Everand Logo

Welcome to Everand!

  • Discover millions of ebooks, audiobooks, and so much more with a free trial

    Only $11.99/month after trial. Cancel anytime.

    Formulation of Functional Level Strategy
    Formulation of Functional Level Strategy
    Formulation of Functional Level Strategy
    Ebook47 pages30 minutes

    Formulation of Functional Level Strategy

    By Hiriyappa .B

    ()

    Read preview

    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.

    LanguageEnglish
    PublisherPublishdrive
    Release dateJun 1, 2018
    Formulation of Functional Level Strategy
    Author

    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.

    Read more from Hiriyappa .B

    Related to Formulation of Functional Level Strategy

    Related ebooks

    Human Resources & Personnel Management For You

    View More
    View More

    Related podcast episodes

    Related articles

    • Article

      Building A Motivated Team

      Aug 10, 2020

      Motivating people to do their job to the best of their ability is one of a manager’s most challenging tasks. Simply getting employees to do the work is not that difficult; as long as they’re reasonably paid and not treated too badly, they’ll do just

      2 min read

    • Article

      Boards Must Up Strategy Play

      Jan 7, 2019

      Boards Must Up Strategy Play
      4 min read

    • Article

      Cultural Importance

      Oct 21, 2018

      Cultural Importance
      3 min read

    • Article

      Becoming The Chairman

      May 22, 2018

      Becoming The Chairman
      8 min read

    • Article

      Effective Succession Planning Leads to Business Longevity

      Apr 27, 2020

      Choosing the right successor can make or break the future of your business. The next-in-line should have long-lasting passion for the work, the company's respect and the expertise needed to maximize profits and promote business longevity. Can your s

      4 min read

    • Article

      Putting The Team First

      Feb 25, 2018

      Putting The Team First
      6 min read

    • Article

      The Secret Formula For Changing Lives In Africa

      Jul 30, 2020

      COCA-COLA. A NAME THAT HAS DOMINATED FORBES’ lists for years as one of the world’s most valuable brands and innovative companies. A brand that has dominated pop culture and our collective consciousness for as long as we can remember. When the world e

      3 min read

    • Article

      So, You Want To Be A CEO?

      Sep 1, 2018

      So, You Want To Be A CEO?
      10 min read

    • Article

      Moving from Authentic and Servant to Transformational – The Secrets to Transformational Leadership

      Oct 3, 2019

      Leadership styles and models have been challenged by various researchers and leadership has still left executives with rudimental and anecdotal ways to lead – leaving a gap between leadership effectiveness, satisfying followers, and meeting customer

      9 min read

    • Article

      Avoiding Strategic Misfire

      Jun 9, 2021

      Avoiding Strategic Misfire
      4 min read

    • Article

      The Execution Trap

      Nov 2, 2016

      An obvious fact and one that is well-known to every executive tasked with growing revenue in their organisations is that it’s not getting any easier. And that is before we even begin to feel the potential impacts of Brexit, a Trump administration and

      2 min read

    • Article

      What's Behind New Zealand's Growing Companies?

      Sep 23, 2019

      This revelation was a concern to hear from some of New Zealand’s most senior marketers. These were talented marketers and marketing’s core purpose is growth, so understanding what is or isn’t going on here is of great interest to us all. Marketers de

      4 min read

    • Article

      Conclusion

      Aug 9, 2018

      Successfully executing an organic growth strategy requires a deep and lasting commitment from the entire senior leadership team, because bringing new-to-the-world products to market transforms selling organisations as much as it transforms buying org

      1 min read

    • Article

      In Trust We Grow

      Mar 23, 2020

      Seamless CX is often highlighted as the key to delivering an organisation’s success. In today’s globalised marketplace, however, the issue of ‘trust’ plays a far more critical role. An erosion of trust creates a barrier preventing many organisations

      4 min read

    Related categories

    Reviews for Formulation of Functional Level Strategy

    0 ratings

    0 ratings0 reviews

    What did you think?

    Tap to rate

    Review must be at least 10 words

      Book preview

      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

      Enjoying the preview?
      Page 1 of 1