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Homework answers / question archive / (2021SP1-MGMT-7080-01) Strategic Business Applications Discussion 2
The key here is to differentiate between strategy and tactics. The strategic plan is all about strategy, the functional plans start with a strategy and then move into tactics. In your plan you should focus on the corporate, business level and functional strategies. Leave the tactics for the annual functional plans (such as marketing or operations plans).
Can you provide other examples of the different types of elements that go into planning?
Discussion 2
In an organization, strategies can be described as the blueprint or the game plan with which the company used to achieve its objectives. These strategies are classified into corporate strategies, business strategies and functional strategies. The corporate business strategies give a broad view of the position of the company in the long run. Under this stage, the top-level managers make decisions considering business areas in which the company ventures and determine whether the company should continue to venture into the industry or the level of investments required in specific business operations areas (Platova,2020). The business-level uses the strategies formed at the corporate level to make them a reality. At this level, specific business areas are reviewed, and the decision is made to support them. Lastly, if strategic planning comprises short-term goals that work towards achieving the corporate business strategies' vision, at this level, tactics are applied to achieve specific results. Therefore in one strategy, there can be multiple tactics applied.
According to this article, several companies can have the same development strategies but use different tactics to achieve these strategies. One of the 21 companies' critical strategy that this research involved includes product innovation. However, the study shows that different companies applied different tactics in achieving their product innovation. While some companies used new technologies to develop their products, others used existing technologies but new to their firms. Other companies also introduced new products to their markets while others worked on developing their old products by improving quality. Moreover, there was also a significant difference with which these companies applied their product development procedures. This article illustrates the difference between strategies and tactics through research.
References
Platova, E. D. (2020). THE STRATEGIES AND TACTICS OF BUSINESS INTERACTION IN THE ORENBURG REGION. In Proceedings of the Philological Readings (PhR 2019) (pp. 342-349).
