M2 ANALYSE THE SIGNIFICANCE OF INTERRELATIONSHIPS BETWEEN MARKETING AND OTHERFUNCTIONALUNITSOFANORGANISATION.

An organization’s marketing function is interrelated with other functional units, such as finance, operations, and human resources. Here is an analysis of the significance of interrelationships between marketing and other functional units of an organization:

1. Finance: An organization’s finance function is closely related to the marketing function because marketing activities require financial resources. For instance, a marketing plan involves advertising, sales promotions, and other marketing activities, all requiring financial resources. The finance function also helps marketing determine pricing strategies, budgets, and ROI analysis of marketing activities.

2. Operations: An organization’s operations function is closely related to the marketing function because marketing activities drive demand for products and services, which in turn impacts production and operations. Marketing activities such as promotions, advertising, and pricing decisions impact an organization’s production and supply chain management. Therefore, close collaboration between marketing and operations can help achieve overall business objectives.

3. Human resources: The human resources function of an organization is also interrelated with the marketing function because the recruitment and training of employees play a vital role in achieving marketing goals. Marketing activities require skilled and trained employees who manage customer relationships, develop and execute marketing campaigns, and analyze market trends. Therefore, marketing and human resources collaboration are critical for recruiting, training, and retaining employees with the required marketing skills.

4. Research and Development: An organization’s research and development function is interrelated with marketing because market research is a key responsibility of marketing. Marketing uses market research to identify new market opportunities, understand customer behavior, and develop products and services that meet customer needs. Research and development teams use marketing insights to develop products aligned with customer needs and preferences.

In conclusion, an organization’s marketing function is interrelated with other functional units of the organization, such as finance, operations, human resources, and research and development. Close collaboration between marketing and other functional units can help achieve overall business objectives, such as increasing sales, gaining a competitive advantage, and improving customer satisfaction. Therefore, organizations need to recognize the significance of interrelationships between marketing and other functional units and foster collaboration.