Functional strategies in strategic management focus on key functional areas like production, marketing, sales, finance, human resources, and research and development. Common functional strategies include financial strategy, marketing strategy, production strategy, human resources strategy, and research and development strategy. Marketing strategy focuses on promotional techniques, price optimization, distribution channels, product range optimization, and achieving the intended market position. Functional strategies in finance determine the capital structure through choices around share structure, debt, bonds, investments, and dividend policy. Production strategy deals with developing manufacturing methods, production planning, quality, costs, and regulatory compliance. Human resources strategy focuses on salaries, workforce selection, evaluation, employee relations, and training. Research and development strategy mainly involves product development, modifying or
Functional strategies in strategic management focus on key functional areas like production, marketing, sales, finance, human resources, and research and development. Common functional strategies include financial strategy, marketing strategy, production strategy, human resources strategy, and research and development strategy. Marketing strategy focuses on promotional techniques, price optimization, distribution channels, product range optimization, and achieving the intended market position. Functional strategies in finance determine the capital structure through choices around share structure, debt, bonds, investments, and dividend policy. Production strategy deals with developing manufacturing methods, production planning, quality, costs, and regulatory compliance. Human resources strategy focuses on salaries, workforce selection, evaluation, employee relations, and training. Research and development strategy mainly involves product development, modifying or
Functional strategies in strategic management focus on key functional areas like production, marketing, sales, finance, human resources, and research and development. Common functional strategies include financial strategy, marketing strategy, production strategy, human resources strategy, and research and development strategy. Marketing strategy focuses on promotional techniques, price optimization, distribution channels, product range optimization, and achieving the intended market position. Functional strategies in finance determine the capital structure through choices around share structure, debt, bonds, investments, and dividend policy. Production strategy deals with developing manufacturing methods, production planning, quality, costs, and regulatory compliance. Human resources strategy focuses on salaries, workforce selection, evaluation, employee relations, and training. Research and development strategy mainly involves product development, modifying or
Functional strategies in strategic management are usually a part of overall
corporate strategy prepared for various functional areas of its organizational
structure (i.e. production, marketing, sales). It helps managers in focusing company's activities to its major functional areas of activity (so called: key success factors). Most common functional strategies used in management are: financial strategy, marketing strategy, production strategy, human resources strategy (personnel strategy) and research and development strategy.
.Functional level strategy in marketing Focuses on promotional techniques and their
application, and on the price level optimization, problem of distribution (decisions about choosing distribution channels), structure of production, image of the company, public relations. Marketing strategies focus also on the product range optimization. Important part is taking action to achieve the intended market position. Managers promote sales, determine the advertising budget and the size of the sales staff. Marketing strategy also deals with public policies (elimination of legal, cultural and organizational obstacles). Summing up marketing strategy is the most important element of the functional structure, for the company trying to gain a loyal customer. Functional strategy in finance Forms the capital structure of the organization through choice of share structure, debt and bonds) by optimizing financial costs. Debt policy deals with decision- making about the size of the loan and its forms. The financial structure involves is also the enterprise asset management. In order to generate optimal revenues, the company establishes the structure of the investments of previously accumulated cash. It also provides access to resources. Dividend policy deals with the allocation of income between the shareholders and for development of the company. . Functional strategy of manufacturing Strategic management in production deals with the development of manufacturing methods and improving performance of people and machines. It is essential for the production planning (determine the place, production volume and production methods). It has a direct relationship with the quality of the manufactured products, costs incurred during production does not play a significant role (are considered secondary). Worth noting is other area of interest: automation, robotization and flexible manufacturing systems. In a situation of continuous technical progress, selection of appropriate manufacturing techniques provide a significant decision problem for managers. Managers must also take into account various government regulations. i.e. Environmental Protection Agency requirements) .Functional strategies in strategic human resources management Human resource policy focuses on such aspects as: salaries, workforce selection and evaluation of the results of the work. Employee relations is another dimension of human resource policy. Also government regulations are taken into account (e.g. the Act on the rights of the citizens). Typing the respective managers, who will soon be included in the composition of the executives also apply in this strategy. This is directly related to the planning of vocational training. Research and development strategy Mainly deals with product development. Involves decisions regarding the modification of the existing products and where necessary needed to manufacture new ones on the basis of the available techniques. Research and development strategy is also focused on the licensing and conduct of the patent policy for the prevention of the use of the developed models or generate revenue from their sale. Strong commitment in research and development are used for the introduction on the market disruptive innovations and new products.
Prepare A Paper On What You Have Learnt From Strategic Management and Make Recommendations Were Applicable in Your Organisation or Any Organisation of Your Choice - Docx NMF