Strategic And Tactical Flashcards, test questions and answers

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What is Strategic And Tactical?

Strategic and tactical planning are two key components of an organization’s overall business strategy. Strategic planning involves the process of setting objectives, assessing the environment in which the organization operates, and devising a plan to achieve those objectives. Tactical planning is the implementation of this strategy by assigning tasks to individuals or teams and allocating resources to support them. At its core, strategic planning is a way for organizations to make sure they are making decisions that are aligned with their core values, mission, vision, and goals. The process typically begins with a comprehensive analysis of both internal and external factors that may influence the organization’s operations. This includes analyzing current resources (financial or otherwise), identifying major competitors in the industry, evaluating economic conditions, understanding consumer trends and preferences, assessing technological developments related to products or services offered by the organizationand more. After properly analyzing these factors (both opportunities and risks), an organizational mission statement is developed which outlines how these various elements will be leveraged for success. Once a mission statement has been developed it’s time for tactical planningthe development of specific strategies that will be used to achieve organizational goals as outlined in the mission statement. Tactics can involve marketing initiatives such as launching new products or services; changing pricing policies; restructuring processes; leveraging existing networks; expanding into new markets; introducing new technology etc. These tactics can range from short-term operational changes such as improving customer service protocols or developing promotional campaigns to long-term strategies such as entering into strategic partnerships or investing in research & development initiatives. It’s important to note that tactics cannot exist without an overall strategic planthey must be coordinated around an overarching goal or set of goals that have been defined beforehand through strategic planning efforts. In summary, strategic and tactical planning are both essential components of any effective business strategy – they work together synergistically towards achieving success within any given market context.