This is the first management function and it is a very important area of all the four functions of management. This is the core foundation of management from which other management functions are derived and built. Planning requires the management of an organization to do thorough evaluation of the current state of the company and where the company will be in future. It involves setting goals and objectives to be achieved by an organization within a specified duration .During the planning process, management evaluates both internal and external factor s that affect the company.
Due to the exponential technological growth in recent years, innovation stands as a vital role and drives opportunity and growth in the new market. As every organization has to face challenges and adapt to any transformation of competitors. Furthermore, customers have more choice in selecting their products and focusing more on the quality, price and customization, as well as new products. Therefore, business has to diversify products to satisfy the needs and increase profits. In summary, innovation is valued prominently within nations to drive economic growth and bring benefits to individuals. For organizations, it can compete and supersede their rivals with outstanding performance.