Functional Strategy in Business Management

<p>By forecasting problems and implementing preventive measures (A)</p> Signup and view all the answers

<p>Analyze operations costs to eliminate unnecessary expenses (C)</p> Signup and view all the answers

<p>Equity Financing (C)</p> Signup and view all the answers

<p>Job Shop (A)</p> Signup and view all the answers

<p>Financial Strategy (D)</p> Signup and view all the answers

<p>Connected Line Batch Flow (B)</p> Signup and view all the answers

<p>Bond issuance (B)</p> Signup and view all the answers

<p>Production of a wide variety of mass-produced items (D)</p> Signup and view all the answers

<p>Dedicated Transfer Lines (C)</p> Signup and view all the answers

<p>Customer demographics (C)</p> Signup and view all the answers

<p>Achieving corporate and business unit objectives (C)</p> Signup and view all the answers

<p>They help in nurturing distinctive competencies. (A)</p> Signup and view all the answers

<p>Expensive quality assurance processes (B)</p> Signup and view all the answers

<p>They adapt to local consumer preferences and behaviors. (C)</p> Signup and view all the answers

<p>Human resources strategy (C)</p> Signup and view all the answers

<p>Positioning donuts as a snack food for afternoons (A)</p> Signup and view all the answers

<p>The parent business unit's strategy (B)</p> Signup and view all the answers

<p>Pricing, selling, and distributing products (C)</p> Signup and view all the answers

<p>Increasing market share for existing products through saturation (A)</p> Signup and view all the answers

<p>Nissan introducing the Leaf electric vehicle in response to environmental concerns (A)</p> Signup and view all the answers

<p>Using a successful brand name to market new types of products (D)</p> Signup and view all the answers

<p>To increase the prominence of products in retail through trade promotions (D)</p> Signup and view all the answers

<p>A pull strategy builds consumer demand through advertising while a push strategy promotes to retailers (A)</p> Signup and view all the answers

<p>To achieve a dominant market share in a product category (A)</p> Signup and view all the answers

<p>By introducing new products for both existing and new markets (C)</p> Signup and view all the answers

<p>Retailer discounts provided to boost product visibility (A)</p> Signup and view all the answers

Signup and view all the answers

An approach focused on maximizing resource productivity to achieve corporate and business unit objectives and strategies.

Functional strategy helps to develop and nurture strengths that provide a competitive advantage.

Each department in a business unit, like marketing, finance, and operations, has its own functional strategy.

A company's overall business strategy dictates the direction and focus of its functional strategies.

Functional strategies vary based on the specific needs of different regions or markets. For example, a product's marketing strategy may differ in different countries based on cultural preferences.

Marketing strategy focuses on how a company prices, sells, and distributes its product or service to reach its target customers.

Financial strategy deals with acquiring and managing the financial resources needed to support the company's overall business strategy. It includes decisions about capital budgeting, debt financing, and dividend policy.

Operations strategy focuses on how a company efficiently and effectively produces its goods or services. It covers areas like production planning, quality control, and inventory management.

A company aims to capture a larger share of an existing market for its current products by maximizing their reach and presence. This might involve strategies like extensive distribution, intensive advertising, or promotional activities to increase product penetration.

A company develops new products for existing markets or creates entirely new products for new markets. It's about expanding the product portfolio to cater to different needs or tap into new consumer segments.

A company leverages the success of a well-established brand to market other products under the same brand name. It aims to capitalize on the brand's existing reputation and trust among consumers.

A company uses promotional activities targeting retailers and wholesalers to encourage them to stock and promote the company's products. It focuses on incentives and strategies to push products through the distribution channel.

A company focuses on building brand awareness and creating consumer demand through advertising and marketing campaigns. It aims to make consumers actively seek out and request the company's products or services.

A company uses various tactics to acquire a greater market share for its products. This often involves efforts to increase product penetration through strategies like advertising, promotion, or expanding distribution channels.

This strategy focuses on creating new products to cater to the same market the company has already served. It leverages existing customer relationships and market knowledge while expanding the product offering.

This involves creating entirely new products and identifying new customer segments to serve. It's a strategy for entering a completely different market with a new product.

Producing a large quantity of identical goods or services at a low cost.

Adapting processes and products to meet specific customer needs and preferences.

Providing error-free services that meet customer requirements and deliver a dependable experience.

Adjusting service designs to handle diverse customer demands and unexpected circumstances.

Delivering services within a reasonable timeframe based on efficient scheduling and resource management.

A business strategy that considers the financial implications of different strategic options, aiming to achieve a competitive advantage by managing costs and capital effectively.

Raising capital by selling company stock to investors, who then become part-owners.

Raising capital by borrowing money from institutions like banks or insurance companies, with the promise to repay it with interest.

A strategy that focuses on how and where products or services are made or delivered, considering factors like manufacturing processes, supply chains, and technology.

A manufacturing strategy where small, customized production runs are handled with skilled labor.

A manufacturing strategy where machines are arranged sequentially based on the order of processing parts, suitable for standardized components.

A manufacturing strategy that uses flexible automation to produce a variety of mass-produced items by grouping parts into manufacturing families.

A highly automated assembly line designed for large-scale production of a single product, minimizing human labor.