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Functional strategies are "the strategies pursued by each functional area of a business unit, such as marketing, finance, or production," (Parnell, 2017, p. 183). The approach and actions taken by specific functional areas within a firm to achieve the overall objectives of an organization can integrate the goals and activities of various functional departments. Functional strategies can guide the allocation of resources and effort within each department, ensuring that they contribute effectively to the firm's success (Sharma & Fisher, 1997).
An example of a functional strategy can be observed in the marketing department of a firm. The marketing team may develop a strategy to increase market share by targeting a specific customer segment. They could invest in
The functional strategy in this example aligns with the overall company strategy of increasing market share. By targeting a specific customer segment, the marketing department aims to contribute to the overall objective of the firm (Parnell, 2017). The finance department might support this by allocating sufficient budget for market research and marketing campaigns. The operations department might adjust production schedules to meet the potential increase in demand resulting from the marketing efforts. The human resources department could recruit and train employees who have experience and expertise in serving the targeted customer segment. Departments can work cross-functionally to reach goals and overall objectives for successful organizational growth and development.
Ans. Functional strategies will be strategies executed by various functional regions inside a specialty unit, like promoting, money, or creation, to accomplish the general goals of the association.
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