What Are Business Tactics And Strategies? By Jaian Cuttari Tactics and strategy are two different things. You choose tactics that will help you attain your strategic objectives when you formulate a business strategy. As defined by Jaian Cuttari, a strategy refers to moving in a particular direction. Strategies are followed up with tactics. Product, pricing, marketing, operational, and financial strategies are some of the five types of business strategies and tactics used to reach strategic goals.
Product and Service Strategy In order to keep up with consumer demand, your company must constantly introduce new and better products and services. Apple and Microsoft, both of which create computer operating systems, have waged a tactical war for consumer preferences since they were founded. High and Low Pricing Strategies The obvious route to dominance in an industry is to use low-price tactics, but that isn't the only strategy. Many companies maintain high prices as a tactic, taking advantage of our tendency to equate high quality with high prices. Discounts, rebates, and special sales are other low-price tactics used by other companies. In addition to cheap financing, payment due dates can be delayed as long as one year in order to lower the price of the purchase. Marketing Strategies to Target Customers Marketers target specific consumers with messages that are most likely to catch their attention. Marketing strategies include seasonal advertising and special promotions. A company's market position can also be affected by acquiring competing companies, becoming the exclusive distributor for popular brands, or by using pricing tactics to attract customers. Apple and Microsoft are examples of marketing strategies and tactics. Operational Efficiency Strategy According to Jaian Cuttari, the operational strategy of lowering costs to produce higher profits includes installing the latest computer equipment to lower your operational costs. You may develop a business strategy that requires an investment of money that you don't have. In this case, financial strategy comes into play.