Latest Activity In Study Groups

Join Your Study Groups

VU Past Papers, MCQs and More

HiStars a manufacturing company deals in manufacturing computers. Marketing, Finance and Operations are three important departments of the Company. The functions of these

departments are interrelated and can’t carry without each other in maintaining their production process.

Describe the importance of each department to the other.

Describe why it in necessary for an Operations Manager to have the knowledge of Marketing and Finance.

 

 

Please Discuss Here about this assignment. Thanks

Views: 197

Replies to This Discussion

Describe the importance of each department to the other.

One may generally consider that there are three distinct areas inherent in any business:
Marketing, finance and operations; all other business disciplines fit somewhere under one or more of these areas. For example, finance could include investing , real estate , insurance or banking; While management is considered an academic discipline unto itself it is actually a part of all three areas: Financial management , marketing management and operations management. Operations management it the area concerned with the efficiency and effectiveness of the operation in support and development of the firm’s strategic goals. Other areas of concern to operation management include the design and operations of system to provide goods and services. To put it succinctly , operations management is the planning , scheduling , and control of the activities that transform inputs ( raw materials and labor ) into outputs ( Finished goods and services ). A set of recognized and well-developed concepts , tools, and techniques belong within the framework considered operations management .While the term operations management conjures up views of manufacturing environments , many of these concepts have been applied in service settings , with some of them actually developed specifically for service organizations.


Describe why it in necessary for an Operations Manager to have the knowledge of
Marketing and Finance.


The field of operations management has been gaining increased recognition over the last two decades. One major reason for this is public awareness of the success of Japanese
manufacturers and the perception that the quality of many Japanese products is superior
to that of American manufacturers. As a result, many businesses have come to realize that the operations function is just as important to their firm as finance and marketing. In
concert with this, firms now realize that in order to effectively compete in a global market they must have an operations strategy to support the mission of the firm and its overall
corporate strategy.

Another reason for greater awareness of operations management is the increased application of operations management concepts and techniques to service operations.
Finally, operations management concepts are being applied to other functional areas such
as marketing and human resources. The term marketing/operations interface is often used.
Tentative solution of MGT 613

Importance of Marketing Department

i. Production Targets Achievements
ii. Advance booking of orders
iii. Maximum capacity usage
iv. Better strategic decisions
v. Better cash-flow arrangement

Importance of Finance Department

i. Helpful in guiding operations department
ii. Best feedback assurance for marketing dept
iii. Right allocation of funds
iv. Better arrangement of additional
v. Accommodates the marketing and operations departments in their decision making

Importance of Operations Department

i. Achieves all marketing targets
ii. Sets quality standards
iii. Better operations flow
iv. Saves maximum costs
v. Operations department guides marketing & Fin dept about capacity in use and free

Why it in necessary for an Operations Manager to have the knowledge of Marketing and Finance?

Answer:

i. Accurate Planning
ii. Reliable control over wealth
iii. Right usage of technology
iv. Dependable out put from funds
v. 100% correct decisions
some helping material for this assignment first question
Describe the importance of each department to the other????.

Marketing: The Importance of Marketing in Organizational Success

Marketing: The Importance of Marketing in Organizational Success
In the corporate world today, in 2008 creating a thriving corporation faces many challenges. These obstacles often affect their rate of longevity. Even industries that are internationally recognized and set the standards struggle daily to maintain status quo. Marketing is a vital component to the prosperity of all organizations. The marketing strategies include obtaining new clients, branding, and influencing behavior. All of these tactics are performed to encourage sales.

Marketing has many definitions. My personal definition is one that relates marketing to society’s way of promoting spending on particular products (Oswald, 2008). Marketing usually targets specific consumer populations depending on the merchandise type. For example, Coca-Cola is a United States based soda beverage company, and the target community is the global society. This excludes no one. However, Gerber products are infant specific and target new parents and caregivers alike. Whether the consumers targeted are in large or small groups it is important to understand who you intended buyers are to market victoriously.

The interesting fact is that marketing of all goods and services purchased impact every one who consumes. This is because it is already incorporated in the price of the merchandise. So, consumers actually pay for all marketing costs of purchased goods. Of course the cost is on the back end but never the less we do compensate for it. Marketing can be considered an activity created by communicating, delivering and exchanging offerings that hold value to society (Perreault, 2004).

It is important that marketing focuses on customer needs and specific target audiences (Perreault, 2004). If this is done correctly the product will sell itself. A great example of this is demonstrated by the Lamborghini, Porsche, and Rolls Royce companies. All three... Marketing is a very important aspect in business since it contributes greatly to the success of the organization. Production and distribution depend largely on marketing. Many people think that sales and marketing are basically the same. These two concepts are different in many aspects. Marketing covers advertising, promotions, public relations, and sales. It is the process of introducing and promoting the product or service into the market and encourages sales from the buying public. Sales refer to the act of buying or the actual transaction of customers purchasing the product or service. Since the goal of marketing is to make the product or service widely known and recognized to the market, marketers must be creative in their marketing activities. In this competitive nature of many businesses, getting the product noticed is not that easy.

