Marketing and Functions
The accounting department of a business monitors the financial condition of a company Another reason marketing and accounting work closely together is to . The Relation of Finance to Other Business Functions by SHAIKH ZAHIR, Dammam, It joins other functional areas like marketing, operations technology, and. Marketing, on the other hand, is a combination of creative activities and the detailed these two departments within any company have a symbiotic relationship.
Business owners and business managers have to have at least a basic understanding of finance even if they outsource certain areas of their financial operations. Relationship of Finance with Production: For producing goods, it needs raw material, labor and other expenses.How to Improve Your Sales Process and Increase Business
For paying all expenses, production department needs money and fund which will be fulfilled by finance department. Finance department checks the budget of production department and allow funds for production department. Now, if production department performs his duty honestly and products are produced and sold on time, it will be helpful for increase sale and profitability and it will again recycle the fund with high profit in finance department.
So, we can say both are dependent on each other.
what is the marketing relationship with other business activities? | Yahoo Answers
Both are players of business team. Both should be adopt co-operative view for each other. After this, business team can succeed in business.
Relationship of Finance with Marketing: For developing the product, promotion activities and distribution activities of marketing department need some money for paying salesmen, advertising budget and other promotional expenses.
For this marketing department makes his marketing budget and it is cleared by finance department, but sometime finance department will not all specific marketing expenses but marketing department need that type of expenses for promotion of sales.
This will create confliction. Good relations will be helpful for both departments.
Marketing and Functions
If both department does meeting and show behavior like good relative, the problem can easily solve. Sometime, marketing department obtains big order for supplying the goods, at that time finance department should help marketing department for arrangement of money for buying raw material and supplying fastly without any delay. Relationship of Finance with Personnel: If personnel department and finance department work together with co-operation, both departments can satisfy the objectives of company.
It is the objective of company to satisfy employee by fulfilling their financial needs. It is also objective of company to reduce the misuse of fund by paying excess salary that required cost of doing work by employee. One more thing, financial decisions are also very necessary in human resource area.
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Corporate are moving to the development of employees. They are human resource capital of company. Now, investment in training of employees, incentive schemes and retirement schemes etc should be calculated like other investment and both departments should take maximum advantages from this asset. The main duty of finance function is to seek cheaper funds for future investment, in short to keep the weighted average cost of capital lower.
The investment should be such that can generate a positve NPV.
As a result the business will sustain and achieve a growth. However there is a strong linkage between all these departments. Internal Marketing Human resources professionals know that your employees are your internal customers.
When disseminating information to these customers, the more creative and upbeat the message, the more receptive employees may be to the content. Human resources staff members attempt to grab the attention of your employees and motivate them to act, in much the same way that marketing professionals do with potential customers. Find out more -- come to the meeting! External Marketing Marketing axioms are in full effect when implemented by companies promoting certain types of software to HR departments.
For instance, human resources teams are often inundated by direct-mail pieces, phone calls and email offers describing the benefits of the latest advancements in a particular human resources information system. HR is just as vulnerable to this type of prolific external marketing as any customer might be.
External marketing to human resources can include offers from marketers for HR outsourcing companies, workers' compensation and health insurance companies, and HR consultants. External marketing from human resources comes into play during HR personnel's recruitment activities, when concocting creative and persuasive ads to attract qualified applicants.
External HR marketing is also implemented in support of your company brand through employment ads that describe the advantages of working with your company.
Business Benefits The boon to your business comes when HR's efforts using marketing techniques inspire workers to increase profitability and, thus, profits.
- Marketing and its relationship with other business activities.
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