Strategic Management: Formulation and Implementation

Strategy

Strategies are the means by which long-term objectives will be achieved. "A strategy is a unified, comprehensive, and integrated plan that relates the strategic advantages of the firm to the challenges of the environment. It is designed to ensure that the basic objectives of the enterprise are achieved through proper execution by the organization" (William F. Glueck, and Lawrence R. Jauch). The role of strategy is to identify the general approaches that the organization utilize to achieve its organizational objectives. Therefore, the choice of strategy is so central to the study and understanding of strategic management.

Tactics

In contrast, tactics are specifics actions the organization might undertake in carrying its strategy.