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Functional area of finance

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How and why is the functional area of finance important in the four phases of strategic management discussed?

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Solution Summary

This is a response to a question dealing with financial management as it relates to decision making and to defining strategy and tactics for future investing.

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We'll start with the assumption that finance is an entity which is designed to insure that the firm has the cad it needs to operate on a daily basis, and that it has the means to raise funds for future investment opportunities (this on a very simplistic view).

Next, we look at strategic management in terms of its role:

- strategic implies that management determines WHAT we are going to do --- our goals, our purpose, our standing within the marketplace, and the like.
- In order to gain the what, we have to formulate a plan for moving forward --- this would be a business plan which outlines the idea(s) we have for reaching the WHAT phase of our management approach.
- Once we have formulated our plan for moving forward with our investment criteria --- our ...

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