Tactics vs Strategy

• What is the distinction between tactics and strategy?

  Strategy is a long-term plan; tactics are short-term actions
• What is the basis of a strategy?

  It is based on an organization's vision
• How do tactics relate to strategy?

  Tactics determine how the strategy will be executed
• How can a company achieve the cheapest prices in the market?

  • Strategy: Cost minimization approaches
  • Tactic: Narrow product range to exploit economies of scale
• What strategy can attract and retain leading talent?

  • Offer larger salaries
  • Provide bonuses or profit sharing
  • Implement flexible working arrangements
• What is likely to be included in a strategy?

  An action plan
• What happens if the strategy is wrong?

  The tactics will also be wrong
• How do the risks of strategy and tactics compare?

  Strategy is higher risk; tactics are lower risk
• How do strategy and tactics differ in terms of proactivity?

  Strategy is proactive; tactics are reactive
• What is the nature of a well-planned strategy?

  It is likely to be rigid
• How do tactics compare to strategy in terms of flexibility?

  Tactics are more flexible than strategy