Difference between Strategy and Tactics

• What is a strategy?

  A long term plan based on the business vision
• What is a tactic?

  Tends to be short term responding to opportunities and threats
• What does a strategy intend to achieve?

  Designed to achieve corporate objectives
• Does a strategy or a tactic use more resources?

  Strategy
• What influences tactics?

  Functional objectives
• What do tactics respond to?

  Opportunities and threats
• What business theories are linked with tactics?

  • Marketing mix
  • Financial and non financial rewards
  • Inventory management
  • Location decisions
• What business theories are linked with strategy?

  • Mission statement
  • Organisational culture
  • Growth strategy
  • Segmentation, targeting and positioning