Strategy

Question 1

What is strategy?

Answer 1

“An integrated and coordinated set of commitments and action designed to explore core competences and gain a competitive advantage.”
“Strategy is aimed at achieving some goals or objectives – make profit; create value – for someone – stakeholders”.

Question 2

What include an action plan?

Answer 2

Actions plans include determining:
- Which product market to enter
- Which international markets to enter
- How to position the firm in its chosen markets
- How to deal with competition
- Whether to form partnerships with other firms

Question 3

Difference between Strategy, Tactics and Operations

Answer 3

• Strategy defines your long-term goals and how you’re planning to achieve them. Your strategy gives you the path you need toward achieving your organization’s mission.
• Tactics are much more concrete and are often oriented toward smaller steps and a shorter time frame along the way. They’re also called “initiatives.”
• Operations - actions and decisions made by managers and members of a business that affect the production, distribution, service, management, needed for a company to function – this requires the use of resources and assets.