Functional level strategy advocates for any business to see its management decisions as specific to a functional area of the organization such as for the human resource, finance, or public relations. There exist three levels of strategy which are the corporate, business, and the market level strategy. Using a strategy map, I will formulate a functional level strategy for the primary business to meet strategic goals of the organization.
To meet the strategic goals for each of the operational processes, I will use management tactics and strategies such as the pricing and marketing strategy or financial strategy. Lowering the price at a medium rate to gain industry dominance, also, presenting rebates to the different stakeholders, special sales, and discounting (Mintzberg, 2014). The marketing strategy applied to attain the intended consumer with a convincing message that will draw their attention. I will also implement special promotions and seasonal advertising to achieve market dominance. A financial strategy I will apply to achieve the strategy of enough money to finance growth for my business by borrowing on my account receivables and obtaining payroll financing which will assist me paying employees during the outflows times.
I will apply managerial decision making on my action plan using different tools that will guide me to achieve my goals. I will conduct a Pareto analysis which will help me tackle a large number of decisions that will need to be made. It will assist in prioritizing which is critical and have the greatest impact on the business. I will also use the SWOT analysis tool to evaluate my strength, weaknesses, opportunities, and threats that are prone to the business.
My strategic plan will impact the production, research, and development, marketing, accounting, and finance functions. To manage implementation, I will use different tactics such as needs. I will ensure that there are right people who are ready to assist with their skills and abilities in the growth of the organization. Another tactic is to look at the business features. As a leader, I will communicate the vision, excitement, and behaviors necessary for achievement. I will make sure everybody is engaged in the plan and also apply performance measurement tools. The success of my plan will be due to the enhancement of cross-functionality in the organization. I will help the team members to connect, in the context that they appreciate one another and they trust each other. Also, I will create a team charter which will align the purpose of the team and the overall goals, and what role every employee has to play for the success of the organization.
I will implement democratic leadership style, where all the subordinate staff is involved in decision making to improve the collaboration with the employees and also t get the opportunities of new ideas that will help the business. Another style that I will enhance is the strategic leadership style, which will enable to fill the gap between the need for new possibilities and the need for providing the perspective set of habits. The last style I will employ is the cross-cultural leadership style. It will help me adjust to different environs as a leader. I will be able to recognize the best workers in the contemporary market (Poister & Streib, 2015).Applying this style, there will be successful because it tackles all areas of the business and it makes the employee free to make their opinion on the agenda concerning the events in the organization.
- Mintzberg, H. (2014). The fall and rise of strategic planning. Harvard business review, 72(1), 107-114.
- Poister, T. & Streib, G. (2015). Elements of strategic planning and management in municipal government: Status after two decades. Public administration review, 65(1), 45-56.