“Understanding OM”

Compare and contrast an existing organization’s three major functions (i.e. finance, marketing, and operations) and then justify the interdependence that operations have to finance and marketing.  Provide examples to support your rationale.  

Every business or organization is managed through three significant functions: finance, marketing, and operations management. However, Operations Management plays an essential role in all companies; it doesn’t matter how big the business is, which controls the resources needed to produce the company’s goods and services. This could include managing equipment, people, information or many other resources necessary for the company to provide a good or service. Indeed, without the operations function of a corporation, the company would have no goods or services to sell.  Marketing is responsible for sales, generating customer demand, and understanding customer wants and needs. Finance is the function responsible for managing cash flow, current assets, and capital investments. So, operations have to finance and market. The marketing portion of the operation is put in place to prepare and execute a good marketing plan. Without marketing/advertising, the goods and services a corporation has to offer will be no good to the public.

Wal-Mart is one of today’s most successful companies, which has achieved world-class status in large part due to a strong focus on operations management. Its brand has become a household name because it offers a little bit of everything for everyone. Walmart offers a variety of products from everyday groceries, to your daughter’s favorite make up, to new tires. The variation of products allows easy access for all consumer needs which gives it a strong appeal. Walmart is also a brand that people can grow with. You can buy your child’s first car seat, first school dance outfit, first phone, and many more firsts throughout your life all at a reasonable price. This brings a family aspect to Walmart’s brand which is a key aspect of their success. Convenience is another essential marketing strategy Walmart utilizes. They allow many different ways to access their products including online shopping that can be shipped straight to your house, pick up, and many different locations for easy in-store accessibility. Not only are there numerous Walmart locations, but an abundant amount of these locations are opened 24 hours for even more convenience for its consumers. Walmart’s primary goal is to not only help people save money, but it wants to allow accessibility and a family feel for its consumers giving them their motto of “Save Money Live Better, Walmart.