GENERAL KNOWLEDGE

Detailed explanation-1: -Just like decision making in chess, you can use both strategy and tactics to build and execute your business strategy. Here’s how these two techniques can help you achieve your strategic goals.

Detailed explanation-2: -In short, strategic planning is used to set destination and how you are going to get there, and tactical planning outlines the specific actions you are going to take along the way.

Detailed explanation-3: -It is a concept that focuses on integrating various departments (such as accounting and finance, marketing, and human resources) within a company to accomplish its strategic goals. The term strategic planning is essentially synonymous with strategic management.

Detailed explanation-4: -Strategic plans influence the development of tactical plans. A tactical plan answers “how do we achieve our strategic plan?” It outlines actions to achieve short-term goals, generally within a year or less. They are much narrower in focus and can be broken down into the departmental or unit level.