Strategically, the business must be centered on the customers more than the products. Although good and quality products are also essential, the buying public still has their personal preferences. If you target more of their needs, they will come back again and again and even bring along recruits. If you push more on the product and disregard their wants and the benefits they can get, you will lose your customers in no time. The sad thing is that getting them back is the hardest part

Finance departments
Finance is said to be the life blood of an organisation. Fianace helps in the smooth running of an organisation for example a business needs Finance to commence operation . below are some reasons why finace is of great importance :

1. as said before finace is important to start operation
2. business needs to aquire machines and equipment thus there is a great need for finance
3. since the market is becoming more and more competitive huge budget should be allocated for effective marketing
4. all businesses have to pay for elecricity bills , bank charges, petrol, warter supply etc these are called day to day expenses thus finance is important for the smooth running of the organization
5. finance is also needed for expansion , to invest in new technology .

Finance is said to be the life blood of an organisation. Fianace helps in the smooth running of an organisation for example a business needs Finance to commence operation . below are some reasons why finace is of great importance :

1. as said before finace is important to start operation
2. business needs to aquire machines and equipment thus there is a great need for finance
3. since the market is becoming more and more competitive huge budget should be allocated for effective marketing
4. all businesses have to pay for elecricity bills , bank charges, petrol, warter supply etc these are called day to day expenses thus finance is important for the smooth running of the organisation
5. finance is also needed for expansion , to invest in new technology .

One of the most important functions in any company is that of the finance manager. For those who are uninformed, they tend to think the sole function of this position is that of the head of Accounts Payable and Accounts Receivable, but it goes far beyond that capacity. In fact, the finance manager is in charge of any financing and accounting function throughout the company.

The role of this position involves that of not only financing functions such as Accounts Payable, Accounts Receivable, and Billing, but it also involves that of budget projections and working with the Chief Financial Officer to make sure that the company’s funds are stable and assisting with any budget cuts that become necessary.

The finance manager is the head of both the Accounts Payable and Accounts Receivable areas of the company. As such, he will be the one to set policy and direct procedures for both areas of business. That includes hiring staff based upon need, following budget guidelines for expenses including staffing, assuring that procedures are followed by all staff members, setting reasonable quota system to assure work is completed in a timely fashion, and interacting with department supervisors on a regular basis in order to stay abreast of happenings within the department.

The finance manager will also compile reports that show all of the conditions within his department including expenditures, open invoices, production standards, quality control standards, and timeliness of both payment of invoices and processing of payments. The finance manager is also responsible for the billing operation of the Accounts Receivable Department and making sure that guidelines for timely billing are followed as well.

The finance manager also is the one who will work with other executives in order to develop the budget for each year. He will work with the Chief Finance Officer and Chief Executive Officer in order to develop an equitable solution for each year’s expenditures in both staff, office supplies, and any other needs that they company has including training, business trips, out of town meetings, and staff entertainment expenses. The finance manager has a very important position within a company, and his decisions will determine the financial stability of the company, at least within the areas that fall under his control. It is also his job to make certain that other departments and areas of the company follow their budgets and make the most use of the company’s money by avoiding frivolous expenses.

Operations management is an area of business concerned with the production of goods and services, and involves the responsibility of ensuring that business operations are efficient in terms of using as little resource as needed, and effective in terms of meeting customer requirements. It is concerned with managing the process that converts inputs (in the forms of materials, labour and energy) into outputs (in the form of goods and services).
Operations traditionally refers to the production of goods and services separately, although the distinction between these two main types of operations is increasingly difficult to make as manufacturers tend to merge product and service offerings. More generally, Operations Management aims to increase the content of value-added activities in any given process. Fundamentally, these value-adding creative activities should be aligned with market opportunity (see Marketing) for optimal enterprise performance.
According to the U.S. Department of Education, Operations Management [is the field concerned with managing and directing] the physical and/or technical functions of a firm or organization, particularly those relating to development, production, and manufacturing. [Operations Management programs typically include] instruction in principles of general management, manufacturing and production systems, plant management, equipment maintenance management, production control, industrial labor relations and skilled trades supervision, strategic manufacturing policy, systems analysis, productivity analysis and cost control, and materials planning.
the marketing,finanace amd operation department are very important.
with out marketing department we can not be able to segment our market,to sell and promot our computers and can not satisfy our customers.
finance department provide us sufficient funds and it helps us in alocations of money.
it also gives us cost calculation methodes.
production is most important if our all depratments are working well but operation department is not working well then it is a dengerouse.
Describe why it in necessary for an Operations Manager to have the knowledge of Marketing and Finance.
The field of operations management has been gaining increased recognition over the last two decades. One major reason for this is public awareness of the success of Japanese manufacturers and the perception that the quality of many Japanese products is superior to that of American manufacturers. As a result, many businesses have come to realize that the operations function is just as important to their firm as finance and marketing. In concert with this, firms now realize that in order to effectively compete in a global market they must have an operations strategy to support the mission of the firm and its overall corporate strategy.
Another reason for greater awareness of operations management is the increased application of operations management concepts and techniques to service operations. Finally, operations management concepts are being applied to other functional areas such as marketing and human resources. The term marketing/operations interface is often used.

RSS

© 2021   Created by + M.Tariq Malik.   Powered by

Promote Us  |  Report an Issue  |  Privacy Policy  |  Terms of Service