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What is a Functional Strategy?
A functional strategy, also known as a “departmental strategy”, concerns each organizational function, and how that organizational unit or division assigned that function will achieve its strategic objectives (a part of the business/competitive strategy). It generally does this by improving or maximizing efficiency and productivity within the functional unit. Examples of types of functional strategies include:
• production strategy,
• marketing strategy,
• advertisement strategy,
• sales strategy,
• human resources strategy,
• inventory strategy,
• financial strategy,
• training strategy, etc.
As expected, a functional strategy generally requires the unit and employees to develop specific competencies necessary to provide the business unit with a competitive advantage.
Of course, this will vary with the nature of the function and the specific business unit. As such, each business unit has its own functional strategy.