance programs like SNAP benefits but don't make enough to afford daily life in the US comfortably.

The federal poverty line is $20,440 a year for a family of two, and is not adjusted to reflect cost-of-living differences in individual cities or states. Many ALICEs live paycheck to paycheck .

About 29% of US households are ALICEs, compared to 13% of Americans who live below the federal poverty level, according to the Census Bureau's American Community Survey data and cost-of-living estimates analyzed by United Way's United For ALICE program.

And, guaranteed basic-income programs — which are being tried in cities across the US — typically only apply to families living below the poverty line.

For Tobias, her economic position feels like being stuck in a cycle of asking for help that never arrives.

Tobias works full-time but struggles to afford utilities and healthcare

Electricity and mortgage bills are Tobias' top expenses. Her fiancé is disabled, and all of his disability payments go toward paying for the couple's house.

Tobias said she is responsible for covering her family's other needs, and she just received a "shutoff notice" for her electricity in the mail. She's hoping to file for state emergency relief so she can keep her lights on.

Because of a car accident a few years ago, Tobias also has health issues. She has Medicaid, but her income level means she doesn't qualify for strong coverage.

And, any financial assistance she had from pandemic relief funds is no longer available, she said.

Applebee's doesn't provide Tobias with health insurance and she can't afford her own plan — she estimates she spends $2,000 on out-of-pocket healthcare costs a month, which includes buying prescription medications. On her last trip to the pharmacy, Tobias said she was only able to afford one of the three prescriptions she needed.

Soon, if she can afford it, Tobias hopes to move her family out of Michigan and find stability somewhere else. She has a college degree and has submitted almost 50 job applications but hasn't been hired yet.

Stability for Tobias would mean opening the cupboard knowing there's food there for the day, she said. She would also be grateful to go to the pharmacy and pick up all of her necessary medicine in one trip.

She wishes there was more support for people in economic positions like hers.

"We need help, especially those of us that are trying to go to work every day," Tobias said. "No matter how we feel, no matter how much pain we're in, we're going to try to push through to provide — but we go home defeated."

Are you making above the poverty line but still struggling to afford daily life? Reach out to this reporter at [email protected] .

Watch: The human cost of your cheap flowers

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Business Studies for Class 12 Chapter 4 Planning Index Terms

Learn cbse business studies index terms for class 12, chapter 4 including definitions and meanings.

1. Planning – Planning centres around accomplishing objectives. Organisations are set up with a universal purpose in view. Planning makes these objectives explicit and states activities are to be embraced to achieve these objectives. Planning is an essential capacity, and it sets out the base for all functions of management.

In other words, planning is the process of creating a structure in advance regarding the work that needs to be done. It is helpful in defining the goals and objectives that need to be achieved by an individual or organisation. Therefore, it involves a series of steps that are bound logically.

2. Goals – A business goal is the terminus, achievement, focus, or objective of an association that it wants to accomplish for a short period of time or a long period of time. Business goals can take various structures or forms and be persuasive or aspirational. For example, driving an organisation toward a predetermined goal like improved client care.

3. Planning Process – Planning is ascertaining prior to what to do and how to do it. It is one of the primary managerial duties. Before doing something, the manager must form an opinion on how to work on a specific job. Hence, planning is firmly correlated with discovery and creativity. But the manager would first have to set goals. Planning is an essential step that managers at all levels take. It requires making decisions since it includes selecting a choice from alternative ways of performance.

4. Single-use Plans – As the term suggests, a single-use plan is formed for a short period of time, and after the completion of the project or assignment, this plan is discarded. Since they are formed for a specific reason or a project, situation, or for assignment, they do not have a wider scope. Single-use plans are one-time plans that are not utilised repeatedly. For example, budgets and objectives.

5. Standing Plans – Standing plans are formed for a long period of time. It has a wider scope as standing plans involve the entire organisation under its purview. Standing plans are repetitive and recurring in nature. For example, methods, procedures, and policies.

6. Objectives – Management is accountable for establishing and attaining objectives for the company. It has to deliver a variety of objectives in all operations contemplating the interest of all shareholders, including stakeholders, consumers, the government, and employees. The principal objective of any company must be to use material and human resources to the maximum potential benefit, that is, to meet the financial objectives of a firm, and they are survival, profit, and growth.

7. Strategy – Strategy is a cycle that can permit an organisation to focus its limited assets on the best chances to build sales and accomplish competitive advantages in the market. A business strategy is a clear-cut arrangement of plans, activities, and objectives that traces how a business will contend in a specific market, or markets, with a product or number of products or services.

8. Policies – Business policy characterises the spheres or scope inside which choices can be taken by the subordinates in an organisation. Business policies are the rules created by an organisation to administer its activities. They characterise the cutoff points inside which decisions should be made.

9. Procedures – Procedures are a sequence of steps undertaken to complete a certain activity. It describes the exact manner in which an activity is performed. In other words, procedures are a stipulated sequence of a course of action for handling activities. They are specified in chronological order and are designed to execute policies and achieve objectives. For example, the procedure may be for the purchase of raw material, selection of employees, redressal of grievances, etc., and there may be a procedure for requesting supplies for production.

10. Rules – Rules are specific statements that inform what is to be done. They do not allow any flexibility or discretion. It reflects a managerial decision that a certain action must or must not be taken. Rules generally refer to the administrative area of the procedure. They serve as guides and do not leave any scope for discretion.

11. Method – A method characterises the manner or way where a specific undertaking or task can be performed. It thinks about one stage of a whole strategy and characterises the steps to be taken to the finishing of the given assignment.

12. Programme – A programme is a unique and transient key undertaking, attempting to accomplish an advantageous change and consolidate a group of related tasks and routine business activities.

13. Budget – A budget is an assessment of income and expenses over a predetermined future time frame and is generally gathered and reconsidered on an occasional premise. Financial planning or budgeting can be made for an individual, a business administration, the government, or for a group of people, or almost anything else that makes and burns through liquid assets.

14. Decisions – A decision is a cycle that is intentionally browsed among a bunch of wanted choices or options to accomplish the desired outcome. Decision-making is viewed as one of the main undertakings of management. The manager assumes an essential part in serving their choices or decisions, as the development and failures of a business association are reliant upon opportune decisions taken. Each administrative decision, like organising, staffing, directing and planning, are all sub-portions of decision-making.

15. Standards – Standards are agreed, documented, harmonised, and repeatable methods of operating. Standards comprise technical guidelines or other specific criteria outlined consistently as a definition, rule or plan. They assist the organisation in making better decisions which increases soundness and effectiveness.

16. Premises – Premises is usually where an individual, organisation, or government conducts its business. Premises is where an organisation owns the land and building and other necessary assets to conduct its business.

17. Assumptions – Assumptions are thoughts or ideas that one attempts to be valid prior to decision-making. Assumptions are likewise made in organisations for fostering a methodology, planning and taking decisions. These guesses are usually normalised as revelation or disclosure of risks and vulnerability.

18. Alternatives – Alternatives are the strategic pathways that can be taken by an organisation at a given point or in the course of business life. Alternatives are centred on three categories that are restructuring within the organisation to make more profits, selling its business at the time of heavy losses, and at the expansion stage in the growth stage.

We hope that the offered Business Studies Index Terms for Class 12 with respect to Chapter 4: Planning will help you.

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