Comparing an existing organization's three major functions
Compare and contrast an existing organization's three major functions (finance, marketing, and operations), and then justify the interdependence operations has with finance and marketing. Provide specific examples using additional sources, if necessary, to support your rationale.
Sample Solution
Although these roles may seem disparate on their own, they are inextricably linked in order to work together towards meeting organizational goals. For example, operations needs finance to set up cost structures that can help keep costs low while still allowing them to produce quality products or services; without this information from finance functions it may be difficult for operations to assess whether or not their strategies are effective. Further, marketing efforts need both finance and operations resources in order ensure that new product launches or campaigns have enough capital backing them up as well as make sure there is adequate inventory available once campaigns have been launched successfully.
Take Apple Inc., for instance – a market leader in technology hardware manufacturing (operations) but also music streaming (marketing) and banking solutions (finance). The three major functions intersect by working together on projects like launching a new iPhone model; firstly research teams within marketing conduct feasibility studies into what potential customers might be interested in based off competitors’ offerings; secondly finance teams then allocate funds necessary to build physical devices while formulating pricing models; lastly operations team will take over production/assembly processes ensuring all parts meet certain quality standards before being made available worldwide via distribution channels managed by suppliers/retailers etc.. All three departments must come together at various points along this lifecycle if Apple wants its product launch campaign go smoothly - else risk facing disastrous consequences due to any missteps along the way.
In conclusion, understanding how finance, marketing and operation each interconnect with one another allows organizations better manage risks associated with introducing new products into markets while staying abreast of competition pressures - thus forming crucial connections between these key business functions that allow companies thrive amidst challenging times ahead.