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Functional Strategies

Functional strategies are policies formulated at functional levels like marketing, production, R&D, finance, and human resources. They help with decision making, delegating authority, coordination, and control of activities. Marketing strategy involves discovering customer needs and wants and translating them into product specifications to create and expand demand. Key aspects of marketing strategy include market segmentation, choosing a target market, and determining the appropriate marketing mix of product, price, placement, and promotion.

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2K views

Functional Strategies

Functional strategies are policies formulated at functional levels like marketing, production, R&D, finance, and human resources. They help with decision making, delegating authority, coordination, and control of activities. Marketing strategy involves discovering customer needs and wants and translating them into product specifications to create and expand demand. Key aspects of marketing strategy include market segmentation, choosing a target market, and determining the appropriate marketing mix of product, price, placement, and promotion.

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Santosh....
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© Attribution Non-Commercial (BY-NC)
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Subhadra Nyayapathi

Debashree Shrichandan
Nirmal kumar Sahoo.
 Definition:- It is a policy which is a well
developed statement of the way of thinking
and paths of actions of functional areas of a
business unit.These are the strategies which
are formulated at the functional level like
Markting, Production, R and D, Finance,
human resources and the like.
 Functional strategies are concerned with
“Dealing the things right”.
 They quicken the pace of decision making.
 They act as the instrument of delegation of
authority.
 They bring in effective coordination.
 They simplify the control of activities.
 They bring about growth with stability.
 “MARKETING is the process of discovering
and translating consumer needs and wants
into product and service specifications,
creating demand for these products and
services and then in turn expanding this
demand.”
By Prof.Harry L.Hanson
 Goods and service Mix
 Distribution Mix:

(a) Channels of distribution


(b) Physical distribution
 Communication Mix
 Selection of target market segment.
 Deciding on appropriate marketing mix.
 Positioning strategy.
 Market segmentation refers to dividing a
potential market into distinct sub-markets
with customers having homogeneous needs
and purchasing power.
 Ex: A garment making firm may concentrate
on only kids wear.
 Undifferentiated marketing strategy.
 Differentiated marketing strategy.
 Concentrated marketing strategy.
 This strategy puts forth one product and tries
to draw in all buyers with one marketing
programme.
 Ex: American automobile manufacturers.
 Differentiated marketing strategy is one
under which a firm decides to operate in
several of all segments of the market but
designs separate products and marketing
programmes for each.
 Ex: Horlicks,Pepsi.
 Instead of going after a small share of a large
market the firm goes large share of one or
two or a few sub markets.
 Ex: Volks wagen.
MARKETING MIX:
Combination of 4ps:-
Product
price
Promotion
Placement

In other words, MARKETING MIX is the blend or the


compound of all the marketing efforts hovering
around the 4 ingredients namely
Product,price,promotion and Place.
 Product Mix is the composite of products
offered for sale by the firm over a period of
time.
 The sum total of physical and psychological
satisfaction it provides to the buyer.
 Ex:Godrej:refrigerators,soaps,detergets, etc.
1.Product line & Product range
2.Product Design
 External appearance
 Construction
 Production Capacity
 Uses or Application
 Relationship
 Service Requirement
 The Competitor’s Design
3. Product life Cycle: There are 4 stages
 Introduction
 Growth
 Maturity
 Decline

4.Product package
5. Product quality
6.Product labeling
7. Product branding
8. Product innovation
9. After sale services and guarantees

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