MANAGEMENT

Detailed explanation-1: -Three major types of plans can help managers achieve their organization’s goals: strategic, tactical, and operational. Operational plans lead to the achievement of tactical plans, which in turn lead to the attainment of strategic plans.

Detailed explanation-2: -Strategic planning is a process in which an organization’s leaders define their vision for the future and identify their organization’s goals and objectives. The process includes establishing the sequence in which those goals should be realized so that the organization can reach its stated vision.

Detailed explanation-3: -Key stakeholders to be involved in strategic planning are those having a vested interest in the success of the organization. They include employees, unions, customers, vendors, shareholders, regulatory agencies, owners, supply chain partners, community members, and others who depend on and/or serve the organization.

Detailed explanation-4: -Stakeholders are critical to the strategic planning process. These individuals can be potential funders, community partners, managers, and other partners that play a pivotal role in the sustainability of the organization’s mission for years to come.