Formulation of Functional Level Strategy
By Hiriyappa .B
()
About this ebook
Formulation of Functional Level Strategy offers a practical, fact-based approach to explain how enterprises formulate marketing, financial, production, logistics and human resources strategy. This book is specially designed for those who are the students of Business, MBA, PGDM & Executives. IT management, middle-level managers across the management consultant and business executives seeking to excel in the formulation of functional strategy in business.
Hiriyappa .B
Dr.Hiriyappa.B is a Ph.D., MPhil., MCom. Coordinator, Department of Post Graduation Studies in Commerce. He has Coach, Trainer, Speaker and Consultant in Management.
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Formulation of Functional Level Strategy - Hiriyappa .B
.
CHAPTER 1
MARKETING STRATEGY FORMULATION
As market windows open and close more quickly, it is important that R & D be tied more closely to corporate strategy
.
William Spender
Most of the time, strategists should not be formulating strategy at all; they should be getting on with implementing strategies they already have
.
Henry - Mintzberg
––––––––
INTRODUCTION
For effective strategy formulation, strategists have to provide valuable direction to functional managers regarding the plans and policies which are adopted by firms.
Functional strategies are typically: marketing, financial, production and human resources.
Functional strategies are based on the functional capability factors in firms.
For each functional area, we have to find the main areas and then discuss the sub areas of each functional area. These are regarding the content of functional strategies, important factors and the importance in the process of strategy formulation.
Functional strategies are operated below the strategic business units or business level strategies for functional level strategy formulation.
Functional level strategies consist of guidelines that are set at higher levels.
Functional managers need guidance and directions from the business strategy in order to make decisions which are related to the functional areas.
Operational plans explain the functional managers what has to be done meanwhile policies are stated how the plans are to be implemented.
REASONS FOR FUNCTIONAL STRATEGIES ARE NEEDED TO FIRMS
The development of functional strategies is formulated by the top-level management of the firm’s. The functional level involves the execution of policy which made by the top level management. Strategic managers need to be segregated into viable functional plans and policies and avoid non-viable functional plans and polices which are compatible with each other in business. In this way, strategic managers in functional areas have discharged their role relating to functions in business. Strategic managers have studied of environmental factors which are affected by and relevant to firms. Organization strategies which have affected the choice of functional strategies. Finally, the actual process of choice is influenced by objectives as well as subjective factors in different functions. Major reasons for functional strategies are needed for firms are listed below:
The strategic decisions are implemented by all parts of a firm’s/ organization.
There is a standard basis available for controlling activities in the different functional areas of the business.
When plans are clearly laid down that time functional manager to take decisions in flexible and short time and what is to be done and executed policies provide the discretionary framework within which decisions are needed to be taken