Finance department the marketing department will need to work closely with the

Finance department the marketing department will need

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Finance department: the marketing department will need to work closely with the finance department to ensure that: There is an adequate budget to meet the needs for research, promotion and distribution. The finance department have a whole organisation brief to ensure that all the business operates within its financial capabilities. They will want all departments to work within their allocated budgets. Like all departments, marketing may wish to overspend if profitable marketing opportunities emerge over the year. The marketing department is likely to concentrate on sales volume and building market share, while the finance department may be more focused on cash flow, covering costs and paying back investment as quickly as possible. Human Resource Management: the marketing department will need to work closely with the HRM to ensure that appropriate skills and staffing levels are in place to:Research and develop new product ideas. Meet production target, create an ambitious and competent sales team The HRM department will have many recruitment and training demands from across the organisation. It will have to balance its obligations to marketing with those to other departments. A functional structure is one of the most common organizational structures. Under this structure, the organization groups employees according to a specialized or similar set of roles or tasks. While functional structures operate well in stable environments where business strategies are less inclined to changes or dynamism, the level of bureaucracy makes it difficult for organizations to respond to changes in the market quickly. 12
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The advantages of Functional Organization: The team is managed by an experienced person with a high ability and skills who can adequately understand and review the entire work. The team members work with other people in the field and it allows sharing of thoughts and knowledge to make the people learn new skills. The staffers have the chance to get promoted within their functional areas which can be a reason for them to stay long term. The company is getting the advantage of their expertise and knowledge. Because of people’s expertise, the workers with specialized skills can perform tasks quickly, efficiently and with more confidence, while reducing of work-related mistakes. The clear nature of the career path within the functional unit makes it possible for employees to be highly motivated to advance their careers as they move up within the hierarchy. This will keep them aiming for advancement and development. This can be an ideal structure for small businesses that focus on one product or service because you can maximize performance by encouraging peer cooperation among different units at various levels of management through supervision and coordination. Specialization leads to operational efficiencies and enhances productivity levels.
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