Think about the courses you have taken in functional areas such as marketing, finance, production, human resources, and accounting. What is the importance of each of these areas to the strategic planning process?

Think about the courses you have taken in functional areas such as marketing, finance, production, human resources, and accounting. What is the importance of each of these areas to the strategic planning process?

Building strategy to business if often talked with respect to 4-guiding questions, which are: -

• -Where do we market?
• -Why customers choose our product or services over others?
• -What resources and capabilities does our firm possess?
• -How do we sustain our core values of business?

To build the answers to the above mentioned questions, we need to have the knowledge of functional areas of business that are marketing, operations (production), human resources, finance, and accounting.

Marketing - provide key information in determining where to market, and how to reach to customers in what ways to attract the customers

Finance - provides the guidelines on how to build up the resources for the firm, and plan for the sustaining model

Production - it is associated with utilization of available resources physical and human resources to produce the product or services and planning the quantity and quality of product and services

Human Resources- the core strength of the firm is its human resources, motivation and incentives determines the efficiency of the firm. Also, the happy workers are the best marketing agents of the firm, so hiring, training, retaining and releasing  human resources is key tool for business strategic planning process.

Accounting - to keep track of the business transaction and all mobilization of resources, accounting plays the role of indicator or the business.

Thus, for strategic planning process the above mentioned factors have their own significance and play important roles.