4 strategies of planning suggested by William Glueck:
1. Stability strategy:
It implies “to leave the well enough alone”. If the environment is stable and the organisation is doing well then it is better to make no changes.
2. Growth strategy:
Growth means expansion of the operations of the company and addition of new area of operations. Growth strategy is very risky and involves forecasting and analysis of many factors that affect expansion.
3. Retrenchment strategy:
Retrenchment means reduction in product, services and personnel. This strategy is much useful in the face of competition, scarcity of resources etc.
4. Combination strategy:
Means using a combination of other strategies and is primarily used by large organizations that may have to cut back in some areas and expand in some other areas.
Companies must plan appropriate strategies to face competition. In this process they should not sacrifice the service motto.