Those who study a career that is focused on the world of finance such as the accounting or finance, we know that after a while we become experts in financial professional authority given to us in all that relates to access and apply financial resources entities in the areas of accounting, controllership, treasury, internal and external auditing, finance and taxation, as well as in the planning, analysis, criticism, interpretation and research in finance.
On the other side we have to the people who study marketing, whose primary function will be to convert social needs into profitable opportunities and know that a company makes money by satisfying customer needs better than the competition. The key is not to make a profit as the first goal, but achieving them through having made a good job of marketing.
Making an analysis of the fields of action where the marketing and finance people unfolds, we could say that there is not much in common, but there are strategic issues where both financiers and marketers must be involved to provide the best service, quality and price to customers.
One. Financial must decide at any time on investment in fixed assets or investments in securities that are consistent with the operation of the business, the business must know what the mission of the business, the market you are targeting the product and choose the feasibility of the investment that is best for the company and generate greater business productivity.
Two. Marketers should be involved in financial decisions long before that there is the launch of a new product or a product that’s released with improvements, it must know whether the budget for that product will be enough and should also be suitable budget in order not to fall into budget overruns or to remain short at the time of exercising the budget.
Three. Managers of finance companies have to decide on the amount and credit limits that we can offer customers the ideal inventory to keep in stock various products coming to market, the cash flow is required to launch new products, develop appropriate budget for launching new products, calculate the working capital required to increase sales, by fixing the number of human resources required for each department and if all of this we do not in the hands of marketing people or if we don’t have basic knowledge of marketing, since simple and simply we will be fried, because we should not underestimate the work at any time played every area of business, as the sum of the areas contributing to business success.
Four. Decisions are taken in coordination between marketing people and finance people are satisfactorily reflected in the sales of the company and therefore the cash flow of the same, which may generate a more investment will mean improvements in all aspects of the organization.
All this have just outlined implies that those involved in the financial side of the company, are managers, accountants or financial, have a responsibility to investigate the processes that are generated in different areas or departments of the company and not work as isolated entities waiting for all the information we need to propose improvements for the company to reach the sky. As marketers must understand that if they are not involved in the financial process of the products, they will not know what the financial implications of the decisions they are making in their respective field of action will be, so we must always respect the work of both as financial marketing, as both should work hand in hand in order to generate more revenue for the company and prolong its existence for a long period of time.