2019HSCShort answer

Q21 (b)

4 marks

Question

A business sells luxury cars. The cars are stylish, high performance and include advanced safety features integrating leading edge technology.
Explain the interdependence between marketing and finance for this business.

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Solution

Criteria	Marks
Clearly provides why and how marketing and finance are interdependent for this business	4
Provides why and/or how marketing and finance are interdependent for this business	3
Sketches in general terms how marketing and finance are interdependent for this business	2
Provides some relevant information about marketing and/or finance	1

Sample answer:

Interdependence is the mutual reliance of one function on another in order to meet the goals of the business. For this business, finance will provide marketing with funds to undertake market research and develop a marketing plan to ensure strategies are put in place to attract customers and persuade them to buy the prestigious car. This will generate sales and therefore revenue for finance, who will be responsible for budgeting for the whole business including providing funds to marketing for the research. Together marketing and finance will ensure the business goals are achieved.

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Syllabus alignment

MarketingFinance

Role of marketingAnalyse the strategic role of marketing, its interdependence with other functions, marketing approaches and resource, industrial, intermediate, consumer, mass and niche markets.
Role of financial managementAnalyse the strategic role and short- and long-term objectives of profitability, growth, efficiency, liquidity and solvency, including interdependence with other functions.

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