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Strategy is a plan to take advantage of future opportunities and manage future risks. A tactic is a quickly executed plan to take advantage of opportunities or manage risks as they present themselves. In other words, a strategy plans for the future while a tactic handles the moment.
Strategy ExampleA telecom company develops a strategy to role out network improvements that will improve data throughput for mobile devices in its major markets. They plan $1 billion dollars in spending over one year that is projected to result in $10 billion in additional revenue over the next 5 years.Tactics ExampleA small telecom company is struggling to compete with a larger national telecom operator. One day, the large telecom operator experiences a major 6 hour outage that impacts many of its customers. The small competitor quickly launches a marketing campaign with ads that suggest its network is more reliable and offer a discount. The campaign results in 20,000 new subscribers.|
| Strategy | Tactics | | Definition | A future-focused plan. | A plan to handle immediate realities. | | Time Horizon | Future | PresentNear Future | | Challenges | PredictionUnknowns | Ability to comprehend fast moving situations and act to seize opportunities and manage risks. |
Business Strategy
This is the complete list of articles we have written about business strategy.
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