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"Education is the most powerful weapon which you can use to change the world”
– Nelson Mandela

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Unit V Essay_Strategic Management and Business Policy

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Q 1. What is a functional strategy? 2. What are stability strategies in business? What are the pros and cons of these strategies?3. What are competitive and cooperative strategies?4. What are the tradeoffs (pros and cons) between an internal and an external growth strategy? Which approach is best as an international strategy? Why? What about retrenchment?

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There are many functional areas in the organizational structure of the company. There are three such strategies namely the marketing strategy, the production strategy and the financial strategy. We can say that the functional strategy is a fragment of the corporate strategy. The plans to manage certain functional areas like marketing, production, finance, human resources, research and development are called functional strategies.