Recently Tourism Toronto released their 2017 campaign to promote tourism in the city of Toronto. Needless to say, the reaction was extremely positive and receptive by many, including local Torontonians. In the 71-second clip, the viewer is introduced to many quick shots showcasing various parts of the city, focusing on popular destinations in the city as well as hidden gems. J. Walter Thompson Canada directed the visual, which features vocals performed by Toronto poet and singer Bethany Lee.
While the focus of this video is to promote Toronto tourism, it also doubles up as a civic pride exercise. For many years, Toronto has constantly been labeled as a micro town comparable to the bright lights of its counterpart in New York city. However, in recent years the city affectionately known as “The 6” has established their own identity, their own culture and uniqueness. Dubbed as “Canada’s Downtown”, a lot of locals took to social media praising the clip for demonstrating what they already knew about their city.
Diversity and Equality.
As Toronto is the most visited destination in Canada, the city does not discriminate. It has one of the largest LGBTQ communities in the world and is home to a large array of diverse and unique cultures. The town openly welcomes new visitors who are looking to find a place both in their professional and personal lives.
With that mindset comes opportunities for multiculturalism and immigration to the city. There are various pockets in Toronto that cater to different communities like Chinatown in Spadina, Little Italy on College street and Polish town in Roncesvalles to name a few. Toronto truly embraces and shows love in its vast diversity.
The world in one city.
Toronto no longer wants to blend anymore with other cities in the world. It wants people to know that they clearly have their own established identity and are not afraid to break barriers down. No longer does the city want to be known as the best kept secret, but to let the international audience know that culture wise there is a little bit of everything all in one city. Last month I made a presentation highlighting this campaign, which you can check out below.
Business Strategies 101
The first time I heard of S.W.O.T. Analysis, I had no clue what it meant. To be honest, the first thing that came to mind was probably this movie! So I started doing what mostly everyone who is tech savvy does and needs answers…I went ahead and did a Google search. I typed in “What is SWOT analysis?” and the first result on the first page that came up was so informative, I spent at least 10 minutes on B Plans‘ post taking it all in. I break it down in the first half of my video post above that I want to share with you. I now know if I ever end up deciding to open up my own sneaker boutique, I will definitely start with this business strategy.
So let’s say for example I end up opening this sneaker shop of mines and it takes off. I then imagine myself at the 5-year mark of my business and I have to re-evaluate some of the products that I carry in my store. What should I keep and what should I let go? I found this resourceful YouTube video by The Revision Guide that talks about the foundation of the BCG Matrix strategy, which is great for existing businesses who need to continue with their long-term strategic planning. It is not a complex strategy to learn, but just like the video itself, it provides the fundamental understandings of what is working and what is not. Check out my critique in the second half of my video review on these two helpful resources. Note to self: It’s time to upgrade my laptop with a built-in HD camera!
Berry, Tim. “What Is a SWOT Analysis?” Bplans Blog What Is a SWOT Analysis Comments. Palo Alto, 11 Aug. 2016. Web. 09 Oct. 2016. <http://articles.bplans.com/how-to-perform-swot-analysis/>.
Hanlon, Annmarie. “How to Use the BCG Matrix Model.” Smart Insights. YouTube, 12 Jan. 2016. Web. 11 Oct. 2016. <http://www.smartinsights.com/marketing-planning/marketing-models/use-bcg-matrix/>.
Portfolio Analysis – Boston Matrix / BCG Matrix. Prod. Apsara Sumanasiri. Https://www.youtube.com//RevisionOnline. YouTube, 8 June 2014. Web. 09 Oct. 2016. <https://youtu.be/1gZmmlKl6uk>.
Taylor, Nicole Fallon. “SWOT Analysis: What It Is and When to Use It.”Business News Daily. Purch, 01 Apr. 2016. Web. 09 Oct. 2016. <http://www.businessnewsdaily.com/4245-swot-analysis.html>.
Do you ever wonder how some of the biggest companies in the world maintain a high level of business with their customers? What did they do differently that separates them from their competitors? Which business strategy did they use to achieve this? What specific tactics were implemented to get the results they wanted? It is imperative to dive in and look at what actually separates a strategy from a tactic and vice versa. While they may both sound similar and are used usually within the same sentence, let’s dig deeper to break down why both terms differ from one another.
What Do They Mean By Strategy?
The term strategy is often referred to as “a method or plan chosen to bring about a desired future, such as achievement of a goal or solution to a problem.” It is commonly used when a business sets out an agenda and looks for ways to execute it in a long term capacity. Some of our favorite brands that we have grown to love and adore have been made possible because of the tactics they have implemented. Tactics are essentially various processes done in real time that are measured quantitatively and qualitatively. There is a combination involved of multiple skill sets and tools that are the foundation of a tactic. While strategy involves diligent planning with an end goal, tactics works with given resources that attempts to achieve the objective of a given strategy.
