Importance Of Functional Business Strategy

1033 Words5 Pages
Part A – Section 1: What functional strategies does an organization need? Smallbusiness.chron.com defines functional business strategy as “an area of operational management based on a specific department or discipline within an organization, such as human resources, finance or marketing. To say that a business has a functional level strategy for product development, for instance, means that the company has developed a strategy for selling its goods and services to customers. Functional business strategy is part of an organization's wider strategic plan.” These functional strategies include operations, marketing, human resource, production, research and development, financial and organization strategies. These strategies enable a company to…show more content…
Investopedia states that, “'Porter's Five Forces is a model that identifies and analyzes five competitive forces that shape every industry, and helps determine an industry's weaknesses and strengths.” Part A – Section 3: Describe briefly Porter's notion of being "stuck-in-the-middle." Is it always true? Referring to an organization when it is stuck-in-the-middle is when their cost are too high to compete. It also refers to when a company's products or services are not distinguished enough to compete. However it is not always true as businesses can still achieve success while being stuck-in-the-middle. Part B – Section 1: Indicate how corporate strategy is related to the other organizational strategies and describe each of the three (3) corporate strategic directions. Cooperate strategy is related to other organizational strategies because it is tied to the growth, stability and organizational renewal. Growth strategies continues the organization moving ahead. Stability strategies keeps the organization steady. Renewal strategies, as defined by Innovationexcellence.com is, “the race to change as fast as the environment is changing around you.” Part B – Section 2: What are some of the growth strategies Campbell’s will…show more content…
Step one is conducting external and internal audits to acquire a clear understanding of the marketplace. Step two is to identify what they want to achieve. Next, is to decide on what they need to achieve and implement action plans to help accomplish their goals. Then, an overall review of all of the process and outcomes should be accomplished and the necessary steps should be taken to complete those objectives in a period of time. Part D – Section 4: Explain the advantages and disadvantages of strategic planning with entrepreneurial ventures and small businesses. There are several disadvantage and advantage of strategic planning with entrepreneurial ventures and small businesses. The disadvantage of strategic planning for entrepreneurial ventures and small businesses is the complexity and high costs involved. That may hinder or delay a business from ever opening. An Advantage would be how strategic planning can be used to identify goals and objectives of a business that in-turn can help the business grow. Determining objectives help with mission and vision statements which help guide employees on what the main focuses

    More about Importance Of Functional Business Strategy

      Open Document