Strategic Management

This video is on Strategic Management.
"Strategy without tactics is the slowest route to victory. Tactics without strategy is the noise before defeat." - Sun Tzu
Strategy is the overall plan. It is a collection of targets. It is the total of the instructions that are meant to achieve an objective.
Tactics are the smaller individual goals that need to be achieved to follow the strategy. Tactics are the things that need to be done to follow the instructions of the strategy.
To put it simply, strategy is the overall plan that aims for an objective. Tactics are how that plan is carried out and supported.
Strategy
Strategy aims for longer-term goals and tactics for the immediate targets.
Both these concepts have their origin in the military. Nowadays, they are used in both professional and personal lives.
Strategy and Tactics they end up getting confused for each other. They are used to mean the same thing when discussing a target.
However, they imply different things, particularly in marketing.
Tactics
The etymology of the word tactic comes from Ancient Greek. It implies the "art of arrangement."
A tactic is made up of one task or a bunch of tasks. It tries to achieve an immediate target.
The term is used to describe conceptual actions in many fields. Some of these are military-related, protests, or in business.
It is also used in sports such as chess, various competitions, etc.
From Marketing's Perspective
Strategic Marketing
Strategic marketing focuses on plans like building a new brand, targeting a new customer base, growing one's business, etc.
These are all targets meant to be achieved in the future.
The finance wing of any company plays a crucial role at this stage. Their task is to figure out if the firm has the finances to support the strategy.
Tactical Marketing
The strategy sets out the long-term targets of a company. Now, tactical marketing must figure out how to go about it.
Tactical marketing consists of various tasks. Some of these are website making, lead generation, advertising, sales promotions, and follow-ups.
These tasks and tactical actions can be started once the strategy has been decided.
Strategy vs. Tactics - Example
Burger King
Burger King’s overall STRATEGY is to beat other larger players in the fast food segment such as McDonalds, Domino's Pizza, Taco Bell, Pizza Hut, KFC etc.
Tactic 1 - “Whopper Secret” (2019)
Burger King has been trying to market its trademark Whopper as the larger and superior alternative to McDonald's Big Mac burger.
In 2019, Burger King upped the ante with chief competitor McDonald's by unveiling the 'Whopper Secret.'
It turned out that all the Burger King ads that had a Whopper on them also had a Big Mac right behind.
The idea was that since the Whopper is bigger, people would not be able to see the Big Mac. This particular move was stage-managed by BBH London.
Tactic 2 - #NeverTrustAClown (2017)
Burger King cashed in on the success of the movie adaptation of Stephen King's IT. They took another swipe at McDonalds.
The horror film was released in 2017 and was a huge success. It famously featured a scary clown.
Burger King saw its opportunity at the movie premiere in Hamburg, Germany. Just before the credits started rolling, the Burger giant displayed two spotlights.
The first of these said: The moral is: never trust a clown' and the second flashing up the Burger King logo.
Tactic 3 - Burger King trolls McDonald's
Burger King had also targeted McDonald's on Valentine's Day.
The Burger giant assured its customers that they would get a burger for every selfie they took with McDonald's mascot.
The ad only showed Ronald McDonald sitting by himself in many places. There is sad music playing as text appears on the screen: 'It sucks to be lonely. Especially on Valentine's Day.'
It made the mascot look dejected. Viewers were asked to take selfies with him, so he is no longer lonely.
This video is on Strategic Management and it has the
following sub-topics.
Time Stamps
0:27 - Strategy vs. Tactics
5:01 - 7 Tactics of Marketing
12:48 - Strategies for developing a Business Model
17:58 - Strategically Managing Profits
24:20 - Managing Product Lines
29:52 - Managing Product Line Cannibalization
34:05 - Technology Adoption Life Cycle
39:38 - Synergy
46:26 - Pioneering New Markets
54:29 - International Marketing
1:02:05 - Strategic Sourcing
1:08:30 - Organic Growth

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