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Ch 5: Functional Strategies

Ch 5: Functional Strategies. By Elias, Jason, Ryan, Scott, and Stephanie. Introduction. How Functional Strategies Are Part Of The Strategic Management Process. Describe the Functional Strategies An Organization Needs. How Functional Strategies Are Implemented And Evaluated. SMIA: Process.

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Ch 5: Functional Strategies

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  1. Ch 5: Functional Strategies By Elias, Jason, Ryan, Scott, and Stephanie

  2. Introduction • How Functional Strategies Are Part Of The Strategic Management Process. • Describe the Functional Strategies An Organization Needs. • How Functional Strategies Are Implemented And Evaluated.

  3. SMIA: Process • The process is complicated and is like trying to solve a 3-Dimensional puzzle. • The puzzle pieces are represented by the functional strategies.

  4. For Example… • When an organization is first founded, top management must provide goals and direction. • Over time core competencies are developed and eventually become competitive advantages. • Managers consistently evaluate and amend strategies as needed.

  5. Post SWOT Analysis • What is the SWOT Analysis? • Identifies the Strengths Weaknesses Opportunities and Threats • What does it do? • Provides decision makers with the information necessary to enable them to make the best decisions • Supports the reason as to why we look at functional strategies in the first place.

  6. Three Functional Concerns of Organizations 1. Product Strategies. • Design • Production-Operations • Marketing 2. People Strategies. • HR 3. Support Process Strategies. • Information systems • Financial accounting systems

  7. Products 3 Main Tasks • Product Design and Development Strategies. • First mover • Cross Functional Team • Production Operation Strategies. • Production Operations

  8. Strategic Choices • Will there be a formal or in formal process for generating ideas? • What type of and how much research will be needed? (Product and market-industry) • Will there be extensive or limited use of product prototypes, product tests, design reviews, and test markets?

  9. FS-HR Strategies • Self-directed work teams • Problem solving groups • Contingent pay • Attitude surveys • Job rotation • Total quality management programs • Information sharing • Employee suggestions implemented

  10. FS-Support Process • Information Systems • System technology • Information systems needed • Financial-Accounting Systems • Collecting data • Evaluating financial performance • Financial forecasting and budgeting • Determining optimum financing mix • Efficiently and effectively managing financial accounting areas

  11. Implementing The Various Functional Strategies • Find The Right Strategy And “Just Do It” • Don’t Treat Certain Functions Independent! • One Functional Area Affects The Other.

  12. Evaluating And Making Changes • Using Benchmarks to Determine if Strategy is Working. • Make Adjustments Accordingly. • Controllable And Uncontrollable Circumstances.

  13. Coordinating with Other Organizational Strategies • Coordination Is Imperative to Develop A Sustainable Competitive Advantage • Formulate And Implement Numerous Strategies • Toyota Example

  14. Take Away • Think Of It As a Jigsaw Puzzle • Independent But Interdependent • Benchmark!

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