Write a short note on functional strategies
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Answer:
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.
Management strategy is formed on three levels: entire company (so called corporate strategy), individual business units or sector of industry and at a functional level Such a multi-level strategic management approach makes the concept of strategic management highly ambiguous. It can be considered from the point of view of the entire company (top executives) and domain-specific subsystems or functional components. The lack of precise definition can cause that the "strategic" role for the companies can be individual workstations or processes carried out at the lowest levels of the organization. In particular, the discussion concerns the question of the validity of studies highlighting functional strategies.
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