Marketing and Finance Integration - 954 Words

MARKETING AND FINANCE INTEGRATION Marketing and finance departments in a company are generally at odds with each other due to their opposing orientations. But their qualities, when integrated, can be productive and greatly enhance value of the corporation. Financial input in marketing can create shareholder value and demonstrate how to achieve the required integration of the finance function with marketing for the successful modern business. The functions of these departments are as follows. ïÆ'Ëœ ïÆ'Ëœ Marketing function-To generate sales (revenue, income) to be used by finance department to meet costs, capital expenditure, service capital, strengthen firm’s financial position Finance Function-To ensure that a firm remains financially strong,†¦show more content†¦FOCUS ON SMALLER SUB-PROJECTS Just like any large project, marketing and finance work better when focusing on smaller subprojects. If you create smaller portfolios focused on a specific product or customer segment, it will be easier to measure the portfolio’s results. INCLUDE NON-MONETARY DIMENSIONS Finance managers must develop models that explicitly connect marketing-related intangibles—the nonmonetary dimensions that customers will pay for—to proï ¬ table changes in customer behavior. By asking Marketing to put the expected impact of its investments in intangibles into concrete terms (for example, by estimating the anticipated number of new customers that would be acquired during a certain time frame), Finance can analyze and discuss marketing expenditures in relation to speciï ¬ c performance criteria while acknowledging that quantifying customer behavior is an inexact science. VALUE INTERESTS Despite their focus on customer value, marketing managers must develop an appreciation for Finance’s interest: shareholder value. Marketers rarely incorporate the perspective and language of Finance when communicating the value their activities deliver to the organization. They often fail to recognize that the measures of value they ï ¬ nd important—things like customer awareness, preference, brand equity, and loyalty—don’t translate easily for the ï ¬ nance department.Show MoreRelatedCompany s Integration Of Marketing Communications1093 Words   |  5 PagesRunning Head: Company’s Integration of Marketing Communications 1 Unit 5 Assignment: Company’s Integration of Marketing Communications Patrice Bradley Capella University Company’s Integration of Marketing Communications 2 Introduction: â€Å"Integration marketing is a process designed to assure that all brand contacts received by a customer or prospect for a product, service, or organization are relevant to that person and consistent over time† (www.ama.org)Read MoreMis System Form Functional Perspective763 Words   |  4 Pagesin figure 1.0- [pic] Figure 1.0: The four major types of information systems ââ€" ª Sales Marketing Systems Marketing is concerned with the planning, promotion dales of existing products in existing market. 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