|Type of paper:||Course work|
|Categories:||Marketing Human resources Financial management|
Skeptically, a lot of businesses do not understand the necessities of marketing. In the attainment of the right marketing, there should be a windfall of cash funded. As the saying goes, to get money, one needs to spend more of it. Businesses should invest in the marketing of their products. When establishing a budget, the guideline related is typical and interconnected. According to HRmarketer.com research, established corporates use more than 10% of their gross revenue on marketing (Urdal, 2019), to manage the community and individuals, the role of HR is similar to marketing. The role of HR is related to marketing. A great relationship remains maintained with the customers who use the business's products. The aforementioned applies to the individual who works in the organization. Great connections are supported when the emerging employees are trained on the importance of originality in marketing by the HR department. The HR department ensures its employees do not copy another business on the methods of marketing. HR identifies what is uniquely different to stand out.
Ultimately, to succeed in anything, teamwork is essential. The organization needs to work together on the same basis, and the employers should also work in complete latent with a lot of dedication in their company, (Cascio, and Graham, 2016). The potential of all employees depends on individual performance. To increase the productivity of the employers, the HR department is researching the methods which would motivate their employees; the research is carried out through blogs, trade journals, and magazines. Motivated employers are likely to do their jobs better and more efficiently. Though HR and Marketing departments are two different departments, they work together for the branding strategy of the employers. In the process, both the HR and Marketing department learn from each other. An example includes the HR department learning from the marketing department on an employer's engagement with technology. Different strategies adopted by the HR department include marketing online, internet marketing, marketing director, and advertising. The named techniques can remain utilized for effective marketing in the HR department (Seo, 2016). Though most of the business has tight plans in their budgets, the organization should work hard to ensure the stuffed decisions transpire correctly. In attracting the individual needs, HR strategies should remain aligned with the plan for the business. For example, education and talent are required before one becomes a top developer application for the smartphone.
Develop an understanding of a Collaborative Working Practice
People tend to search for businesses with ethical working philosophies relative to the companies that offer excellent wages and designation. There should be collaboration in any form of a working relationship between organizations regardless of the formality in the arrangements. Through collaborative planning, the relationship developed can last for a specified period. A happy working environment includes a combination of people who work effectively with collaboration skills. Sufficient work is essential for output, quality, retention, and morale. Making progress is difficult when the business lacks good teamwork. According to, (Liu, Nederveen, Sand, and Hertogh, 2017), 86% of all employees and executives believe that workplace failure is a result of a lack of teamwork at the working place. Cooperation includes an act of joint members working together toward the attainment of a particular goal. In the accomplishment of collaboration, the business should set up their goals first. Everyone in the firm should ensure they are not isolated from the target. The company should align its activities with the objectives set because they will help to drive the decisions made both by the employers and the employees. The complaining habit should be stricken off when developing a collaborative working environment (Salter, Swanwick, and Pearson, 2017). This helps to focus on positivity because of complaining downtime slowly. The firm should be cautious about time management. The projects of the firms are influenced by how well the people involved manage their time. Management of conflicts is essential because when people are conflicting, they cannot form a collaborative working environment. Therefore, the problems should occur meditated between the team members. Teamwork requires clear expectations of the roles to be played by all of the team members. The team members are not able to work effectively they each member is unaware of their responsibility.
Internal and External Factors Impacting
Firms are requiring thinking, making decisions, and doing strategic planning by the global market. Thus, practices series, which include analyzing the market, formulation of strategies, evaluation, implementation, and strategic plan control, are applied in the firm through the management of strategy. How to collaborate effectively is essential for every job in the industry because it enhances effectiveness and career advancement. According to (QuesadaPineda, Withers, and Smith, 2017), the firm's strategies are affected by environmental factors, which include both internal and external environments. The small firm external environment is characterized by constraints that affect the ability of the firm to give a strategic planning operation. Companies facing pressure always have a lot of problems when applying and attaining of strategies. According to Dinh (20130), the unavailability quality input prevents the firm's effectiveness. The availability of raw agricultural products, tools, packages of food, and labels enables healthier strategic actions. Small firms are likely to be benefited from unrestricted infrastructure access because poor infrastructure causes marketing barriers. In the external environment, some of the potential factors include access to funds. The small firms that have access to foreign funds can make strategic plans and grow very fast than firms relying on their funds. The inputs availability, open infrastructure, and contact with assets influence strategic implementation significantly. The firms are pressurized to advance new and improved strategies to cope with changes externally. Some of the most significant external factor affecting the economy is market fluctuation. The in variations include politics, attacks by the terrorist, currency devaluation trickles the enterprises commercially. The financial credit influences market externally. Interest rates, credit availability, loans by the consumer are some of the uncontrolled factors affecting business externally. Before influencing such trends, a good part of profits should be used in marketing.
Knowledge of the Role of Financial Management and Reporting within the Organization
Ultimately, the managerial function is concerned with the evaluation, discovery, and economic activity management for the efficient operation and success of the firm. It is concerned with technique and not assessments. An example includes the review of the annual report; an apprehension in the method would have an interest in measurements. When a person works in managerial finance, he would be interested in the economic significance of the firm. Understanding the economic role is only possible when considered in isolation from the other functions, which include marketing, information, human resources, and technology. The financial management deals with equalities in ratio and debts, (Nwaobia, Ogundajo, and Theogene, 2016). The financial management is useful in the portfolio distribution, the raising of the capital, and the cycle of the products. Cooperate finance deals with the business decisions made by the firm. The expansion of the values of shareholders is the main objective of co-operating investment. Though work investment is dissimilar from managerial economics, they both deals with all kinds of problems related to finance. Financial managers have roles that include senior managers' advice on transactions related to maximizing profits ideas, analysis of data, and response change on advances in technology. The financial managers comprise of treasurers, controllers, and managers of the creditors, treasurers, money managers, risk managers, and managers of the insurance. The investment in capital is long-term decisions related to the financial investment of the organization and the structure of the money. Collaborate organization maximizes the firm's value by putting investment on projects than crops positive present value when the proper discount ratio is used when all risks are considered. The plans need to be financed suitably. According to the law of shareholder maximization value law, the entire amount, which remains after investment on projects, must be taken back to the shareholders. There are several types of financial managers focusing on a particular management area. The controller is responsible for directing of the commercial preparation report that summarizes and estimates the financial position of the organization. The reports prepared include a statement of income, balance sheet, future analysis, earnings, and expenses. The individual reports which regulate businesses and government agencies are also summarized by controllers.
Urdal, S.M.V., 2019. Kunnskapsdeling i et HR-nettverk-En eksplorerende netnografisk studie (Master's thesis).
Seo, I., 2016. The Effects of Brand Personality on Service Experience Satisfaction, Price Value Satisfaction, and Repurchase Intention. The Korean Journal of Community Living Science, 27(1), pp.109-120.
Salter, J.M., Swanwick, R.A., and Pearson, S.E., 2017. Collaborative working practices in inclusive mainstream deaf education settings: Teaching assistant perspectives. Deafness & Education International, 19(1), pp.40-49.
QuesadaPineda, H.J., Withers, J., and Smith, R., 2017. Perceptions of Internal and External Factors Impacting the US Nonfood Advanced Biofuel Industry. Frontiers in Bioenergy and Biofuels, p.117.
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