The projection of the present trend into future is called forecasting. This is the starting point or ingredient on which business bases its future courses of action. The forecasting process involves the following processes like:
(a) Developing ground work by orderly investigation.
(b) Estimating the futures of the business.
(c) Comparing the actual results with the pre-determined standards and assessing the variations.
(d) Refining the forecasting process for better planning.
The resulting from the process of deciding on objective is called strategies. There are two kinds of strategies like grand strategies and competitive strategies. The strategies which changes the size and character of the business over a period of time are called grand strategies and the strategies which take into account the plans and programmes of the rivals are called competitive strategies.