Final answer:
An action plan translates strategic goals into specific tasks, work assignments, and deadlines. It helps keep the team focused and accountable.
Step-by-step explanation:
An action plan is a document that translates strategic or long-term goals into specific tasks, work assignments, and deadlines. It helps to break down broad strategies, such as directional, adaptive, market entry/exit, and competitive strategies, into actionable steps that can be implemented to achieve the goals.
For example, let's say a company's strategic goal is to enter a new market. The action plan would outline the specific tasks and deadlines involved in conducting market research, developing a marketing strategy, establishing distribution channels, and launching the product in the new market.
By setting clear timelines and assigning responsibilities, an action plan ensures that everyone involved understands their roles and can track progress towards the goals. It helps to keep the team focused and accountable.