Assignment on

How can a company’s Finance, Accounting & Engineering Departments help the company become more marketing
oriented?

Course code: MKT-501

Semester: spring 2020

Submitted to
Masudur Rahman

Professor, Department of Marketing

University of Dhaka

Submitted by
Nasir Fakir

Id no: 2020-1-91-005

East West University

Finance department activities for making a company Marketing oriented:
Finance and marketing departments notoriously dislike working together. Marketing wants to spend money;
finance wants to control it. But global competition& market fragmentation create an environment requiring companies
to create better processes, address controls, and assess risk. That’s why zero-based budgeting has become the norm for
every company. 21st century; The Age of Accountability has emerged as a new marketing era.
This new age forces marketers to change focus from awareness and image to business outcomes such as increasing
revenue, customer acquisition and value, cash flow and shareholder value. Marketers are sitting squarely inside the trigger
hairs of the finance organization. Finance department helps a company become more market oriented by the following
ways.
1. Finance people are risk averse. They need marketing to show them why what it wants to do is the right thing to do
— not by saying it’s strategic, but by being able to communicate how much money will come back, and when.
2. Finance is focused on revenue, expenses, profit and shareholder value. It’s not that financial people aren’t
interested in the brand; it’s that they want the ability to link brand image and loyalty to cash flow. It isn’t a
coincidence that there is a strong correlation between cash flow and marketing’s responsibilities.
3. Marketing is responsible for helping the organization acquire and keep profitable customers and therefore relate
its functions directly to cash flow.

Example: Our Company SP Vet Care limited is a vaccine distribution company. Its finance department has a
rewarding relation with marketing department. Finance department creates roadmap for marketing department.
They finance for market. They analyze future value of product. They design and execute highly effective
marketing campaigns. Finance department forecast about expense in a methodical way.

Accounting department activities for making a company Marketing oriented

Although many business owners think that their marketing and accounting departments work completely independently of
one another, aside from when the marketing department needs money and the accounting department needs to verify that
costs can be covered, the truth is that these two actually work hand in hand. Accounting departments take some steps to
help marketing strategy.

1. Creating Long Term Strategies: When it comes to running any business successfully, regardless of size,
it is vitally important to come up with both short term and long term strategies that will lead towards greater
profits and ongoing success. And when it comes to long term strategies, in particular, it is up to your accounting
and marketing teams to work together to make these plans be successful. They should be able to develop cost-
effective and comprehensive ongoing plans.

2. Budgeting: The marketing department of a small business is responsible for devising appropriate advertising
and promotional strategies for the organization. Marketing and accounting work together to determine an
appropriate budget to spend on promotional efforts, and calculate the potential return on investment anticipated
for various campaigns. For example, a small-business product launch may require a certain investment,
attached to an expectation that efforts will increase revenue by a certain percentage. Marketing and accounting
will often jointly evaluate market penetration projections and evaluate cost-benefit ratios.

3. Tracking: Marketing and accounting departments may develop a tracking system for determining how
marketing investment dollars translate to increased earnings, increased customer satisfaction, market
penetration or new revenue generation. The departments will work together to track where leads and new
 customers come from, often developing complex statistical models that show how much it costs the company to
attract and keep a customer. This helps the company determine how productive various marketing approaches
are and which ones are worth the company’s time and money.

4. Marketing Costs: Marketing and accounting department must be in constant communication with one
another about marketing and advertising expenditures. Typically in a small business, the marketing department
will be allocated a certain dollar amount for conducting promotional efforts. Marketing may submit purchase
order requests to the accounting department as part of the process. Accounting then monitors the marketing
department’s budget and provides regular financial reports that indicate whether budgetary projections are on
track or have incurred cost overruns. These efforts help the marketing department keep spending in check.

Example: As I am an accounts officer of my company so I want to create my own department experience here.
In every year we make a budget for marketing our product. We costing for our product and give marketers
many idea how to minimize cost by selling maximum product.

Engineering department activities for making a company marketing oriented:

1. Engineering department ensure quality of product for market.
2. They differentiate product with other competitors and assure market demand.
3. Engineers research market about sample, size, fragmentation and other categories to ensure marketing
department about new product.
4. Engineers create online platform for marketing & selling product like website design, email marketing
etc.
5. Engineer’s uniquely present product to marketing department for selling product like Shanta Group has
made glass house building to their customers which is unique from other.

Example: When Hamko Group wanted to take place in the market for their Car Tire, they gave
responsibility to some engineers about market research, costing and quality about other competitors. Engineers
research and give a result about their plan and Hamko Group started its business.