what is the difference between corporate strategy & functional strategy?
Functional Strategies. Once corporate level and business strategies are developed, management must turn its attention to formulating and implementing functional strategies. Functional strategy is the a strategy for each specific functional unit within a business. Functional strategies primarily are concerned with the activities of the functional areas of a business which support the desired competitive business level strategy and complement each other. They describe the means or methods to be used by functional areas of the organization in carrying out the corporate level or business unit strategy.
Business strategy will affect the small companyâs functional decisions such as the selection of its promotions and distribution channels. Corporate Strategy. When a business identifies opportunities outside its original industry, it might contemplate diversification. When additional businesses become part of the company, the small business owner must consider corporate-level strategy.