Functional Region: Maximize Your Returns With These Simple Strategies

This article describes an approach for formulating a strategy for a functional area that is developed and owned by the functional leadership team and helps address the key question: How do you create a functional strategy that effectively supports the corporate strategy while also achieving the specific operational objectives the function is. The functional strategy for research & development is about innovation and the development of new products as well as the improvement of existing products. Examples of functional strategies in this area: Product development, diversification, and market penetration.

Basically, a functional level strategy helps a business to manage operational activities on a daily or routine basis. Functional level strategies are the actions and goals assigned to various departments that support your business level strategy and corporate level strategy. These strategies specify the outcomes you want to see achieved from the daily operations of specific departments (or functions) of your business. Identify and discuss the different functional strategies that can be implemented to improve efficiency, quality, innovation, and customer responsiveness in a firm. How do these strategies contribute to the firm's competitive advantage?