What is the definition of strategy? How would you compare and contrast business strategy and business tactics? In what type of business circumstances would you apply each of the three models: IBDM, a decision model, and a typical strategy model? Explain.
Strategy has been defined by many scholars in various ways. Despite these different definitions, this concept borrowed from military studies and applied in different facets of life especially in business has similar implications and goals. According to Lidell Hart, a military strategist, strategy is the art of applying various means in order to met certain policy objectives, where as according to George Steiner a management professor, strategy is all the things that a management does that are not only of great importance to the business but also give direction to various decisions (Nickols, 2011). In essence therefore, it can be noted that strategy is a well designed action plan meant to achieve certain long term goals and objectives. Within a business organization, strategy is the long term scope and direction of an organization which is meant to enable the business organization to use and combine well its resources in order to gain advantages in a challenging business environment that will allow the business to not only fulfill the expectations of its stakeholders, but be able to fulfill market demands (David, 2004; Nickols, 2011).
Comparing and contrasting business strategy and business tactics:
Business strategy mainly is an overall plan of action that is meant to have a large impact on the business in the long term. It therefore has larger goals that a business is aiming towards and often seeks to fulfill the vision of the company. Strategy defines the overall aim of a business organization developing directions that will guide decision making ...
The solution provides the definition of strategy. It also explains how you would apply different models in certain business circumstances.