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Management
Fifteenth Edition, Global Edition
Chapter 8
Foundations of Planning
Copyright © 2021 Pearson Education Ltd.
Copyright © 2021 Pearson Education Ltd.
Learning Objectives
8.1 Define the nature and purposes of planning.
8.2 Classify the types of plans organizations might use.
8.3 Identify the key contingency factors in planning.
8.4 Compare and contrast approaches to objective setting.
8.5 Discuss contemporary issues in planning.
Copyright © 2021 Pearson Education Ltd.
What is Planning?
• Planning: management function that involves setting
goals, establishing strategies for achieving those goals,
and developing plans to integrate and coordinate work
activities
• Formal planning
– Specific, time-oriented goals
– Goals written and shared
Copyright © 2021 Pearson Education Ltd.
Why Do Managers Plan?
• Provides direction
• Reduces uncertainty
• Minimizes waste and redundancy
• Establishes the goals and standards for controlling
Copyright © 2021 Pearson Education Ltd.
Planning and Performance
• Formal planning is associated with positive financial results
• Quality of planning/implementation more important than
the extent of it
• External factors can reduce the impact of planning on
performance
• Planning-performance relationship seems to be influenced
by the planning time frame
Copyright © 2021 Pearson Education Ltd.
Goals and Plans
• Goals (objectives): desired outcomes or targets
• Plans: documents that outline how goals are going to be
met
Copyright © 2021 Pearson Education Ltd.
Exhibit 8.1 Types of Plans
Exhibit 8.1 shows the most popular ways to describe organizational plans.
Copyright © 2021 Pearson Education Ltd.
Strategic and Operational Plans
• Strategic plans: plans that apply to the entire organization
and establish the organization’s overall goals
• Operational plans: plans that encompass a particular
operational area of the organization
Copyright © 2021 Pearson Education Ltd.
Long-term and Short-term Plans
• Long-term plans: plans with a time frame beyond three
years
• Short-term plans: plans covering one year or less
Copyright © 2021 Pearson Education Ltd.
Specific and Directional Plans
• Specific plans: plans that are clearly defined and leave no
room for interpretation
• Directional plans: plans that are flexible and set out
general guidelines
Copyright © 2021 Pearson Education Ltd.
Exhibit 8.2 Specific Versus Directional Plans
Copyright © 2021 Pearson Education Ltd.
Single-Use and Standing Plans
• Single-use plans: a one-time plan specifically designed to
meet the needs of a unique situation
• Standing plans: ongoing plans that provide guidance for
activities performed repeatedly
Copyright © 2021 Pearson Education Ltd.
Contingency Factors in Planning
• Three contingency factors affect planning
1. Level in the organization
2. Degree of environmental uncertainty
3. Length of future commitments
Copyright © 2021 Pearson Education Ltd.
Exhibit 8.3 Planning in the Hierarchy of
Organizations
Copyright © 2021 Pearson Education Ltd.
Objectives and Goals
• Objectives and goals are the same thing.
• Objectives: Desired outcomes for individuals, groups, or
the entire organization.
• They provide management with direction and serve as a
means to measure progress.
• Stated Objectives: Official statements of what the
organization wants the public to believe.
• Real Objectives: Objectives that the organization actually
pursues.
Copyright © 2021 Pearson Education Ltd.
Approaches to Setting Objectives
• Traditional objective-setting: an approach to setting
objectives in which top managers set objectives that then
flow down through the organization and become subgoals
for each organizational area
Copyright © 2021 Pearson Education Ltd.
Exhibit 8.4 Traditional Objective Setting
Exhibit 8.4 illustrates what can happen as the objectives make their way down from the top
of the organization to lower levels.
Copyright © 2021 Pearson Education Ltd.
Management by Objectives (MBO)
• Management by objectives (MBO): a process of setting
mutually agreed-upon goals and using those goals to
evaluate employee performance
• MBO involves setting objectives that cascade down
through the organization that are translated into
operational objectives at each level
Copyright © 2021 Pearson Education Ltd.
Exhibit 8.5 Planning in the Hierarchy of
Organizations
Copyright © 2021 Pearson Education Ltd.
How Can Managers Plan Effectively in
Dynamic Environments?
• Develop plans that are specific but flexible
• Keep planning even when the environment is uncertain
• Allow lower organizational levels to set goals and develop
plans
Copyright © 2021 Pearson Education Ltd.
