Question

Because everyone cannot be directly involved in developing a strategic plan, successive layers of management must communicate the overall strategy and provide guidance for the various units that will need to be engaged if the strategy is to be achieved

Answer 1

As companies grow and provide more transparent financial information, they attract investments even from those who do not personally know the managers. Strategic planning involves considering competitors' actions and having a participatory approach that includes feedback from different organizational levels.

Step-by-step explanation:

The subject of the question is the communication and implementation of strategic planning in business organizations.

As companies grow and their strategies lead to potential profits, the necessity to know individual managers on a personal level diminishes. This is because more information becomes accessible about the company's financials and operations.

Consequently, outside investors like bondholders and shareholders, who may not have personal knowledge of the managers, are often more prepared to invest capital.

Success in strategic planning also relies on taking into account the competitor's actions, having a responsive organizational structure that values input from all levels, and ensuring participatory and multidisciplinary approaches that incorporate various stakeholders.