'A functional strategy is the short-term game plan for a key functional area within a company'. It is the approach a functional area takes to achieve corporate and business unit objectives and strategies by maximizing resource productivity. It deals with a relatively restricted plan that provides the objectives for a specific function, for the allocation of resources among different operations [...]
Blue ocean strategy is a strategy that challenges the firms to foresee beyond competition by creating new uncontested market space i.e. Blue Ocean that makes the current competition irrelevant. It is about growing demand and breaking away from the competition. Learn about:- 1. Meaning & Need of Blue Ocean Strategy 2. Foundation 3. Characteristics 4. Principles 5. Analytical Tools & [...]
In simple terms, a retrenchment strategy involves the abandonment of those products or services, which are no longer profitable for the organization. It also includes withdrawal of the business from those markets where even sustenance is difficult. For example, a corporate hospital may decide to focus only on specialized treatments, and thus, realize higher revenues. Besides, a retrenchment strategy also [...]