Strategy

economic-dictionary

The strategy is a procedure arranged for decision-making and / or to act in front of a certain scenario. This, seeking to achieve one or several previously defined objectives.

That is, the strategy is a plan through which you seek to achieve a goal. This can be applied in various fields such as the military or business.

It should be noted that strategy differs from tactic in that the latter is a more concrete measure. Thus, the strategy is the proposed process, while the tactic is the way in which it will be executed.

For example, a textile company sets itself the objective of increasing its sales in the market. The proposed strategy is to reach more segments, and the tactic could be to establish a strategic alliance with a chain of stores to offer some of their products in their establishments.

Types of strategy in the economic field

In the economic and business sphere, the term strategy can be used in the following concepts:

  • Business strategy: It is a methodology that seeks to achieve an objective through an action plan that is broken down into strategic objectives for each functional area of ​​the organization.
  • Business strategy: It is the planning by a company in order to achieve previously established objectives. It focuses on market positioning and profit making. On the other hand, the business strategy is broader and encompasses all areas of the company, which may be the one aimed at achieving a better work environment, for example.
  • Marketing strategy: It is the plan of action in place to achieve the business objective, whether it is to increase sales or share in the market. We have, for example, the push strategy and the pull strategy.
  • Investment strategy: These are the guidelines that the investor will follow when building his portfolio. For example, you may decide to allocate 50% to fixed income instruments and the other 50% to equities.

Other types of strategy

Outside of the economic sphere, there are other important types of strategy:

  • Military strategy: It is the way in which military resources are available (arms and men mainly) to achieve a certain purpose. For example, defeat the enemy army that is 10 kilometers away.
  • Teaching and learning strategy: It is the set of tools or techniques that can be used at the educational level. For example, the use of graphic pieces as concept maps.
  • Strategy games: These are those games that require the person to use their intelligence in making decisions. It can be a board game like chess or a video game.

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