How Can Managers Use Environmental Scanning?
• Environmental scanning: screening information to detect
emerging trends
• Competitive intelligence: gathering information about
competitors that allows managers to anticipate
competitors’ actions rather than merely react to them
Copyright © 2021 Pearson Education Ltd.
Exhibit 8.6 Environmental Scanning
What Where
General Environment
Political Lobbyists; political representative
Economic Fed minutes; financial news
Social Social media
Technological Patent reports
Specific Environment
Industry Business media; industry associations
Competitors Web sites; others in the industry
Suppliers Vendors
Customers Surveys; focus groups
Copyright © 2021 Pearson Education Ltd.
Digital Tools
• Business intelligence: data that managers can use to
make more effective strategic decisions
• Digital tools: technology, systems, or software that allow
the user to collect, visualize, understand, or analyze data
• Social Media: Facebook, LinkedIn, Twitter, and other
social media sites are becoming increasingly important
places to extract competitive intelligence
Copyright © 2021 Pearson Education Ltd.
Virtual Reality
• Virtual Reality: a three-dimensional, interactive,
computer-generated experience that occurs within a
simulated environment.
• Potential applications include interviewing job candidates,
virtual meetings, complex job training, and previewing
office or plant layouts.
Copyright © 2021 Pearson Education Ltd.
Review Learning Objective 8.1
• Define the nature and purposes of planning.
– Planning involves defining the organization’s goals,
establishing an overall strategy for achieving those
goals, and developing plans for organizational work
activities.
– The four purposes of planning include providing
direction, reducing uncertainty, minimizing waste and
redundancy, and establishing the goals or standards
used in controlling.
Copyright © 2021 Pearson Education Ltd.
Review Learning Objective 8.2
• Classify the types of plans organizations might use.
– Goals are desired outcomes. Plans are documents that
outline how goals will be met.
 Strategic/financial
 Stated/real
 Long-term/short-term
 Specific/directional
 Single-use/standing
Copyright © 2021 Pearson Education Ltd.
Review Learning Objective 8.3
• Identify the key contingency factors in planning.
– Organizational level
– Degree of environmental uncertainty
– Length of future commitments
Copyright © 2021 Pearson Education Ltd.
Review Learning Objective 8.4
• Compare and contrast approaches to objective
setting.
– Traditional goal-setting and MBO
– Six characteristics of well-written goals
– Five steps of goal-setting
– Contingency factors
Copyright © 2021 Pearson Education Ltd.
Review Learning Objective 8.5
• Discuss contemporary issues in planning.
– Planning in dynamic environments
– Environmental scanning
 Competitive intelligence
– Virtual reality

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Foundations of Planning: Types, Objectives, Tools and Techniques

  • 1. Management Fifteenth Edition, Global Edition Chapter 8 Foundations of Planning Copyright © 2021 Pearson Education Ltd.
  • 2. Copyright © 2021 Pearson Education Ltd. Learning Objectives 8.1 Define the nature and purposes of planning. 8.2 Classify the types of plans organizations might use. 8.3 Identify the key contingency factors in planning. 8.4 Compare and contrast approaches to objective setting. 8.5 Discuss contemporary issues in planning.
  • 3. Copyright © 2021 Pearson Education Ltd. What is Planning? • Planning: management function that involves setting goals, establishing strategies for achieving those goals, and developing plans to integrate and coordinate work activities • Formal planning – Specific, time-oriented goals – Goals written and shared
  • 4. Copyright © 2021 Pearson Education Ltd. Why Do Managers Plan? • Provides direction • Reduces uncertainty • Minimizes waste and redundancy • Establishes the goals and standards for controlling
  • 5. Copyright © 2021 Pearson Education Ltd. Planning and Performance • Formal planning is associated with positive financial results • Quality of planning/implementation more important than the extent of it • External factors can reduce the impact of planning on performance • Planning-performance relationship seems to be influenced by the planning time frame
  • 6. Copyright © 2021 Pearson Education Ltd. Goals and Plans • Goals (objectives): desired outcomes or targets • Plans: documents that outline how goals are going to be met
  • 7. Copyright © 2021 Pearson Education Ltd. Exhibit 8.1 Types of Plans Exhibit 8.1 shows the most popular ways to describe organizational plans.
