The Market and Functional Areas

James HERSH
Mind Map by James HERSH, updated more than 1 year ago
James HERSH
Created by James HERSH almost 5 years ago
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Mind Map on The Market and Functional Areas, created by James HERSH on 09/14/2015.

Resource summary

The Market and Functional Areas
1 Getting the right product, in the right place, at the right time, requires close liaison / communication with other departments
2 Finance
2.1 Manages the finance for the company, sets budgets.
2.2 Cost Control
2.3 Profit Margin Data
2.4 Developing and launching products can be costly: research, promotion, distribution
2.5 Marketing must communicate with finance to ensure funds are available
2.6 Finance expect marketing to stay in budget
3 Human Resources
3.1 Providing a new product may require changes to current methods / practices - staff resistance, training implications
3.2 Ensure staff have correct skills and motivation
4 Operations / Production
4.1 Marketing ensures products produced in line with customer requirements
4.2 Marketing should pass feedback from customers directly to operations - enable timely modifications, protect reputation
5 Businesses suffering from high labour turnover. SMT try to retain staff, less money previously allocated to marketing
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