from the perspective of business managers, what plans, tactics, and or strategies should they consider as...

from the perspective of business managers, what plans, tactics, and or strategies should they consider as they look to the economic future?

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Expert Solution

The business organization needs a strategic plan.A strategic plan is a vision of the organization's future and the steps that are needed to achieve that goal. When strategic planning is decided the next step is to plan ..This helps in deciding the strengths and weaknesses of the business and discuss the critical issues that might affect the business in the future.Next step is to have a SWOT and PEST analysis . These helps in knowing the strength, weakness opportunities and threats and also political,,environmental,social and technical factors that affect the business.Next is to take decisions based on the information gathered.The executive management should .draft a plan and mention the priorities and goals to be achieved in future and thus implement the plan .At regular intervals the board should take a review of the plan and monitor the progress in realizing the goal.So participation of many stakeholders. determination , patience, leadership and trust are needed for strategic planning.

Rahul Sunny answered 1 year ago

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