A tactic is a plan to take advantage of opportunities or to manage risks as they happen. Unlike a strategy, a tactic makes no assumptions about the future but instead reacts to the current situation.Where strategy provides long term direction to a business, a tactic deals with day-to-day realities to seek gains and avoid losses. The following are a few examples of business tactics.
A software company has a sales strategy to achieve 50% gross margins. However, a large deal comes along and the company has solid intelligence about a lower bid from a strong competitor. They offer a price that represents a gross margin of 30% because they are sure that it’s the only chance of closing the deal.
2. Quality Assurance
A chain of donut shops gets an urgent call from a supplier who notifies them that a particular batch of flour might contain a small, sharp piece of metal that broke off a grinder. Management immediately calls every warehouse and retail location and asks them to check the batch numbers on all flour supplies before making any more donuts. The company is able to return all the potentially dangerous flour to the supplier unopened.
3 . Marketing
A chain of coffee shops faces a customer backlash after they raise coffee prices by 20%. In response, a competing fast food chain that has a long term strategy to sell more coffee, offers free coffee to all customers on weekday mornings.
4. Mergers & Acquisitions
A large robotics company acquires a small competitor with an innovative product after its stock price suddenly falls by 70% in less than a month.
A fast food company in Japan quickly finds a domestic supplier of premade salads after its supply of potatoes for french fries is disrupted by a strike at ports on the west coast of the United States.
A solar panel manufacturer discovers a revolutionary new technology that dramatically improves the conversion efficiency of solar cells. Such a dramatic improvement wasn’t anticipated, the company quickly prioritizes significant resources to commercializing the technology.