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Basic Ideas of Strategy

Basic Ideas of Strategy
1) What is strategy ? How might it differ from tactics?
2) How does strategy differ from strategic planning? How does it differ from the process by which we arrive at it? What is the distinction between strategy formulation and strategic implementation?
3) What do you make of the idea of different kinds of growth strategies? (400 words)

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Strategy has a dual focus: how to plan effectively for the successful present status of a business, and how to anticipate and allow for successful change over a long period of time. Usually strategy involves the time beyond the reach of official financial documents, even the proforma statements in the start-up stage. In this, strategy differs from tactics, which almost always has to do with current processes and procedures in a business.

Strategy is about making choices that are designed to maximize success, given the present and anticipated future circumstances and environment. The executive decision makers must play a role in this, since the choices that are made reflect what they want the business to become in the long term, ...

Solution Summary

This is a discussion of the various general ideas behind strategy and its importance to the success of a business.