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From boardrooms to business school classrooms, strategy is a term that can mean different things to different people. Vital to both business planning and long-term success, it’s critical to have a clear, shared definition of what exactly it is.
Whereas tactics focus on “how”—the tangible actions your organization, business unit, or product teams will take—strategy is “what” your company is trying to accomplish in order to achieve overarching objectives.
For example: if you want to be the innovation leader, one strategy might be to equip managers to champion ideation. Tactically, then, you could initiate training, reward ideas, or establish processes for submitting suggestions.
So, besides proactively addressing market forces, strategy can align your business consistently around its overarching mission. Aimed in the same direction, you are more likely to hit your target throughout the organization.