Planning is the function of management that involves setting objectives and determining a course of action for achieving those objectives. Planning requires that managers be aware of environmental conditions facing their organization and forecast future conditions. It also requires that managers be good decision makers. In view of this: a. Richards Inc. has business operations units focused on aerospace, retail goods, transportation, and other services, as well as financial services. It is currently trying to manage the diversified businesses of its organisation. It has identified several plans as shown in the table below. Map-out a BCG Matrix for Richards Inc and determine the relevant product strategy for each of the plan listed in the table below. NOTE: For the purpose of plotting the information on a BCG Matrix, parameters are set as follows: - market growth rate high at 40%; and - market share high at 70%. This will give you bearings from which to plot the information. (12 marks)

Plan	Business Activity	Growth Rate	Market Share	Annual Revenue
1	Continue to provide aerospace services	26%	47%	$3m
2	Continue to sell retial goods	12%	56%	$0.5m
3	Continue its transportation business	31%	17%	$1m
4	Branch into other types of financial services	31%	22%	$1m

b. Identify and explain the FOUR (4) core components of planning managers should be aware of. (10 marks) c. Explain what is meant by the vertical dimension of an organisational structure and provide an explanation of any TWO (2) aspects of this. (8 marks)