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Business Strategy: The Three Types Of Strategies

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There are many types of strategies developed in a company. A general idea of strategy is a continuous process of company. Strategies helps strategic thinkers know the fluctuation situation in environment. According to Daft (2011), strategies refer the roles of actions and decisions. Companies with developing strategies are able to fight with other competitors. “Art and science of formulating, implementing, and evaluating, cross-functional decisions that enable an organization to achieve its objectives” (David & Coulter, 2015). There are three types of strategies in the management of a company which are corporate-level strategies, business level strategy and functional level strategy (FitzGerald, 1981). The first type of strategy is corporate …show more content…

Functional-level strategy is an organizational strategy and different types of functional sectors are used up to support competitive and business strategies. There are five examples of strategies are comprised in functional-level strategies which are marketing strategies, R&D strategies, HRM strategies, operations strategies and financial strategies. As mentioned by Mart (1991), marketing strategies is observing the matching available and potential products or services and informing them to customers. In addition, having products or services on the right time and at the right place is important in marketing strategies to expedite the exchange. Besides, the price of products or services are assigned suitably. The next example is R&D strategies. R&D strategies develop the new products or production techniques or improve the presents. Furthermore, doing researching on competitive products or services and incorporate the best feature into owns also included in R&D strategies (Byars et al., 1991). The third example is HRM strategies. Baird (1991) claims that HRM strategies’ purpose is to recruit, hire, train, and provide counselling to employee of an organization. A company with compensation and disciplinary systems are target of HRM strategies. The safety of workers in company also considered as important issue in HRM strategies. HRM strategies also emphasise on communication among the internal user of the company. The fourth example is operations strategies. According to Newton, operations strategies are plans of business to work up until achieve the goals which are set by company. Finally, the last of example is financial strategies. Financial strategies include income statement, cash flow statement and balance sheet which stated by Anthony. The importance of having financial strategies in an organization is to manage cash, conduct a long-range view for company. Financial strategies help

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