Link Between Marketing and Accounting

1525 Words4 Pages
bulb-icon

Recommended: Essay on the causes of small business failure

In this paper I will be discussing the link between marketing and accounting as I am a marketing/accounting major. There are many connections between the accounting business and marketing. The marketing business is something that should not be overseen and many times is more helpful and detrimental to a business.

It is absolutely true that all businesses, including professional service firms, need to distinguish themselves in their marketplace. This is accomplished by creating a compelling message that differentiates the firm from its competitors. Imagine this scenario: You could close an additional $275,000 in revenue in just one day. And on that same day, you could identify over $500,000 worth of additional revenue opportunities. It might take a little planning and some hard work, but it's possible. In fact, Clark Haley, president of San Antonio-based Business Computer Systems, did just that by holding the company's annual user conference. Although Haley feels that all marketing efforts have some value, "the event that is the most measurably effective is the user conference." Each client conference costs about $10,000 and demands more than 200 plus man-hours for developing content and planning. However, the firm closes $150,000 in new business from each one. (Caragher)

Public accounting firms that want to advance to the next level, becoming and remaining profitable, are adopting many of the proven concepts that have worked so well in corporate America. This includes recognizing and embracing the importance of structured, integrated marketing efforts.

Marketing is critical to the success of every business. Unfortunately, many businesses discount the effect it can have, and they forego their marketing efforts for other activities. Or they make one or more of these mistakes, and their marketing efforts become ineffective. Perhaps this is why nine out of 10 businesses end in failure.

Effectively communicating the firm's distinctive capabilities, its special skills and hard-to-duplicate expertise, is one of the key roles that accounting marketers play today. In a world of intangibles, marketing can take the firm further than ever before, helping contribute to the firm's growth by reinforcing the brand, position, and image that separates it from the competition. Marketing accomplishes this by creating and implementing a balanced strategy that integrates a variety of tactics like, research capabilities, planning/execution, and working together. Preliminary market research enables today's firms to make informed decisions, helping them assess obstacles, challenges, and opportunities as well as analyzing the firm's personality and culture, goals, strengths, and weaknesses while reviewing the available resources and skills.

Show More
Related

  • Debenhams PLC

    2104 Words  | 5 Pages

    Management accounting in organisation is very important for decision-making and to make the business more efficient and therefore increasing its profits. Is the process of preparing accounts that can help managers to make day-to-day and short-term decisions, by providing them with accurate and timely key financial and statistical information...

    Read More

  • Porter's Five Forces

    2167 Words  | 5 Pages

    The literature suggested that “Rapid changes in the external environment of organisations have been accompanied by calls for accountants to change the nature of information they provide, the skills they possess and the role they play in the organisation. The proposed changes, which are encapsulated under the phrase accounting for strategic positioning or strategic management accounting are two pronged. On one hand accountants are required to reposition themselves in the organisation hierarchy where they will be involved in the formulation, implementation and choice of strategies. Accountants are also being urged to adopt a range of techniques whose emphasis is futuristic and external to the firm especially emphasizing the importance of monitoring customers and competitors.” (Nyarnori, 2000). Based on my studies on the industry of stock brokerage, I agree with the statement that “The tools and techniques that were covered in the Strategic Cost Management and Strategic Business Analysis courses are very useful in providing decision oriented information to senior management in my organisation and such information will ultimately enhance its corporate value.” The essay (How Porter’s Five Forces Model shapes strategy for a new and small-size stockbroker) may be one of applications of those techniques learnt from the Strategic Cost Management and Strategic Business Analysis .

    Read More

  • Analysis of Express

    997 Words  | 2 Pages

    Armstrong, Gary, and Philip Kotler. Marketing: an introduction. 11th ed. Upper Saddle River, NJ: Pearson Prentice Hall, 2013. Print.

    Read More

  • Pros and Cons of Alcohol Consumption in College

    997 Words  | 2 Pages

    Marketing is one of the biggest reasons why drinking is all around us. Marketing is the achievement of promoting and selling products or services, which also includes researching target audiences, and researching the strengths and weaknesses of the tactics of the marketing strategy.... ... middle of paper ... ...

    Read More

  • Benetton Case Study

    1747 Words  | 4 Pages

    Marketing In this day and age is vital for a company to perform at its possible best. Marketing’s main focus is to give great satisfaction to a customer. There are many aspect of marketing, these aspects give marketer’s the tools to help strive for the best possible success they can achieve. They hope that they can create exposure for their brand, product or service.

    Read More

  • Marketing Audit Approach - Ikea

    1544 Words  | 4 Pages

    “What is a marketing audit? Quite simply, it is a detailed analysis of the elements that constitute or influence a company’s efforts to profitably market its products- today and in future when both market and products may undergo radical change” ( John, Alexander, & Theodore, 1969). The marketing audit helps to understand the fundamentals of a company’s marketing planning process. Auditing is not only conducted not only at the planning stage and also conducted during various stages until the implementation of the marketing plan.

