The main objective of a marketing department is to sell goods and satisfy needs of the customers. Marketing includes the development of a product, promotion of that product and its distribution activities. The importance of finance in marketing is explained in Finance Assignment Help Online. To perform all these activities, the marketing department needs money to pay salesmen, for advertisements and other promotional activities. Sometimes, finance department rejects the money asked by the marketing department. It will create confliction due to different perceptions. In order to avoid conflict, a healthy and good relationship must be maintained between both the departments. When the marking department gets big order to supply goods, then the finance department must help by arranging money for buying raw materials so that the production can be started without any delay. Finance and Marketing are related to each other in several ways.
Finance and its relation with Production:
The main objective of a production department is to produce the goods. In order to produce these goods, the production unit needs raw materials, workers, and various other facilities. To fulfill all these expenses the production department needs fund and money, which will be sanctioned by the finance department. To know more about finance and its relation to production, refer Finance Assignment Help Online. The Finance department has control over the production department and allows funds, according to the requirement. Therefore, it can be said that the production department is dependent on the Finance department. Now, financial status of a company will increase only if there is a huge production of goods. The sale and profitability in the production department will be reflected in the finance department. A business team can only succeed when both the departments will adopt co-operative view for each other. Hence, both finance and production are dependent on each other.
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