Functional planning
This planning specifically covers the functional level of the management—the human resources management department, the finance department, the marketing department and so on. It also includes planning for the sub-functional levels, for example—the overall marketing plan will also cover the plan for sales, advertisement etc.
Strategy formulation
PlanningStrategic planning includes the formulation of the strategy. Strategy formulation covers-
1. Determination of basic long-term goals and objectives of the organization
2. Adoption of a particular course of action
3. Allocation of resources that is necessary to achieve the goals.