4.24: Video- What Is Strategy?

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Lumen Learning
Lumen Learning

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A strategy is a directed course of action to achieve an intended set of goals.^[1] A tactic is the means by which a strategy is carried out. ^[2]

A link to an interactive elements can be found at the bottom of this page.

You can view the transcript for “What is Strategy?” here (opens in new window).

Strategy answers the following four questions:

Where do we compete?
What unique value do we bring to customers?
How will we use our capabilities to provide unique value?
How will we sustain our unique value and position?

Mintzberg, H. Ahlstrand, B. and Lampel, J. Strategy Safari : A Guided Tour Through the Wilds of Strategic Management, The Free Press, New York, 1998. ↵
www.businessdictionary.com/definition/tactics.html ↵