    Read More

  • Critical Analysis Of Marketing Strategies

    1162 Words  | 3 Pages

    Marketing is a core pillar of an organization and contribute significantly in its prosperity through attaining the laid down targets as well as scope of development. The position of an organization is hugely based on its competitiveness and capacity to capture a significant portion of the market in relation to the prevailing needs of consumers. Interaction of the organization with the consumers and the potential consumer in the market arena is attained through the marketing wing of the organization (Ferrell& Hartline, 2012). The preferences of the consumer and avenues of satisfaction are aligned to the established marketing frameworks. However, the success of organization marketing is highly inclined to the marketing strategies formulated and adapted towards coping with competition and eventually enhancing firm competitiveness.

    Read More

  • Define Marketing Paper

    1377 Words  | 3 Pages

    Marketing is very important to the success of a business. Before people can buy a product or service they have to know about it. However, marketing entails more than just letting people know what your company has to offer. Throughout this paper, I will define marketing, offering my personal definition as well as more formal definitions from other sources. Furthermore, I will explain to the reader the importance of marketing to organizational success giving real world examples in support of this explanation. The field of marketing can include many things. I believe, however, the most important thing which it should include is communication with customers as to the value and benefits of using that particular company's products and services. It should help to establish the business's niche in the industry and distinguish it from other such businesses.

    Read More

  • Using The 4 Ps To Market Ultimate Fighting

    1277 Words  | 3 Pages

    Marketing is a process of determining a consumer’s needs, devising a product or service to satisfy those needs, and trying to focus customers on the goods and services you are offering. Marketing is extremely important, and a fundamental building block for business growth. A marketing team is given the task of creating customer awareness through a variety of different marketing techniques. If a business does not pay close attention to their consumer demographic and needs, they will eventually fail over time. Two important aspects of marketing include acquiring new customers, and the preservation and growth of relationships with current customers. Marketing has always been viewed as a creative outlet, which encompassed advertising, distribution, and the selling of goods and services. Marketing staff will also try to anticipate what customers will want in the future, often being accomplished with market research. In summation, a good marketing plan should be able to create a favorable proposition or series of benefits that a customer can value through goods or services. The marketing mix is normally described as the strategic positioning of a product or service in the marketplace, using the specification of the four Ps. During the early 1960’s, Professor E. Jerome McCarthy of Harvard Business School stated that a marketing mix contains four elements. The four key points are product, pricing, promotion, and placement. It is recognized that all these aspects must be present to ensure a successful business model within a given industry. We will now take a thorough look at the four marketing mix points.

    Read More

  • Four Eras Of The Marketing Revolution

    1787 Words  | 4 Pages

    Marketing is not a static construct, but it grows and develops over time to become what is known as marketing today. “The marketing revolution divides neatly into four separate eras’, eras’ which parallel rather closely the classic pattern of development in the marketing revolution.” (Keith, 1960). The first of these 4 eras was until the 1930’s and was production and profit orientated, and are considered to be outdated. During this era “the new product decision was product oriented not marketing orientated.” (Keith, 1960). “The second era was a sales oriented era, whereby marketing was seen as a series of activities designed to produce profit through ascertaining, creating, stimulating, and satisfying the needs/wants of a selected segment of the market.” (Eldridge, 1970, p. 4). The 3rd and 4th eras are a representation of what

    Read More

  • Successful Marketing Strategies

    1006 Words  | 3 Pages

    Marketing is a vital component in the success of businesses. Smaller businesses rely on business advertising, expenses, knowing if the business is networking with the right people, or joining the best organisations that lead to success (EStartup business blog, 2010). Marketing concentrates on customers and what the customers want. Customers are the source of sales and profits. Many small businesses are faced with remarkable hardships due to not developing the right marketing plan (EStartup business blog, 2010).

    Read More

  • The Role of Marketing Strategies in UNICEF

    900 Words  | 2 Pages

    “Marketing is a vital part of any organization’s success in fulfilling its mission and reaching those whom it exists to serve.”

    Read More

  • Accounting Education: The Future Of The Accounting Future

    1883 Words  | 4 Pages

    Change is inevitable. Yogi Berra once said “The future ain’t what it used to be.” It is clear that the future of the accounting profession ain’t what it used to be (Gormon and Hargadon 1). The changes occurring are happening fast, they are dynamic and they are completely and undeniably real. Since the world around the accountant is changing, the accountant has no option but to change as well. The field of accounting has always been one to know change and to know adjustment, but within the recent past and certainly within the next few decades, the changes that are occurring and will occur absolutely are the most dramatic and exponential yet. Obvious changes lie in the expanding scope of services performed by accountants, the increased use of

    Read More

  • Marketing Planning

    1984 Words  | 4 Pages

    Marketing should be a long-term investment in your business, and not just something that is switched on and off as required.

    Read More

  • The Importance Of Accounting In Our Modern Society

    2459 Words  | 5 Pages

    Accounting is a very important term to our modern society. It is the career for men and women who at the start have their eyes set on top positions in industry, management, government, and general business. Accounting is a basic need of every businessman, from the operator of a filling station to the government of the United States. It's so important to our society. None of the business organization can operate without is. They are there-somewhere-in every business. In small business, people use pen, ink and skill keep the records. In large business, modern accounting machines are used to operate. Men and women are directing these machines in the accounting process. Wise businessmen enter business must have some accounting knowledge.

    Read More

More about Link Between Marketing and Accounting

Open Document