BUSINESS STRATEGY

Business strategy is mainly concerned with the longer-term. Business strategy is focused on:

• The long-term business plan, based on the business vision and mission
• What needs to be done to achieve corporate objectives
• What resources the business needs and to obtain and use them

In terms of business theory, business strategy is more concerned with:

• Mission statements
• Vision and core values
• Organisational culture
• Business planning
• Growth strategy
• Segmentation, targeting & positioning

BUSINESS TACTICS

By contrast, business tactics:

Tend to be focused on short-term issues, responding to opportunities & threats

Are often influenced by functional objectives and decision-making

In terms of business theory, the following are more relevant to the tactics employed by a business:

• Marketing mix
• Financial & non-financial rewards
• Inventory management
• Location decisions
• Day-to-day customer service decisions
• Recruitment, selection and training processes