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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