Strategy
A plan or approach for achieving a goal.
Businesses pursue different strategies because their capabilities, competitive landscapes, and industries differ. A clearly defined strategy mobilizes and aligns resources toward one stated goal, which raises the likelihood of reaching it.
Often confused with
- Business Strategy
- Strategy is the general term for any plan toward a goal; business strategy is the version aimed at a business's own goals such as competitive advantage or profit.
- Tactics
- A strategy is the approach to a goal; tactics are the specific actions taken to advance that approach.
Taught in
See also
4.3.A.1 · 4.3.A.3