Which term refers to the short-term methods that firms use to achieve their objectives?

Which term refers to the short-term methods that firms use to achieve their objectives?

• A. Strategy
• B. Vision Statement
• C. External Stakeholders
• D. Tactics

Answer: (D)

Short-term actions a firm takes to reach its objectives are called tactics. Tactics are concrete, time-bound steps that implement the broader plan and aim for quick wins or immediate results. Strategy, in contrast, is the long-term plan that sets the direction and allocates resources over time. A vision statement describes a desired future state, not the actions to get there, and external stakeholders are groups outside the organization with an interest in its activities. For a question focusing on the immediate, action-oriented methods to achieve goals, tactics is the best fit.

Short-term actions a firm takes to reach its objectives are called tactics. Tactics are concrete, time-bound steps that implement the broader plan and aim for quick wins or immediate results. Strategy, in contrast, is the long-term plan that sets the direction and allocates resources over time. A vision statement describes a desired future state, not the actions to get there, and external stakeholders are groups outside the organization with an interest in its activities. For a question focusing on the immediate, action-oriented methods to achieve goals, tactics is the best fit.