The question is on strategic management. What I do not understand is the how does the legal, regulatory, and economic issues affect strategic planning.
When we discuss strategic planning, we're taking into consideration the main elements necessary to develop our plan. Strategic planning is a process of determining how management will accomplish the pre-written goals and objectives of the organization. Strategic planning allows us to determine the resources, costs, opportunities, and issues present in reaching those goals. By using strategic planning, management is able to follow a solid plan for objective maximization. For example, a strategic plan could include an objective of expansion. Management may decide that it is necessary for the company to expand into foreign markets within the next two years, or else the company will begin to lose domestic market share. The strategic plan would be based on the objective of expansion. Realistically, a ...
This solution explains how legal, regulatory, and economic issues affect strategic planning. A detailed response is provided.