Get Decision Making in Marketing and Finance: An PDF

By Paul Sergius Koku (auth.)

ISBN-10: 1137444770

ISBN-13: 9781137444776

ISBN-10: 1349478822

ISBN-13: 9781349478828

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Extra info for Decision Making in Marketing and Finance: An Interdisciplinary Approach to Solving Complex Organizational Problems

Sample text

The four traditional functional departments within the firm are production, marketing, finance, and accounting. However, the functional departments of any firm in the contemporary business environment depend on the nature of industry in which it exists. To have a purpose and direction, every good organization creates a mission statement. These mission statements are broken down into aspirational statements and measurable goals, some of which are couched in the units of certain departments. For example, a firm can create a measurable goal that states its goal as increasing the organization’s market share, using marketing terms, or attaining an X percent return on investment (ROI), using finance terms.

The four questions that could call on the expertise from the different functional areas are as follows: 1. What is the product’s quality? 2. How much did it cost to make? 3. How much margin or profit do we require on it? 4. Can the target market afford it? No department is better equipped than the production department to answer the first and second questions. The finance department is better equipped to handle the second and third questions, most definitely the third, while the marketing department can handle the fourth.

An Exploratory Study of CrossFunctional Education in the Undergraduate Marketing Curriculum,” Journal of Marketing Education 28 (April): 81–86. Cyert, R. , and March, J. G. (1963). A Behavioral Theory of the Firm. Englewood Cliffs, NJ: Prentice Hall. Demsetz, H. (1983). “The Structure of Ownership and the Theory of the Firm,” Journal of Law & Economics 26:375–390. Fama, E. (1980). “Agency Problems and the Theory of the Firm” Journal of Political Economics 88 (2): 288–307. , and Miller, M. H. (1972).

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Decision Making in Marketing and Finance: An Interdisciplinary Approach to Solving Complex Organizational Problems by Paul Sergius Koku (auth.)

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