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Strategic Management - Functional Strategy

Introduction of Functional Strategies - Finance Marketing, Human Resource, Management Information Systems and logistics

   Posted On :  26.06.2018 10:05 pm

Functional Strategies are devised by specialist in each functional area of business.

Functional Strategies 

Functional Strategies are devised by specialist in each functional area of business. They spell out the spell out the specific tasks that must be performed to implement business strategy. Companies may vary in organizational responsibilities and also devise varieties of functional strategies.
 
Marketing specialists focus on determining the appropriate markets for business offerings and on developing effective marketing mixes. The marketing mix includes four strategic elements: price, product, promotion, and channels of distribution.
  
Financial specialists are responsible for forecasting and financial planning evaluating investment proposals, securing financing for various investments, and controlling financial resources. Financial specialists contribute to strategy formulation by assessing the potential profit impact of various strategic alternatives and evaluating the financial condition of the business.
Tags : Strategic Management - Functional Strategy
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