Business is the act of providing goods and services involving financial, commercial and industrial aspects to various customers, consumers or suppliers. Tactics are the plans, procedures and systems put in place to attain certain objectives or strategic goals. Business tactics can be defined by some as the speedy, executable plans or micro-strategies that take advantage of business situations as they advance, support an organization's overall strategy and take advantage of business opportunities that could arise as a consequence.
Business tactics therefore are goal oriented techniques or manoeuvres that are elaborated to attract, retain and grow gainful customers. Attracting customers is a very challenging process in the running of a business.
Objectives of having Tactics in Business
Business tactics has as general objective the elaboration of executable plans and techniques to achieve strategic goals set for the evolution of a business. Specifically the objectives are to:
Attract new consumers to the goods and services offered
Convert other customers
Retain old customers and make them loyal customers and a referral source
Ensure evolution and advancement of the business enterprise
Business Strategies versus Business Tactics
Business strategies and tactics are initiatives that yield specific elaborated techniques a business owner or company implement to build a product image and subsequently convert this image to customers. Business tactics is a measure for managing and taking advantage of opportunities that present themselves during the implementation of business strategies. But unlike strategies, tactics are designed based on actual or current situations and are not predictive. Business strategies and business tactics are two terms usually used synonymously but they are different from one another. They are most often used interchangeably and in a random fashion. But in business, they are two distinct terms and have different meanings. The table below tries to bring differences between strategy and tactics in the business world.
Identify goals that advance the business and manage resources
use specific resources to achieve specific strategic goals
Individuals understand how to put together tactics to achieve goals
Specific experts that manage resources (usually limited) to achieve strategic goals
overall wellbeing of organization
specific plan or technique launched
All the resources within the organizations, including customers, budget etc.
A subset of resources used in a specific plan
Usually have restricted resources to achieve broader strategic goals
Fixed i.e. changes rarely
Flexible and vulnerable to modifications especially due to market conditions
Uses experience, research, analysis, communication
Uses experiences, best practices, plans, processes, techniques and teams
Produces clear deliverables and outputs using people, tools, time
These two business components have to go hands in glove if the business has to grow. Strategy without tactics is just a beautiful idea but no action undertaken and likewise having tactics alone without strategy is meanly entropic.
Constituents of a Business Tactics
Product (goods and services)
Campaigns you create and then execute in the market place.
Advantages of Business Tactics
Tactics address gaps in strategy
Tactics makes use of the opportunities that presents itself
Tactics brings about risk identification and management. It can also be used as a defensive mechanism for the prevention of certain inherent risk
Tactics breaks down strategic timeframe into rapid or speedy plans
Tactics being less formal than strategies promotes the rapid realisation of the targeted objectives
Tactics are elaborated by those on the ground by persons who have a better insight of the field realities and can seize opportunities and easily close gaps in strategy
Tactics are therefore a powerful tool for competition which can be used to detract or derail competitors.
Some Tactics Used in Business
Attraction tactics: these are plans or techniques put in place to attract consumers to the goods and services offered by the business owner. Examples include specific consumer targeted adverts that makes the customer remark the product and fosters the development of the product brand.
Conversion tactics: these include methods implemented to get customers off another similar product and attach his-/herself to the owners product and why not bring others in the product brand fold.
Retention tactics: these are tactics instituted by the company to keep old customers or make loyal customers out of regular customers. It is equally easier to keep customers than get new ones.
In a Nutshell
In the words of Peter Drucker the Author of The Practice of Management“Because it is its purpose to create a customer, any business enterprise has two – and only these two entrepreneurial functions – basic functions: marketing and innovation. The performance of the basic functions depends entirely on the business strategies and tactics elaborated for the growth and profitability of the company or business.
Hence in recapitulation:
A business owner or company or organisation need strategy and tactics
Tactics are techniques, plans and operations that help:
Achieve strategic goals rapidly
reach a targeted market
attract, convert or retain customers
Tactics are mainly propelled by marketing
Marketing is one of the most, if not the most important function in businesses
Author's Score 1835
Up Votes 1113
Down Votes 3
Voted on 169 articles
Comments on Apply Business Tactics: Top Secret to Grow your Business