Strategy and Sustainability

Strategy and Sustainability

Read the Forbes article, “Managing ‘Stakeholder Interaction’ for Better Business Strategy,” and address the following questions:

• What is the difference between a strategy and a tactic?
• How is the concept of corporate sustainability, as described in the article, connected to the company’s strategy?
• What are two ways a leader can convey the company strategy to internal stakeholders?

Please use our textbook and the Forbes article in your response.

Textbook is

• Pearce, J.A. & Robinson, R.B. (2011). Strategic management: Formulation, implementation and control (12th ed.). New York: McGraw-Hill.

In business, strategy and tactic are used to mean two different things. The strategy is the process of thinking used to accomplish an action, change or goal. Therefore, the strategy identifies the goals and the reason for achieving the goals. Therefore strategy involves the long-term goals and the reasons for reaching them. For instance, the strategy may be the target of the company in five years. Tactics, on the other hand, are the means of achieving short-term goals. For example, the practices that the corporation implements to achieve the quarterly and monthly goals are called tactics. While tactics of a company are usually common knowledge to the industry, strategies are typically not always known to competitors (Pearce & Robinson, 2011)…

 APA 390 words