  • 8. Copyright © 2021 Pearson Education Ltd. Strategic and Operational Plans • Strategic plans: plans that apply to the entire organization and establish the organization’s overall goals • Operational plans: plans that encompass a particular operational area of the organization
  • 9. Copyright © 2021 Pearson Education Ltd. Long-term and Short-term Plans • Long-term plans: plans with a time frame beyond three years • Short-term plans: plans covering one year or less
  • 10. Copyright © 2021 Pearson Education Ltd. Specific and Directional Plans • Specific plans: plans that are clearly defined and leave no room for interpretation • Directional plans: plans that are flexible and set out general guidelines
  • 11. Copyright © 2021 Pearson Education Ltd. Exhibit 8.2 Specific Versus Directional Plans
  • 12. Copyright © 2021 Pearson Education Ltd. Single-Use and Standing Plans • Single-use plans: a one-time plan specifically designed to meet the needs of a unique situation • Standing plans: ongoing plans that provide guidance for activities performed repeatedly
  • 13. Copyright © 2021 Pearson Education Ltd. Contingency Factors in Planning • Three contingency factors affect planning 1. Level in the organization 2. Degree of environmental uncertainty 3. Length of future commitments
  • 14. Copyright © 2021 Pearson Education Ltd. Exhibit 8.3 Planning in the Hierarchy of Organizations
  • 15. Copyright © 2021 Pearson Education Ltd. Objectives and Goals • Objectives and goals are the same thing. • Objectives: Desired outcomes for individuals, groups, or the entire organization. • They provide management with direction and serve as a means to measure progress. • Stated Objectives: Official statements of what the organization wants the public to believe. • Real Objectives: Objectives that the organization actually pursues.
  • 16. Copyright © 2021 Pearson Education Ltd. Approaches to Setting Objectives • Traditional objective-setting: an approach to setting objectives in which top managers set objectives that then flow down through the organization and become subgoals for each organizational area
  • 17. Copyright © 2021 Pearson Education Ltd. Exhibit 8.4 Traditional Objective Setting Exhibit 8.4 illustrates what can happen as the objectives make their way down from the top of the organization to lower levels.
  • 18. Copyright © 2021 Pearson Education Ltd. Management by Objectives (MBO) • Management by objectives (MBO): a process of setting mutually agreed-upon goals and using those goals to evaluate employee performance • MBO involves setting objectives that cascade down through the organization that are translated into operational objectives at each level
  • 19. Copyright © 2021 Pearson Education Ltd. Exhibit 8.5 Planning in the Hierarchy of Organizations
  • 20. Copyright © 2021 Pearson Education Ltd. How Can Managers Plan Effectively in Dynamic Environments? • Develop plans that are specific but flexible • Keep planning even when the environment is uncertain • Allow lower organizational levels to set goals and develop plans
  • 21. Copyright © 2021 Pearson Education Ltd. How Can Managers Use Environmental Scanning? • Environmental scanning: screening information to detect emerging trends • Competitive intelligence: gathering information about competitors that allows managers to anticipate competitors’ actions rather than merely react to them
  • 22. Copyright © 2021 Pearson Education Ltd. Exhibit 8.6 Environmental Scanning What Where General Environment Political Lobbyists; political representative Economic Fed minutes; financial news Social Social media Technological Patent reports Specific Environment Industry Business media; industry associations Competitors Web sites; others in the industry Suppliers Vendors Customers Surveys; focus groups
  • 23. Copyright © 2021 Pearson Education Ltd. Digital Tools • Business intelligence: data that managers can use to make more effective strategic decisions • Digital tools: technology, systems, or software that allow the user to collect, visualize, understand, or analyze data • Social Media: Facebook, LinkedIn, Twitter, and other social media sites are becoming increasingly important places to extract competitive intelligence
  • 24. Copyright © 2021 Pearson Education Ltd. Virtual Reality • Virtual Reality: a three-dimensional, interactive, computer-generated experience that occurs within a simulated environment. • Potential applications include interviewing job candidates, virtual meetings, complex job training, and previewing office or plant layouts.
  • 25. Copyright © 2021 Pearson Education Ltd. Review Learning Objective 8.1 • Define the nature and purposes of planning. – Planning involves defining the organization’s goals, establishing an overall strategy for achieving those goals, and developing plans for organizational work activities. – The four purposes of planning include providing direction, reducing uncertainty, minimizing waste and redundancy, and establishing the goals or standards used in controlling.
