BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Most common functional strategies used in management are: financial strategy, marketing strategy, production strategy, human resources strategy (personnel strategy) and research and development strategy.

Detailed explanation-2: -Functional area strategies typically include marketing, production, human resources (HR), and research and development (R&D). Each of these departments has its own goals and strategies that contribute to the attainment of the company’s overall goal.

Detailed explanation-3: -Functional business strategies seek to improve implementation of business and corporate strategies. Functional strategies include marketing strategies and human resources strategies. Often they concern specifics such as resource allocation, operating expense efficiencies and product improvement.

Detailed explanation-4: -Four generic business-level strategies emerge from these decisions: (1) broad cost leadership, (2) broad differentiation, (3) focused cost leadership, and (4) focused differentiation . In rare cases, firms are able to offer both low prices and unique features that customers find desirable.

Detailed explanation-5: -Strategies on a functional level consist of actions and objectives that support the overall business strategy. In hierarchical organisations, different people are responsible for the implementation of various functional strategies. They are usually the department managers. Such as a general financial director.