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Strategy and Tactics

A strategy is a larger, overall plan that can comprise several tactics,


which are smaller, focused, less impactful action items that are part of the
overall plan. Without a great strategy, there are no good tactics.
Strategy = Why?
Tactics = How?
Comparison
Strategy is a larger plan that can include of several tactics
Tactics are plans or tasks that can be carried out
A strategic view is more focused on the future
A tactical view is concentrated on the present or near future.
Strategy Tactics
To identify clear broader goals that To utilize specific resources
advance the overall organization to achieve sub-goals that
Purpose and organize resources. support the defined mission.
Individuals who influence resources Specific domain experts
in the organization. They that maneuver limited
understand how a set of tactics resources into actions to
Roles work together to achieve goals. achieve a set of goals.
Accountabil Held accountable to overall health Held accountable to specific
ity of organization. resources assigned.
All the resources within the
organizations, as well as broader
market conditions including
competitors, customers, and A subset of resources used
economy. Yet dont over think it, to in a plan or process. Tactics
paraphrase my business are often specific tactics
partner Charlene Li, Strategy is with limited resources to
Scope often what you dont do. achieve broader goals.
Shorter Term, flexible to
Duration Long Term, changes infrequently. specific market conditions.
Uses experience, research, Uses experiences, best
analysis, thinking, then practices, plans, processes,
Methods communication. and teams.
Produces clear organizational goals, Produces clear deliverables
plans, maps, guideposts, and key and outputs using people,
Outputs performance measurements. tools, time.
OR (other definitions)
Strategy
Strategy is the bigger picture, its the overall campaign plan containing high level ideas
about what youd like to achieve and is used to fulfil your predetermined goals and
objectives.

Tactics
Tactics are actions! They are the actual steps which will be used in order to achieve the
overall objectives and in turn, achieve the overall strategy. A strategy will often involve
complex planning and decisions. There may be several different sets of tactics to
implement within an overall strategic plan.

BCG Matrix
The BCG Strategic Portfolio Model is a method of approaching and analyzing business
marketing and growth developed by the Boston Consulting Group. The primary guiding
principle of the BCG group's strategy is that experience in a market share leads to
reduced costs and higher profits. This model uses the BCG marketing matrix, a system
to classify business enterprises based on their potential for profits and growth. The
model also applies mathematical formulas to business enterprises or products to
calculate potential growth and earnings.

Stars: The business units or products that have the best market share and generate
the most cash are considered stars. Monopolies and first-to-market products are
frequently termed stars. However, because of their high growth rate, stars also consume
large amounts of cash. This generally results in the same amount of money coming in
that is going out. Stars can eventually become cash cows if they sustain their success
until a time when the market growth rate declines. Companies are advised to invest in
stars.

Cash cows: Cash cows are the leaders in the marketplace and generate more
cash than they consume. These are business units or products that have a high market
share, but low growth prospects. cash cows provide the cash required to turn question
marks into market leaders, to cover the administrative costs of the company, to fund
research and development, to service the corporate debt, and to pay dividends to
shareholders. Companies are advised to invest in cash cows to maintain the current
level of productivity, or to "milk" the gains passively.

Dogs: Also known as pets, dogs are units or products that have both a low market
share and a low growth rate. They frequently break even, neither earning nor
consuming a great deal of cash. Dogs are generally considered cash traps because
businesses have money tied up in them, even though they are bringing back basically
nothing in return. These business units are prime candidates for divestiture.

Question marks: These parts of a business have high growth prospects but a
low market share. They are consuming a lot of cash but are bringing little in return. In
the end, question marks, also known as problem children, lose money. However, since
these business units are growing rapidly, they do have the potential to turn into stars.
Companies are advised to invest in question marks if the product has potential for
growth, or to sell if it does not.

Ansoffs Matrix
Ansoffs matrix suggests four alternative marketing strategies which hinge on whether
products are new or existing. They also focus on whether a market is new or existing.
Within each strategy there is a differing level of risk. The four strategies are:

1. Market penetration This involves increasing market share within existing market
segments. This can be achieved by selling more products/services to established
customers or by finding new customers within existing markets.
2. Product development This involves developing new products for existing
markets. Product development involves thinking about how new products can meet
customer needs more closely and outperform the products of competitors.
3. Market development This strategy entails finding new markets for existing
products. Market research and further segmentation of markets helps to identify new
groups of customers.
4. Diversification This involves moving new products into new markets at the same
time. It is the most risky strategy. The more an organisation moves away from what it
has done in the past the more uncertainties are created. However, if existing
activities are threatened, diversification helps to spread risk.

Segmentation
Market segmentation is the practice of dividing customers
into groups of potential buyers that have similar
preferences and buying habits.

Geographic segmentation This type of market segmentation divides


people on the basis of geography. Your potential customers will have different
needs based on the geography they are located in. This type of segmentation is
the easiest but it was actually used in 1980s & 90s where the industries were
new and the reach was less.

Demographic segmentation Demographic segmentation is one of the


simplest and most widest type of market segmentation used. Most companies
use it to get the right population in using their products. Segmentation
generally divides a population based on variables. Thus demographic
segmentation too has its own variables such as Age, gender, family size,
income, occupation, religion, race and nationality.

Behavioral segmentation This type of market segmentation divides the


population on the basis of their behavior, usage and decision making pattern.
For example young people will always prefer Dove as a soap, whereas sports
enthusiast will use Lifebuoy. This is an example of behavior based
segmentation. Based on the behavior of an individual, the product is
marketed.

Psychographic segmentation Psychographic segmentation is one which


uses peoples lifestyle, their activities, interests as well as opinions to define a
market segment. Psychographic segmentation is quite similar to behavioral
segmentation.
Customers
Customers are the actual buyer of our goods and services.
The company must study its customer markets closely since
each market has its own special characteristics.
Suppliers
Suppliers are firms and individuals that provide the resources
needed by the company.
They are an important link in the companys overall
customer value delivery system.
Competitors
Conducting competitor analysis is critical for success of the
firm
A marketer must monitor its competitors offerings to create
strategic advantage
Market intermediaries
Marketing intermediaries are firms that help the company to
promote, sell, and distribute its goods to final buyers.
Public
A public is any group that has an actual or potential interest
in or impact on an organizations ability to achieve its
objectives.
A company should prepare a marketing plan for all of their
major publics.

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