59. (Benefits of successful planning) Successful business organizations appear to be those that have clearly defined long-range goals and a well-planned strategy to reach those goals. These successful organizations understand their markets as well as the internal strengths and weaknesses of the organizations.

These organizations take advantage of this knowledge to grow (through internal development or acquisitions) in a consistent and disciplined manner.

a. Discuss the need for long-range goals for business organizations.

b. Discuss how long-range goals are set.

c. Define the concepts of strategic planning and management control. Discuss how they relate to each other and contribute to progress toward the attainment of long-range goals. (CMA adapted)