Tips may be considered as part of wages, but the employer must pay not less than $2.13 an hour in direct wages and make sure that the amount of tips received is enough to meet the remainder of the minimum wage.
Long-term action plan that is devised to help a company gain a competitive advantage over its rival. This type of strategy is often used in advertising campaigns by somehow discrediting the competition's product or service.
Strategies are actions a company's management takes to build revenues, improve productivity and increase profits. Strategy formulation involves making critical choices -- what products or services to sell, and where and how to sell them. Many companies have an annual strategic planning process involving members of the management team in which strategies for the upcoming year are formulated. From there, specific tactics -- also called tasks or projects -- are outlined to implement the strategies. A strategy, for example, might be to begin marketing the company's products in Mexico.