Learn something new every day
More Info... by email
Strategic interaction is a term that is broadly used to identify a process that seeks to involve several parties in achieving a common goal, relying heavily on effective communication to make progress in pursuing that goal. As it relates to the business world, this type of activity can be very effective in a number of situations, including retail business planning, creating and managing a marketing or public relations effort, and even in the general operation of a production facility. One of the key elements in strategic interaction is the ability to freely communicate on matters that are of extreme importance to the initiative at hand, ensuring that the process is not delayed due to misunderstandings of any kind.
Within a business setting, strategic interaction requires that clear and concise communication occur at every stage of a given project of endeavor. For example, an entrepreneur who wishes to maintain the support of angel investors will utilize a number of communication devices to keep those investors aware of what is happening with the new business effort. This will include providing regular reports that detail each aspect of the operation, from the level of efficiency on a production floor to the current results of a marketing campaign. The communication is not a one-way effort, since the entrepreneur will also be open to receiving communication from investors, effectively creating a scenario in which everyone involved is able to participate in making the venture a success.
Established companies will also utilize strategic interaction in a number of ways. One approach involves making sure that there are clear channels of communication between departments within the company structure, along with safeguards that make sure there is little room for miscommunication to occur. Doing so makes it much easier for all parties involved to have immediate access to information that is relevant to the operation of those departments, while also minimizing the potential of any data considered proprietary reaching individuals who have no reason to have access to that date. This strategic arrangement of communication channels can aid in increasing productivity while also keeping operational costs as low as possible.
While the basic concept of strategic interaction can take on a number of expressions within a business setting, the basic goal of this approach is to make sure everyone involved is equipped with the information needed to carry out their responsibilities in the most efficient manner possible. When the interaction is truly efficient, no one is hindered by data that is of no use to them, and they never lack information that will increase their ability to contribute to the business effort. Strategic interaction is not a static process, since changes in circumstances will often dictate adapting current methods to suit new situations. For this reason, companies will review their processes for maintaining interaction within the structure as well as evaluating how company officers interact with investors, buyers, and others who are involved in the ongoing success of the business.
One of our editors will review your suggestion and make changes if warranted. Note that depending on the number of suggestions we receive, this can take anywhere from a few hours to a few days. Thank you for helping to improve wiseGEEK!