Short answer question help please!!! (1 Viewer)

[weilaw]

a large steel manufacture has set a long term financial goal of 10 percent growth in market share over the next 10 years, human resources, marketing , operations, and the finance functions must all operate interdependently to achieve this goal....

a) distinguish between short term and long term financial objectives of a business


and


b) explain the interdependence between financial management and other key business functions in an attempt to achieve the long term financial goal in the stimulus(question i just asked)

 

[Bosanski Heroj]

a) Short term financial objectives are the tactical (1-2 years) and operational (day-to-day) plans of a business
Long term financial objectives are the strategic plans of a business. They are determined by a set period of time, generally more than 5 years and require short-term goals to assist in their achievement

 

[Bosanski Heroj]

b)
- Each of these functions must interact with all of the other functions in order to achieve the goals of the business
- Operations function may change to cater for an increase in production to increase market share
- Marketing function would need to develop plans for promoting the business and targeting new and existing customers to boost market share
- New employees may need to be recruited and selected to enable the business to meet manufacturing goals and respond to increase in market share
- Finance would be required to fund all the extra resources and work with the key business function to help the business achieve its goals