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skelet666 [1.2K]
3 years ago
10

Michael is the CEO of a multidivisional company who has determined that it is time for his company to revisit its Strategic Plan

. He is working on the agenda for the meeting and is beginning with a review of the company's mission, vision and values. On day 2, he plans to conduct an analysis of internal and external forces affecting the company. His invitee list for the strategic planning session includes the CFO, the COO, the Vice President of Human Resources and the Vice President of Sales. He believes this smaller team will be able to reach a greater consensus and be efficient in developing the Strategic Plan for the next five years. Which potential pitfall could impact the strategic plan for this company?
Business
1 answer:
Bezzdna [24]3 years ago
4 0

Answer: An "Ivory Tower" approach could lead the executive team to a plan created in a vacuum without an understanding of current operating realities

Explanation:

Based on the information given in the question, the potential pitfall that could impact the strategic plan for this company will be an "Ivory Tower" approach could lead the executive team to a plan created in a vacuum without an understanding of current operating realities.

It should be noted that when a strategy is being designed by an organization, everyone in the organization has to be carried along and the current happenings in the company and its environment has to be taken into account. When these are ignored, it may lead to a negative impact on the organization.

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a negative sign use for reduced values.

<h3>What do we mean by asset?</h3>

A resource having economic worth that a person, business, or nation owns or manages with the hope that it will someday be useful is referred to as an asset. A company's balance sheet lists assets. They are acquired or produced to raise a company's value or improve the operations of the company. Physical commodities like equipment, real estate, raw materials, and inventories are considered assets. Intangible objects like patents, royalties, and other forms of intellectual property are also considered assets.

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