Components of strategy

Date: 2015-10-07; view: 445.

Functional-Level Strategy.

Functional strategy, as is suggested by the title, relates to a single functional operation and the activities involved therein. Decisions at this level within the organization are often described as tactical. Such decisions are guided and constrained by some overall strategic considerations. Functional strategy deals with relatively restricted plan providing objectives for specific function, allocation of resources among different operations within that functional area and coordi-nation between them for optimal contribution to the achievement of the SBU and corporate-level objectives. Below the functional-level strategy, there may be operations level strategies as each function may be dividend into several sub functions. For example, marketing strategy, a functional strategy, can be subdivided into promotion, sales, distribution, pricing strategies with each sub function strategy contributing to functional strategy.

- Your company's current or desired core competencies

- A description of how you will differentiate vs. competitors

- The industry or industries in which you intend to compete

- The initiatives you plan to implement in the areas of marketing, operations, information technology, finance and organizational development

- A financial forecast that shows how your plans will meet stakeholder requirements over the next 3 to 5 years