Strategy is a plan of action where choices are made with regard to policies, assets, and governance structures. Strategic interaction defines how changes in the business model affect the working of another entity’s business model.
Tactics are courses of actions. These courses of action take place within the boundaries and constraints of the business model.
Strategy can be thought of as the creation of a unique combination of activities that create a valuable postion. The business model is a reflection of an organization’s strategy.
A business model may be defined as the set of choices and the consequences of those choices. The organization may choose one legal or tax entity option versus another not fully realizing the attributes and disadvantages associated with their choice. They make the...
Policies refer to the course of actions and decisions made by the organization regarding all aspects of the operation. Policies include strategic planning and goals, finanical reporting and controls, and other critical business systems.