Which step in the Strategic Relationship Management process involves executing plans?

In the Strategic Relationship Management process, executing plans is a critical phase where the strategies developed during the planning stage are put into action. This step is crucial as it involves implementing the defined processes, engaging stakeholders, and taking the necessary actions to achieve the objectives outlined in the strategic plan.

During the execution phase, teams work collaboratively to deliver on the commitments made, track progress, and ensure that the actions align with the broader goals of the organization. Effective execution requires strong communication, resource allocation, and performance measurement to ensure that the strategies are being followed correctly and that any necessary adjustments can be made in real-time.

In contrast, the planning step focuses on developing the strategies and determining what needs to be done, while the discovery phase is primarily concerned with understanding the current state of relationships and identifying opportunities for improvement. The extend and expand phase refers to growing and enhancing relationships beyond their current scope. Therefore, execution is the element that specifically involves carrying out the planned activities, making it the appropriate choice.