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Every organization has different departments to conduct all types of processes. The departments are classified according to their specialization. Marketing and finance departments are the two most important departments of the companies and the practices of the related fields need to be planned and specifically analyzed before their implementation. Marketing deals with all the practices that are related to the developing the awareness of the products or the services offered by the company and the finance practices deal with all the accounting methods and the management of funds practices.
Marketing is a very important aspect for the businesses of every field. This is because producing a product or the service is the not enough. That services and products needs to be marketed among the customers of that people can know about their existence and can buy those products or services and in turn the company can make profits out of that. Businesses need to take the strategic steps and develop the plan strategically to generate the marketing practices and have to implement those practices timely to make the people aware of the products. Marketing is necessary because it draws the attention of the people towards the products or the services offered by the companies. (Urwin and Fender, 2016)The major reason that gives birth to implementation of marketing practices and strategic marketing is the competition in the industries these days. The competition has increased to such extent that the companies have to come up with new and innovative ideas of marketing now and then to showcase their products or services.
Development of a marketing plan should be the first step of strategic marketing by the business or to implement the marketing practices in the market. A marketing plan can be defined as the outline or the blueprint that assists the company’s marketing team to conduct the course of action required or planned for marketing the products or the services. A good marketing plan includes all the strategies that needs to be implemented along with the tactics and the objectives to be achieved. Most of the companies realized that not only the strategies and the tactics are requirement to implement the successful plan but the timing of the implementation should laos be the factor that needs to be considered. Marketing at the right time is very important. It should alos be consistent in nature. This is because consistent positioning of the products and the services among the minds of the customers help them to remember the product and the brand and thus draws their attention at the time of buying the offerings of the companies by the customers. Money is another important factor that matters a lot. An approved marketing budget should be released so that marketing practices can be developed and implemented according to the budget of the company. Stability in the marketing budget helps the company to run the marketing campaigns on regular basis. (Elliott and Timmermann, 2016)This results in successful implementation of the marketing practices. Along with the budget and the plan, some of the resources are alos required by the business to implement the course of marketing actions. These resources include marketing people, sales and communication people, finance people for managing the budget etc. the resources from different departments are required to implement the marketing practices. Now, the most important aspect of marketing practices are the mediums or the types of marketing that is required by the company to market their products. There are different mediums such as print media, broadcast media, social media etc. to market the product. Types of marketing practices can be advertising, personal selling, online selling etc. Companies alos need to develop the plan according to the target market. It is not necessary that every strategy or the marketing practice is successful for every type of target market. The strategies or the practices are developed in accordance with the preferences and habits of the target market. Therefore, target market needs be classified by the companies in accordance with some of the common characteristics. Such as children of age between 0-15 are considered as different group than the people of the age between 16-24. (Antras and Foley, 2015
Finance department of the any business is the most important department. This is because it manages all the funds of the company from the investment to the profits and the expenses. It needs to work closely with all the other departments so that they can make the budget for every department according to their needs. Financial practices can be defined as collection of the methods and operating procedures that are required to conduct the financial activities and accounting practices in the organization. It includes the tasks that are associated with the management of the finances of the organization in systematic manner. Keeping the books updated is the most important finance practice that should be practiced by every company from small scale to large scale level. This is because keeping the records help the companies to know about the extent of their expenses and their earnings. The expenses can be measured and evaluated so that steps can be implemented to reduce the cost of the company in order to increase the business profits. Today’s world is the world of technology. So, it is very easy for the finance department of the companies to feed the financial records into the software used by the accounting professionals. The first step of the companies these days should be installation of the good and relevant accounting software into the process so that further processes can be conducted. The accounting software helps the companies to know about their faults in the financial statements and allow to detect the problems that can be corrected by the company soon. (Kumar, 2015) Accounting is a very complicated process thus accounting and finance management requires the resources that are very much skilled in the relevant fields. Right person at right place should be the moto of every company at the time of recruiting the finance resources. This is because the resources in finance departments needs to have a technical knowledge of the subject as well the IT so that they can use the software installed in the company to conduct the finance practices. Understanding the cashflow is another important consideration. It is very important for the company to understand the inflow and outflow of the cash. This information helps the company to reduce the cost and increase the profits. Finance departments of the companies should also focus on maintaining the relationship with the other departments so that they can allocate the budget to them. Maintaining the budget of all the departments is a very crucial responsibility as the working of other departments depend on the releasing of budget by the finance department. Hence, finance department and the finance practices affect the overall working of the organization. (Jayawarna et al., 2014)
Both the above discussed sectors of the companies are important in their own way. They need to be managed and their practices need to be planned in order to get the successful results out of them. The inter-relationship between marketing and finance practices are alos every important to be analyzed by the company so that both the practices can be implemented effectively.
Jayawarna, D., Jones, O., Lam, W. and Phua, S., 2014. The performance of entrepreneurial ventures: examining the role of marketing practices. Journal of Small Business and Enterprise Development, 21(4), pp.565-587.
Kumar, V., 2015. Evolution of marketing as a discipline: What has happened and what to look out for. Journal of Marketing, 79(1), pp.1-9.
Antras, P. and Foley, C.F., 2015. Poultry in motion: a study of international trade finance practices. Journal of Political Economy, 123(4), pp.853-901.
Urwin, R. and Fender, R., 2016. The Future of Finance: New Directions. CFA Institute Magazine, 27(4), pp.16-16.
Elliott, G. and Timmermann, A.G., 2016. DP11354 Forecasting in Economics and Finance.