Marketing = the role is to project capabilities of the organization or features of the product produced by it either through advertisement or company brochures, specific promotions in industrial exhibitions...etc.
Finance = To manage the funds within the organization either through budgets or making allocations to various activities in the organization. Control $ $ that is being spent by organization so that you spend withing limits i.e. Spending and Earnings are properly balanced.
In a company, finance works with marketing, sales, manufacturing, logistics and accounting. Finance touches every aspect and department of the business. Anything that generates a cost will have a financial impact.
Functions of finance department are:Book keeping• Obtaining and managing finance•Budget control•Accounts Payable•Accounts receivable•Credit regulations and policies•Bills processing /Claim Processing
Finance department plays significance role in any organisation whether it is profit making organisation or non-profit making organization. The work of finance department is to use the organisation resources in the efficient and effective way otherwise wastage can be dangerous. Actually finance department look for sources of fund and its best utilization, it allots the fund to different department like marketing, production, and R&D depending upon their need and requirement. Excess allotment of fund to any department can cause wastage. Beside that it also look whether the fund is utilizing in the best possible way or not for getting result for the organisation.
Hierarchy of finance department
what are the main activities involved in the finance department
the role of marketing department in the creation of quality Marketing is for advertising , sales to retailers .
Most of the conflicts which arise between finance and marketing include budget allocations. The marketing department may have a good plan and a budget but the finance department will downplay the idea and allocate less money.
The role of the finance department in a company depends a lot on the size of the company. At the very least, the finance department will take care of the day to day transactions of the company through basic bookkeeping. In larger companies, the finance department may assist department managers in making strategic decisions and prepare forecasts for calculating ongoing cash needs.
The IT department helps the marketing department communicate with other departments in the organization. It also helps them organize the research marketing professionals gather.
how information system play an important role in following departments finance, marketing,HRM and production management
To see to it that the money that is owed is received.
In a company, finance works with marketing, sales, manufacturing, logistics and accounting. Finance touches every aspect and department of the business. Anything that generates a cost will have a financial impact.
Functions of finance department are:Book keeping• Obtaining and managing finance•Budget control•Accounts Payable•Accounts receivable•Credit regulations and policies•Bills processing /Claim Processing
Finance department plays significance role in any organisation whether it is profit making organisation or non-profit making organization. The work of finance department is to use the organisation resources in the efficient and effective way otherwise wastage can be dangerous. Actually finance department look for sources of fund and its best utilization, it allots the fund to different department like marketing, production, and R&D depending upon their need and requirement. Excess allotment of fund to any department can cause wastage. Beside that it also look whether the fund is utilizing in the best possible way or not for getting result for the organisation.
It should be from the department chairperson.
I really don't think this is a fair question to either department. Booth are equally important in their duties to a company. Finance supplies a budget necessary for the marketing team while the marketing team applies ideas and practices that bring in more revenue for the financial department to sort out. Loose one, you loose the other and a business fails.
The marketing department studies the market and the target customers, decides the best way to reach these customers, and works with the rest of the company to help determine the new product needs of the market.