'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 [...]
Strategic choice is the mental process of selecting the best or most appropriate strategy from the stock of alternatives that serves the enterprise objectives. This choice takes place in not thin air but a frame work of reference made up of variety of elements and the choice made is the product of the basic elements that work in the frame [...]
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 [...]