In building a business, you must prepare different types of strategies that can cope up in the situation. In lesson 1, it presents a strategy on how to gain or delivering a superior profit. Base on the video we need to offer different choices of our product or services to our customers. We must consider the needs of our target market for the business to be profitable. Like what the coca cola did. They got an issue about their product that is to sweet or the sugar level is high, so through that they got a new idea to cater the demand of the customer. They make or promote a new version of their product, the coke zero sugar, for their customer to have a choice between their products. I’ve also learned that Business Strategy is about profit and value. You must know how to differentiate what you offer to your customer for you to know where to focus. Strategic Management is about formulating and implementing a strategy that can help the company to achieve their goals and objective. I also learned the difference between the strategy, policy and tactic.
Business strategy are strategies that you use in different products and services that the organization offers while the strategic management is where you recognize organization's objective where in you need to create policies, strategies, and tactics in order to achieve specific goals. Therefore, I can say that business strategy are strategies that focus on the product of the organizations like how to market it, the amount production, and innovation. While the strategic management are strategies that is meant for the business organization to achieve its goals and objective in business perse.
Strategies are specific actions that needed to execute in order to achieve long term goals, while tactics are for the short-term goals, focus on handling opportunities and threats, and policy on the other hand policies serves as guide that governs and control managerial actions
Therefor strategies are created for the business on achieving long term goals that will result to the success of the organization, while tactics are created on handling changes in opportunities and threats that business experiencing every time, consider as short-term goals, while policies are the guidelines that company should follow in order to gain progress and achieve organizational goals.
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