  • 26. Copyright © 2021 Pearson Education Ltd. Review Learning Objective 8.2 • Classify the types of plans organizations might use. – Goals are desired outcomes. Plans are documents that outline how goals will be met.  Strategic/financial  Stated/real  Long-term/short-term  Specific/directional  Single-use/standing
  • 27. Copyright © 2021 Pearson Education Ltd. Review Learning Objective 8.3 • Identify the key contingency factors in planning. – Organizational level – Degree of environmental uncertainty – Length of future commitments
  • 28. Copyright © 2021 Pearson Education Ltd. Review Learning Objective 8.4 • Compare and contrast approaches to objective setting. – Traditional goal-setting and MBO – Six characteristics of well-written goals – Five steps of goal-setting – Contingency factors
  • 29. Copyright © 2021 Pearson Education Ltd. Review Learning Objective 8.5 • Discuss contemporary issues in planning. – Planning in dynamic environments – Environmental scanning  Competitive intelligence – Virtual reality

Hinweis der Redaktion

  1. If this PowerPoint presentation contains mathematical equations, you may need to check that your computer has the following installed: 1) MathType Plugin 2) Math Player (free versions available) 3) NVDA Reader (free versions available)
  2. Planning involves defining the organization’s goals, establishing strategies for achieving those goals, and developing plans to integrate and coordinate work activities. It’s concerned with both ends (what) and means (how). When we use the term planning, we mean formal planning. In formal planning, specific goals covering a specific time period are defined. These goals are written and shared with organizational members to reduce ambiguity and create a common understanding about what needs to be done. Finally, specific plans exist for achieving these goals.
  3. So why should managers plan? We can give you at least four reasons. First, planning provides direction to managers and nonmanagers alike. When employees know what their organization or work unit is trying to accomplish and what they must contribute to reach goals, they can coordinate their activities, cooperate with each other, and do what it takes to accomplish those goals. Next, planning reduces uncertainty by forcing managers to look ahead, anticipate change, consider the impact of change, and develop appropriate responses. Although planning won’t eliminate uncertainty, managers plan so they can respond effectively. In addition, planning minimizes waste and redundancy. When work activities are coordinated around plans, inefficiencies become obvious and can be corrected or eliminated. Finally, planning establishes the goals or standards used in controlling. When managers plan, they develop goals and plans. When they control, they see whether the plans have been carried out and the goals met.
  4. Numerous studies have shown generally positive relationships between planning and performance. Formal planning is associated with positive financial results—higher profits, higher return on assets, and so forth. Doing a good job of planning and implementing those plans plays a bigger part in high performance than how much planning is done. In those studies where formal planning didn’t lead to higher performance, the external environment often was the culprit. When external forces—think governmental regulations or powerful labor unions—constrain managers’ options, it reduces the impact planning has on an organization’s performance. Finally, the planning-performance relationship seems to be influenced by the planning time frame. It seems that at least four years of formal planning is required before it begins to affect performance.
  5. Goals (objectives) are desired outcomes or targets. They guide management decisions and form the criterion against which work results are measured. That’s why they’re often described as the essential elements of planning. You have to know the desired target or outcome before you can establish plans for reaching it. Plans are documents that outline how goals are going to be met. They usually include resource allocations, schedules, and other necessary actions to accomplish the goals. As managers plan, they develop both goals and plans.
  6. As Exhibit 8-1 shows, these types of plans aren’t independent. That is, strategic plans are usually long-term, directional, and single use, whereas operational plans are usually short-term, specific, and standing. Long Description: The factors are “Breadth”, “Time frame”, “Specificity”, and “Frequency of use.” The types in each are given below: Breadth: Strategic and Operational Time frame: Long term and Short term Specificity: Directional and Specific Frequency of use: Single use and Standing The types of plans based on all factors are linked to each other.
  7. The most popular ways to describe organizational plans are breadth (strategic versus operational), time frame (short-term versus long-term), specificity (directional versus specific), and frequency of use (single use versus standing). Strategic plans are plans that apply to the entire organization and establish the organization’s overall goals. Plans that encompass a particular operational area of the organization are called operational plans. These two types of plans differ because strategic plans are broad while operational plans are narrow.
  8. Any time period in between would be an intermediate plan. Although these time classifications are fairly common, an organization can use any planning time frame it wants.
