Interdependence Flashcards
What are the main goals of a business?
- Profit
- Market share
- Liquidity and solvency
- Increased share price
How does operations help achieve the goals of a business?
Make the product with good quality and low costs
How does marketing help achieve the goals of a business?
Find out what customers want and convince them to buy it
How does finance help achieve the goals of a business?
Get funds from sales, debt and equity, and allocate it to the other business functions
How does human resources help achieve the goals of a business?
Hire, train and keep staff so that all business functions have enough people with the right skills for the job
How does operations affect marketing?
The features of the product operations make will affect how marketing price and promote the product
How does marketing affect operations?
The market research marketing does will inform the design of the product in operations
How does operations affect finance?
Costs in operations will affect the business’ liquidity and profitability
How does finance affect operations?
Finance will access debt and equity to provide the funds that operations needs
How does operations affect human resources?
The operations team will tell HR how many staff they need and what skills staff need to have
How does human resources affect operations?
The quality of acquisition, development and maintenance will determine the quality of staff available to conduct operations
How does marketing affect finance?
Effective marketing will increase revenue, but also incurs costs which will affect liquidity and profitability
How does finance affect marketing?
Finance will access debt and equity to provide the funds that marketing needs
How does marketing affect human resources?
The marketing team will tell HR how many staff they need and what skills staff need to have
How does human resources affect marketing?
The quality of acquisition, development and maintenance will determine the quality of staff available to conduct marketing
