Yes! Very true! Read on to find out…………..
For strategy to succeed, every aspect of the organization will be involved. A strategy has multi-functional ramifications!
Let’s now look at a few of those.
- HUMAN RESOURCES
No strategy will succeed without people. A strategy has to have the people with the various skills, competencies and abilities. This is where strategic human resources as a function comes in. It is a blunder to have a strategic mismatch between people’s competencies and strategies.
- FINANCE. The finance function is a strategic imperative in the world of strategic management. A company should pursue strategies that are within its financial capacity. It’s unwise to create grand, earth-shattering strategies which your organization cannot fund! Your finance person should know how financial markets connect to strategy. Your finance person should also know how to make an appraisal of the different potential investments.
you can never have a competitive positioning if you are not clear about which markets you are serving. This is where the STP concept comes instep stands for segmentation, targeting and positioning. There is so much power in these concepts! Segmentation allows you to focus your marketing efforts on specific target markets through tailoring the value propositions and offers to a few consciously known targets. Marketers should orchestrate different marketing mixes for the different segments for optimum marketing results.
These are not the only functional areas in business. A strategy should be integrative and should create a cohesive organization that is striving to achieve its overarching vision, mission and objectives.