Evaluate the term ‘functional strategy’ & ‘overall business strategy’.
Why don't you google these terms?
http://www.bing.com/search?q=functional+strategy%E2%80%99+&go=Search&qs=bs&form=QBRE
https//www.bing.com/search?q=overall+business+strategy&go=Search&qs=bs&form=QBRE
To evaluate the terms "functional strategy" and "overall business strategy," we need to understand what each term refers to and how they are related.
Functional Strategy:
Functional strategy refers to the specific plans and actions taken by individual departments or functional areas within an organization to achieve their goals and support the overall business strategy. These functional areas can include marketing, finance, operations, human resources, and so on. Functional strategies are developed based on the goals and objectives of each department, taking into consideration the resources available and the external environment.
To evaluate a functional strategy, you can consider the following:
1. Alignment with Business Strategy: Assess whether the functional strategy aligns with and supports the overall business strategy and objectives. It should contribute to the achievement of the organization's goals.
2. Resource Allocation: Evaluate how resources such as budget, staff, and technology are allocated to support the functional strategy. Are these resources sufficient to execute the strategy effectively?
3. Execution and Implementation: Examine how well the functional strategy is being executed and implemented. Evaluate the action plans, timelines, and measures in place to track progress and adjust as needed.
4. Competitive Advantage: Consider whether the functional strategy provides a competitive advantage to the organization. Does it differentiate the company from its competitors or provide unique value to customers?
Overall Business Strategy:
The overall business strategy, also known as corporate strategy or strategic planning, refers to the long-term plan and direction of the entire organization. It is a comprehensive framework that outlines how the company intends to achieve its mission, vision, and objectives. The overall business strategy defines the scope of the organization's activities, target markets, competitive positioning, and growth plans.
To evaluate an overall business strategy, consider the following:
1. Alignment with External Environment: Assess how well the strategy takes into account the external factors such as industry trends, market conditions, customer needs, and competitive landscape. Is it addressing the organization's opportunities and challenges?
2. Internal Consistency: Evaluate how well the strategy aligns with the capabilities, resources, and core competencies of the organization. Are the strategic goals realistic and achievable based on the organization's internal strengths?
3. Coherence and Integration: Assess the coherence and integration of the various components of the strategy, such as market segmentation, positioning, product portfolio, and distribution channels. Do they fit together to create a unified and synergistic approach?
4. Performance Metrics: Determine the performance metrics and key performance indicators (KPIs) defined in the strategy. How will the organization measure its success and progress towards achieving its strategic goals?
By systematically evaluating both the functional strategy and overall business strategy, organizations can identify strengths, weaknesses, and areas for improvement. This evaluation process enables informed decision-making and strategic adjustments to drive business success.