GENERAL KNOWLEDGE

Detailed explanation-1: -’A functional strategy is the short-term game plan for a key functional area within a company’. It is the approach a functional area takes to achieve corporate and business unit objectives and strategies by maximizing resource productivity.

Detailed explanation-2: -A short-term strategy includes a detailed action plan in which it specifies what platforms the marketing will appear on (such as TV, radio, print, social media). It also details who will be carrying out the strategies, what the budget will be, the expected profit and the forecast of sales.

Detailed explanation-3: -A functional strategy is the approach a business functional takes to achieve corporate and business unit objectives and strategies by maximizing resource productivity. It deals with a relatively restricted plan that provides the objectives for a specific business function.

Detailed explanation-4: -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-5: -Some examples of common functional strategies are production strategy, debt financing, organisational strategies, marketing strategies, financial strategies, etc.