  9. Specific plans are clearly defined and leave no room for interpretation. A specific plan states its objectives in a way that eliminates ambiguity and problems with misunderstanding. Directional plans are flexible plans that set out general guidelines. They provide focus but don’t lock managers into specific goals or courses of action.
  10. Exhibit 8.2 provides a great visual on the difference between directional plans and specific plans. Long Description: Two identical road maps of neighborhoods are shown adjacent to each other. Points A and B are plotted in both maps at the top left and bottom right respectively. In the first map that illustrates “Directional Plans”, the route is represented by a diagonal line from A to B. The route runs diagonally across the map and does not show the exact streets to take. In the first map that illustrates “Specific Plans”, the route from point A is indicated by a line that runs along specific streets that are to be taken to reach the destination B.
  11. Some plans that managers develop are ongoing while others are used only once. A single-use plan is a one-time plan specifically designed to meet the needs of a unique situation. In contrast, standing plans are ongoing plans that provide guidance for activities performed repeatedly. Standing plans include policies, rules, and procedures.
  12. Plans differ based on the level in the organization. The next slide provides information on that factor. Plans also differ depending on the degree of environmental uncertainty. If the organization’s environment has more uncertainty (i.e. likely to change more), then plans should be more directional and short-term. Also, the more that current plans will affect future commitments, the longer the time frame management should plan.
  13. Exhibit 8.3 shows how planning differs depending on the organizational level of management. Lower levels of management focus more on operational planning while higher levels of management focus more on strategic planning. Long Description: Operational planning is mainly done by lower-level managers. As managers rise in the hierarchy, their planning role becomes more strategy oriented. Strategic planning is mainly done by the top executives. The middle-level managers do operational as well as strategic planning.
  14. We use the terms objectives and goals interchangeably. Sometimes we will see that the organization’s stated objectives differ quite a bit from what the organization is attempting to accomplish, or the real objectives. The actions will define what the organization is pursuing, regardless of what the public proclamation states.
  15. Turning broad strategic objectives into departmental, team, and individual goals can be a difficult and frustrating process. Another problem with traditional objective-setting is that when top managers define the organization’s goals in broad terms—such as achieving “sufficient” profits or increasing “market leadership”—these ambiguous objectives must be made more specific as they flow down through the organization. Managers at each level define the objectives and apply their own interpretations and biases as they make them more specific. However, what often happens is that clarity is lost as the objectives make their way down from the top of the organization to lower levels.
  16. What often happens is that clarity is lost as the objectives make their way down from the top of the organization to lower levels. Exhibit 8-4 illustrates what can happen. Long Description: The model is shaped like a pyramid with a broad base and narrow top and shows 4 levels. The levels and objectives from bottom upwards are summarized below. Individual employee’s objective: “Don’t worry about quality; just work fast.” Department manager’s objective: “Increase profits, regardless of the means.” Division manager’s objective: “I want to see a significant improvement in this division’s profits.” Top management’s objective: “We need to improve the company’s performance.”
  17. MBO programs have four elements: goal specificity, participative decision making, an explicit time period, and performance feedback. Instead of using goals to make sure employees are doing what they’re supposed to be doing, MBO uses goals to motivate them as well. The appeal is that it focuses on employees working to accomplish goals they’ve had a hand in setting.
  18. Exhibit 8.5 shows how MBO program objectives cascade down through the organization. Long Description: The model begins with “Overall Organizational Objectives” at the top. It is represented by a triangle with a broad base. Below it is the next level “Divisional Objectives” represented by two smaller triangles. At the next lower level is “Departmental Objectives” represented by two narrow triangles linked to each of the two triangles at the previous level. At the lowest level is “Individual Objectives” indicated by arrows pointing downward from each of the four triangles at the previous level.
  19. In an uncertain environment, managers should develop plans that are specific, but flexible. Although this may seem contradictory, it’s not. To be useful, plans need some specificity, but the plans should not be set in stone. Managers need to recognize that planning is an ongoing process. The plans serve as a road map, although the destination may change due to dynamic market conditions. Keep in mind, also, that even when the environment is highly uncertain, it’s important to continue formal planning in order to see any effect on organizational performance. It’s the persistence in planning that contributes to significant performance improvement. Why? It seems that, as with most activities, managers “learn to plan,” and the quality of their planning improves when they continue to do it. Finally, make the organizational hierarchy flatter to effectively plan in dynamic environments. This means allowing lower organizational levels to set goals and develop plans because there’s little time for goals and plans to flow down from the top. Managers should teach their employees how to set goals and to plan and then trust them to do it.
