Functional Level Strategy

Q5. THE ROLE FUNCTION-LEVEL STRATEGIES PLAY IN A FIRM

Functional Level Strategies play a major role in achieving the business's goals and objectives. The functional level of a business is responsible for providing directions to managers at these departments within the functional level. The role that a functional level strategy plays is very important in achieving efficiency, quality, innovation and a very strong long term advantage. Functional strategy provide support for the business's long term objective.

The main objective of a functional strategy is profitability, recruit and hold on to a well trained workforce, cost efficiency, producing high quality of products and new product development or innovation. There are many departments which

In an article writing by Fergus McDermott MMII MBA, Eoin O’Driscoll the chairman of Forfar stressed the importance of marketing and described martin as the true wealth creator and the driver for innovation. Marketing is not just about advertisement and making the shelves look pretty which is misunderstood by many businesses. Chartered Institute of Marketing gave a very strong definition about marketing ‘Marketing is the management process responsible for identifying, anticipating and satisfying consumer requirements profitably’ (Chartered Institute of Marketing). Marketing role is to satisfy customers and to identify opportunities in the market. Satisfying customers gives the business a customer's response but also creates profit this department of marketing also leads to the research and development segment of the function level

Therefore this department is focused on by mostly technology firms to come up with new improved products to meet today’s world changing technology. The function strategy allows the business to come up with goals for this department and assign the right engineers with the correct skills to work in this field. Through the research and development and the creation of new products businesses can build a very strong competitive advantage an example of this is Apple Inc., Apple Inc. develops new gadgets every day that other businesses try to copy but fail most of the time. Once a product is developed and it is one of a kind it will generate a lot of profit over the years just like the iPhone has for apple.

HRM Strategy

HRM strategies deals with training of employees, managing people, structure and training and development. When an employee is well trained and knows exactly what the business wants from him/her he will strive to achieve that goal but also he will walk on the correct path to achieve that goal, therefore he will be more efficient and the firm will benefit from that. Developing the skills of one employee means that he can be flexible and is able to carry out different tasks in different department.