Big Businesses Lead By Example
The only way to stand out from your competition, is to literally be different from your peers. It is about gaining a competitive edge and getting that dominant market share in the financial landscape. Walmart for example has perfected this. They evolved from a discount store concept to the largest retailer in the world by using a cost strategy of keeping their operating costs low and at the same time reaping the profits over their nearest competitors. Apple continues to sell high end tech gadgets and people consume them at record paces. They have established an identity of selling unique, simplified products which come at a high price point – this cost strategy is known as an Overall Differentiation. Furniture giant Ikea has also managed to master their market by doing things differently as well, with everything from their design process, to packaging and manufacturing being completely different from their competitors. Ultimately companies that can address who they compete with, how they can stand out from them, how they will achieve this and what overall value they can bring to the table is what matters most. The above three mentioned companies incorporate all elements of what is known as the S.M.A.R.T philosophy, which looks at completing such goals by addressing every letter in the acronym with proper validation.
From the Boardroom to the Hardwood?
While the terms strategy and tactics may be executed in the boardroom, who’s not to say the same methods cannot be applied on the hardwood floor? Take for instance the 6-time NBA World Champion Chicago Bulls, who gained a competitive advantage over their opponents by outsmarting them at both ends of the floor. In particular, their 1996 squad went on hold a then NBA best 72-10 regular season record that was capped off by the franchise’s fourth title win. Their team strategy was to be the best team in the league. How they got there was attributed through their main playbook tactic, highlighted by head coach guru Phil Jackson’s use of the triangle offense. And while some say tactics are often done below the shoulders, the Bulls were so dominant mainly because they had a weapon in a guy who simply played above the rim…his name was Michael Jordan. In this example, the coach delivers the given strategies and it is the player(s) who are the tactics who must make the plan come to fruition.
It’s important to understand that strategy and tactics do not mean the same thing. You always with a strategy of ideas that you set out, but you will need to have a process of tactics to get the job done. In comparison, the two terms are synonymous with one another. While they are interchangeable, they also definitely rely on one another. It is unfavorable to have a set of tactics in place without any leadership of ideas. The end result will be chaotic and pointless. When you are able to ensure that you have a solid foundation of tactics which are outlined by an effective business strategy, you will see the desired end result of success.
- Gels, Dr. James. “Basketball Offense – Triangle Offense, Coach’s Clipboard Basketball Coaching and Playbook.” Coach’s Clipboard Basketball Coaching. Coach’s Clipboard, n.d. Web. 20 Sept. 2016. <http://www.coachesclipboard.net/TriangleOffense.html>.
- Kryscynski, David. “Generic Strategies Mini-Lecture.” YouTube. LearnStrategy, 08 Nov. 2012. Web. 19 Sept. 2016. <https://www.youtube.com/watch?v=V14kuqYEsxE>.
- Kryscynski, David. “What Is Strategy?” YouTube. N.p., 05 Jan. 2015. Web. 19 Sept. 2016. <https://youtu.be/TD7WSLeQtVw>.
- Owyang, Jeremiah. “The Difference between Strategy and Tactics.” Web Strategy. Jeremiah Owyang, 14 Jan. 2013. Web. 20 Sept. 2016. <http://www.web-strategist.com/blog/2013/01/14/the-difference-between-strategy-and-tactics/>.
- Ray, Sanjana. “The IPhone 7 Plus and Jet-black IPhone 7 Are All Sold out – and Here’s Why.” Your Story, 19 Sept. 2016. Web. 19 Sept. 2016. <https://yourstory.com/2016/09/iphone7-soldout/>.
- Rouse, Margaret. “What Is Competitive Advantage?” SearchCIO. TechTarget, Nov. 2012. Web. 20 Sept. 2016. <http://searchcio.techtarget.com/definition/competitive-advantage>.
- “S.M.A.R.T. Objectives.” Wayne LEADS. Wayne State University, n.d. Web. 19 Sept. 2016. <http://hr.wayne.edu/leads/phase1/smart-objectives.php>.
- “Tactic – Definition of Tactic in English | Oxford Dictionaries.” Oxford Dictionaries. Oxford Dictionaries, n.d. Web. 20 Sept. 2016. <https://en.oxforddictionaries.com/definition/tactic>.
- “What Is a Strategy? Definition and Meaning.” BusinessDictionary.com. N.p., n.d. Web. 19 Sept. 2016. <http://www.businessdictionary.com/definition/strategy.html>.
- “What Is Strategy?: The Three Levels of Strategy.” What Is Strategy? Strategy Training From MindTools.com. N.p., n.d. Web. 20 Sept. 2016. <https://www.mindtools.com/pages/article/what-is-strategy.htm>.