Finance Marketing
Many financial institutions like banks, insurance companies etc. in order to attract customers offer low rate money lending options and publicize themselves with the use of many interactive ways like TV commercials, or ads on newspaper and internet etc and even air their schemes on the radio i.e. make use of all media available to articulate their message to a much wider extent encouraging people to use their services and all this is called as finance marketing.
In a normal business which does not provide financial services, finance and marketing are two different things. Finance is referred as management of funds for the most appropriate work like use of funds for refinement of design of the product or for research and development department of an company, however marketing means all the activities which company performs so as to spread the services or products of the company thus to retain the customers and to get new customers also.
Finance and Marketing person who leads today are in an unprecedented position to help organizations achieve their target in increasingly dynamic and competitive markets. Some company services focused on changing the MO of marketing by leveraging the emerging discipline of Marketing Operations. To address this significant challenge and opportunity other firms provides a ready to go COO and change management group consisting of leading thought leaders in the marketing world. This includes subject matter or project experts in the areas of lead nurturing and generating, customer experience management, strategic planning process facilitation, process design, technology assessment, change management, organizational diagnosis, business intelligence, ROI analysis, and marketing, sales and product and goods alignment. A book (Financial Aspects of Marketing, Marketing Finance) stresses the pivotal and significant relationship between strategy and finance in the marketing process, and clearly stated and demonstrates the techniques and calculations that are necessary to formulate a good and comprehensive plan.
Marketing Finance is also backed up with a numerous of integrated industry examples and case studies that demonstrate the success and even failure caused by the marketing finance interface. Concise account of how and why a company should integrate a financial function within the marketing process. A good project or module should cover following points or aspects. These pts are the general pts which may be not required in all sample or kinds of projects. However the sample sequence of these points may be different in different schools. But ignorance of any of the below mentioned parts may result in uncompleted project which may not be ok or accepted at different places. The synopsis includes following pts: Objectives, Scope, Literature review, Research design, Methods of analyzing data, Limitation.
A complete project should now be based on following pts: Front page, Acknowledgment, Certificate of approval, Declaration certificate, Executive summary, Index, Objectives, Scope, Literature review, Research design, Introduction to the project, Data, facts and figures, Analysis and interpretation, Summary, Conclusion and Suggestions, Limitation, Findings, Bibliography, References and lastly Appendix or annexure. This will make a great formula to a good and effective Finance and Marketing Strategy.
In any business there is a need to maintain a proper difference between the two and care should be taken of both of them. Marketing is given more priority whenever a new product is released or there is a special season or a festival and there is a huge chance of increasing the sale of services or products if they are articulated properly whereas financing comes into place when the product of service is being developed, the funds can be used to buy man power and inventory required and so the role of marketing comes after financing. For marketing also we need some finance to carry out the marketing process.
Business finance marketing is the proper use of company funds for spreading the information about the company’s product and services to the potential customers and management of funds for the various company operations and keeping the customers satisfied by making the product or service meeting the customer’s expectations and requirements.