  20. A manager’s analysis of the external environment may be improved by environmental scanning, which involves screening information to detect emerging trends. One of the fastest-growing forms of environmental scanning is competitive intelligence, gathering information about competitors that allows managers to anticipate competitors’ actions rather than merely react to them. In a changing global business environment, environmental scanning and obtaining competitive intelligence can be quite complex, especially since information must be gathered from around the world. However, one thing managers could do is subscribe to news services that review newspapers and magazines from around the globe and provide summaries to client companies. Managers do need to be careful about the way information, especially competitive intelligence, is gathered to prevent any concerns about whether it’s legal or ethical.
  21. Exhibit 8.6 lists various environmental elements and where you might find information on them.
  22. Increasingly, we’re finding that companies are making strategic changes based on data, as distinct from day-to-day decisions. These leaders understand the importance of business intelligence in their planning process. Sources of business intelligence are company records, industry trends, and competitors’ financial (for example, profits) or market (for example, market penetration) data. How do managers make sense of vast amounts of data? Managers can use digital tools to make sense of business intelligence data. Digital tools refer to technology, systems, or software that allow the user to collect, visualize, understand, or analyze data. Specific examples of digital tools include software such as Microsoft Excel, online services such as Google Analytics, or networks that connect computers and people, such as social media.
  23. The applications for virtual reality in planning are just now scratching the surface of how to use simulated environments to help plan. Some VR applications are used to collaborate on complex projects.
  24. Planning involves defining the organization’s goals, establishing an overall strategy for achieving those goals, and developing plans for organizational work activities. The four purposes of planning include providing direction, reducing uncertainty, minimizing waste and redundancy, and establishing the goals or standards used in controlling. Studies of the planning-performance relationship have concluded that formal planning is associated with positive financial performance, for the most part; it’s more important to do a good job of planning and implementing the plans than doing more extensive planning; the external environment is usually the reason why companies that plan don’t achieve high levels of performance; and the planning–performance relationship seems to be influenced by the planning time frame.
  25. Goals might be strategic or financial, and they might be stated or real. Strategic plans apply to the entire organization, while operational plans encompass a particular functional area. Long-term plans are those with a time frame beyond three years. Short-term plans cover one year or less. Specific plans are clearly defined and leave no room for interpretation. Directional plans are flexible and set out general guidelines. A single-use plan is a one-time plan designed to meet the needs of a unique situation. Standing plans are ongoing plans that provide guidance for activities performed repeatedly.
  26. These three factors will drive the type of plans needed to accomplish the organization’s objectives.
  27. In traditional goal-setting, goals are set at the top of the organization and then become subgoals for each organizational area. MBO (management by objectives) is a process of setting mutually agreed-upon goals and using those goals to evaluate employee performance. Well-written goals have six characteristics: They are (1) written in terms of outcomes, (2) measurable and quantifiable, (3) clear as to time frame, (4) challenging but attainable, (5) written down, and (6) communicated to all organizational members who need to know them. Goal-setting involves these steps: review the organization’s mission; evaluate available resources; determine the goals individually or with input from others; write down the goals and communicate them to all who need to know them; and review results and change goals as needed. The contingency factors that affect planning include the manager’s level in the organization, the degree of environmental uncertainty, and the length of future commitments. The two main approaches to planning include the traditional approach, which has plans developed by top managers that flow down through other organizational levels and which may use a formal planning department. The other approach is to involve more organizational members in the planning process.
  28. One contemporary planning issue is planning in dynamic environments, which usually means developing plans that are specific but flexible. Also, it’s important to continue planning, even when the environment is highly uncertain. Finally, because there’s little time in a dynamic environment for goals and plans to flow down from the top, lower organizational levels should be allowed to set goals and develop plans. Another contemporary planning issue involves using environmental scanning to help do a better analysis of the external environment. One form of environmental scanning, competitive intelligence, can be especially helpful in finding out what competitors are doing. Organizations can gather business intelligence using a variety of digital tools to collect and analyze quantitative and qualitative data to support decision making. Virtual reality offers tremendous promise for future planning applications.