BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -A functional strategy is concerned with different functional areas in an organization. These include technology, marketing, finance etc. Organizations are as successful as their functional level strategy. Whether it’s production or advertising, each function of your organization should work in tandem with the rest.

Detailed explanation-2: -Functional areas are the different sections or departments of a business, each having distinct roles in the achievement of the overall business strategic plans. Functional area strategies typically include marketing, production, human resources (HR), and research and development (R&D).

Detailed explanation-3: -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.

Detailed explanation-4: -Strategy guides organizational action. It is meant to give direction to the things that an organization does. Without such direction, organizations would just engage in uncoordinated, fragmented and possibly counterproductive actions.

Detailed explanation-5: -Most common functional strategies used in management are: financial strategy, marketing strategy, production strategy, human resources strategy (personnel strategy) and research and development strategy.