Different authors and professionals have different ways of defining Strategy. Their definitions are generally based on their unique point of view or the industry they operate in. Below are some of the definitions of Strategy:
“Strategy is how you plan to achieve a goal” By Rich Horwath.
Richard Rumelt, in his evergreen book ‘Good Strategy Bad Strategy’ defines strategy has been entirely dependent on context hence this quote “the heart of good strategy is insight into the hidden power of a situation.”
Michael Porter, the pioneer of competitive strategy as a corporate discipline, describes it as “a combination of the ends (goals) for which the firm is striving and the means (policies) by which it is seeking to get there.”
“Strategy is how a company achieves its goals by deploying its scarce resources to gain a competitive advantage” By Vaughan Evans.
In a lay man’s language, Strategy is where you are going and how you intend to get there. It is an overall masterplan that outlines how you are going to achieve a goal. It usually contains a number of tactics. Strategies are usually fixed, whereas tactics will change, depending on what helps you reach that long-term goal.
NB: Strategy is where you are going and how you intend to get there. Tactic is what (vehicle) gets you there. For instance:
Problem/Goal: You need to get a new job.
Strategy: Use educative contents to attract possible employers.
Tactics: Use either of the following channels to reach possible employers eg. Social Media (special focus on Instagram and LinkedIn), a blog, a newsletter (email) etc.
This is also one the reasons why “Digital” alone is not a Strategy, it is like any other channels of communications with its rules and regulations. However, you can have a Digital Marketing Strategy or Digital Transformation Strategy not a digital strategy.
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