Punjab: Marketing and Business Essay

Submitted By stan23
Words: 2068
Pages: 9

1) 3 MAJOR AREAS OF ORGANISATION AND ITS IMPORTANCE:

OPERATIONS provides the goods and services. We need to know how goods and services are produced. We need to understand what operations managers do and it is such a costly part of an organisation.
It is a management of resources to create goods and services that can be sold to make a profit. This resources include employees, facilities, inventory and time. It is important because it allows a company to make profits if used properly.
The operations department, runs day-to-day operations. Finance and operation departments on the othe r hand play critical roles in any business. Finance departments provide information necessary for the continued operations of a business

MARKETING
Find and create the demand for the company’s products and services. Marketing management is a business discipline that focuses on practically, applying marketing techniques and managing a firm's marketing resources and activities. In order to create an effective marketing management strategy, a firm needs to have a strong understanding of their own business and the market in which they operate. It tends to go hand in hand with 'marketing strategy', which is a term that tends to refer to the long-term goals a company has in terms of marketing.

FINANCE
Finance is very important for business organisation. It includes planning of financial resources , making of optimum capital structure and effective utilization of financial resources by deep analysis of cost of capital and capital budgeting tool. It can also increase the efficiency of business , so effective utilisation with reasonable care is very necessary in Finance .
Finance touch the nervous system of business body . Because , Share market's fluctuation , Govt. policies and strategy , Economic changes and other changes in business environment can only analysed with the help of Finance .

Finance department oversees all money-related functions with a business, including the billing and accounting departments. Additionally, finance managers will typically monitor the mark-up of products and services to ensure the profitability of the company. The finance manager also reviews the budget and helps to make decisions about cuts and increases in spending. Further, finance managers prepare and interpret financial reports and help to forecast the company´s financial future.

DIFFERENCE WITH EACH OTHER:

Operations is all about reducing variance – in processes, quality, production schedule, inventory levels – to the point that the whole set of daily activities works according to a predefined plan. Operations works overtime to reduce disruptions in regular work.
Marketing is all about profiting from Variance – in customer needs, behavior, market dynamics – to the point that the whole product portfolio of the company is Market segments based. Marketing works overtime to recognize and profit from disruptions.
Finance makes direct annual budgeting and planning process for the organization's annual budget. Oversee monthly and quarterly assessments and forecasts of organization's financial performance against budget, financial and operational goals. Oversee short and long-term financial and managerial reporting. Managing day to day processing of accounts receivable and payable using QuickBooks, producing reports as requested by the operation department.

2) Operations Manager needs to have a knowledge of Marketing because he must provide and monitors the leadership of the marketing department. They need to ensure successful launch and tracking of large, key, initiatives such as Sales event planning & execution, marketing campaign management, project tracking, and brand building - all in an effort to grow and expand our original concrete floor block system.

In Business planning and decision making before the operation.
-Marketing activities need to collect information that will inform a firm's production plans, so that they…