Question

Define who the stakeholders are as it relates to strategic planning.

What are the factors that affect whether or not they will follow through?

What are the roles of committees and how do you control their work?

Answer 1

Strategic planning is the organization's process that defines a particular strategy or decision that the company takes and defines how the company will act for the proper allocation of the resources. The company also sets its primary objectives and priorities well in advance to take the necessary actions. The planning also creates a mechanism for the proper implementation of the mechanism. There are many stakeholders in the process of strategic planning. The stakeholders are consumers, employees, unions, agencies, suppliers, and other shareholders. The company should take the necessary steps to satisfy the stakeholders' needs, as the factors such as the efficiency, and effectiveness of the plan, implementation of the plan, benefits to the stakeholders, and other disadvantages of the plan. The plan should fulfill the needs and wants of the stakeholders. It should satisfy everyone who has some vested interest in the company. The managers have to make beneficial decisions for the stakeholders. The plans' execution and implementation should also be the managers' top priority so that the employees and other stakeholders stay loyal to the company. It is true that different departments and committees also play a crucial role in the strategic planning process. The company has to set up a team for implementing the plan, and the corrective action, in case anything goes in the wrong direction. The company should also have a coordination committee that keeps all the departments connected to benefit the employees and stakeholders. The managers and other stakeholders aid play a role in defining the committee's proper roles to not divert from the path of achievement. The managers keep an eye and supervise the entire process.