Strategy and plan are different terms:

Strategy is logic and planning is a process.

The confusion typically arises from how we use the term "strategy."

Sometimes, we talk about specialized areas like "strategic finance" or "strategic marketing."

Other times, we casually refer to our goals with phrases like, “My strategy to improve my grades is to study 10% more daily.”

However, in business, strategy has a more specific definition.

If every action plan was considered a strategy, it would lead to confusion.

The main difference lies in these points:

➟ Strategy is the core logic behind creating and capturing value in an organization.

➟ Planning is the process of carrying out the strategy.

To simplify:

➟ Strategy sets the vision, while planning outlines the path to achieve it.