1. Functional strategies can be defined as an organization plan used by human resources, marketing research and development and other functional areas. However, there are several functional strategies that organizations needs. Which are: operation strategy, marketing strategy, human resources strategy, production strategy, research and development strategy, financial strategy, and organization strategy. These strategies are used to help an organization achieve their goals and objectives in an effective approach.
2. The basis upon which an organization decides on a competitive strategy might provide is that according to Michael Porter positioning and structuring of an organization are the two basis upon which an organization decides on a competitive …show more content…
Corporate strategy is related to the other organizational strategies because growth and success is very essential in any organization. However, corporate strategy establishes the overall direction that an organization hopes to go. Whereas, the functional and competitive strategies provide the organization with the tools and instrument to get there. Additionally, the three corporate strategy directions are:
i. Growth strategy: this moves the organization ahead in its direction. ii. Stability strategy: this keeps the organization where it is presently but not falling behind. iii. Renewal strategy: this reverses the weakness of an organization.
2. Some of the growth strategies Campbell’s will implement are product expansion, diversification and market expansion strategy. By implementing these strategies it would enable Campbell to accomplish his objectives and goals while sustaining a competitive advantage in a successful way.
3. Two other suggestions for growth strategies that Campbell’s might utilize are product development strategy because it is very vital for introducing a new product or services to a market. As well as, market penetration as this relates to when an organization goes into a market that has similar products or services.
Part …show more content…
The characteristics of an entrepreneurial venture and a small business is that with entrepreneurial ventures are organizations that pursue opportunities, innovative strategic practices and that have growth and profitability as their main goals. Whereas, small business is an independent business having less than 500 employees that doesn’t necessarily engage in new or innovative practices and has relatively little impact on its industry. Although entrepreneurial ventures may start small, they pursue growth, hence; some new small firms may grow, but several remain small business either by choice or default.
2. These types of organizations are important because of the socio-economic perspectives. There are three areas of importance which are job creation, innovation and new start-ups. These areas provide various opportunities for the economy, consumers and employees. For instance, a small business plays a vital role in reducing the uncertainty, offer cost and tax advantage to the owner. Not only will it offer independence but also diversity, sustainability and flexibility to employees. Whereas, entrepreneurial venture elevates employees to innovate by means of offering an effective workplace. Furthermore, it also offers stability, thus, creating effective move towards grabbing a hold of new markets for growth and success of the
2. The basis upon which an organization decides on a competitive strategy might provide is that according to Michael Porter positioning and structuring of an organization are the two basis upon which an organization decides on a competitive …show more content…
Corporate strategy is related to the other organizational strategies because growth and success is very essential in any organization. However, corporate strategy establishes the overall direction that an organization hopes to go. Whereas, the functional and competitive strategies provide the organization with the tools and instrument to get there. Additionally, the three corporate strategy directions are:
i. Growth strategy: this moves the organization ahead in its direction. ii. Stability strategy: this keeps the organization where it is presently but not falling behind. iii. Renewal strategy: this reverses the weakness of an organization.
2. Some of the growth strategies Campbell’s will implement are product expansion, diversification and market expansion strategy. By implementing these strategies it would enable Campbell to accomplish his objectives and goals while sustaining a competitive advantage in a successful way.
3. Two other suggestions for growth strategies that Campbell’s might utilize are product development strategy because it is very vital for introducing a new product or services to a market. As well as, market penetration as this relates to when an organization goes into a market that has similar products or services.
Part …show more content…
The characteristics of an entrepreneurial venture and a small business is that with entrepreneurial ventures are organizations that pursue opportunities, innovative strategic practices and that have growth and profitability as their main goals. Whereas, small business is an independent business having less than 500 employees that doesn’t necessarily engage in new or innovative practices and has relatively little impact on its industry. Although entrepreneurial ventures may start small, they pursue growth, hence; some new small firms may grow, but several remain small business either by choice or default.
2. These types of organizations are important because of the socio-economic perspectives. There are three areas of importance which are job creation, innovation and new start-ups. These areas provide various opportunities for the economy, consumers and employees. For instance, a small business plays a vital role in reducing the uncertainty, offer cost and tax advantage to the owner. Not only will it offer independence but also diversity, sustainability and flexibility to employees. Whereas, entrepreneurial venture elevates employees to innovate by means of offering an effective workplace. Furthermore, it also offers stability, thus, creating effective move towards grabbing a hold of new markets for growth and success of the