Applied Business

Category: Bank, Money
Last Updated: 27 May 2020
Pages: 4 Views: 78

Finance is the department which keeps track of all money spent and earned by the organization and how much money is being made or lost per item/service. This department is considered to be the most important because financial information enables immediate decisions to be taken, which can mean the difference between success and failure for the organization. Martin Goodman is the Head of Finance. It is his job to buy and sell players, and record the transactions taking place when he buy and sells players. He negotiates overdrafts with Rovers' bank account to save money.

He also prepares accounts, which is keeping the financial records required by the organization. This involves recording all the money received from ticket and merchandise sales, and banking them. He also checks invoices to see they are right, and checking all accounts and transferring money to interest bearing accounts. He calculates the wages for the employees of the business. This is paid monthly to all the workers, and the amount paid is transferred to the workers bank account. The wage slip hardly ever changes, unless the employee moves house or obtains promotion.

A percentage of the wage is deducted and given as tax, and this is decided by the Inland Revenue. He also creates a budget for each department, which tells the managers of each department how much they can spend. The Head of Finance makes sure that each department has the correct amount of money. The Finance department prepares invoices for other companies that use their services/products. This contains details of the goods or services bought and their prices. It is then the Finance department's job to sort out the money received from the company that received the invoice.

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The Finance department also deals bank accounts in conjunction with Rovers. This may be the business that sponsors Rovers, e. g. Bet24. It receives money from Bet24 for having their logo printed on its football shirts. It may also borrow money from a loan company, for extra players or a new service. Most businesses have a program to do some of their banking, and big organizations have special software, created by software designers, to suit their banking needs. The Finance Department is in charge of the payment to the insurance companies and road tax of the company cars it provides to Rovers' employees.

Rovers also have full responsibility of any accidents the drivers of the company cars has. The rovers also have coaches and minibuses for students who take tours and for the players who travel to other cities to play matches. Marketing and Sales Marketing and Sales is the department that is concerned with identifying what the customer needs and providing it. This department is important for the survival of the company because it would cease to exist without advertising. Nick Hall is the Head of Marketing and Sales. He is responsible to look for companies who want their company name printed on the boards on the inner sides of the stadium.

The department looks for sponsorship deals to allocate money to be spent on improving stadium, on players and other things. The organization currently has a sponsor, who is called "bet24". This is usually changed every year or every two years. The department also updates the website frequently, as to notify customers who use the website as a means of buying tickets and being notified of upcoming events. The customers who access the website may be put off using the website and even buying a ticket, if the website wasn't updated regularly, as it shows the laziness of the company.

Information of the club's good transfers or good wins etc. can also be placed on the site. The department organizes advertising to attract more spectators. This is done by using persuasive techniques to make a good impression of the team, resulting in more spectators. One of the tactics used is branding, which is used on the replica shirts, where the brand "Lonsdale" is used. The media is also used to advertise, such as the telephone, TV and leaflets. The organization mainly advertises their core activity, which is football, since this brings more income than any other activity.

This attracts more spectators to the matches, which is good for the business and the spectators may bring family or relatives. The department also organizes events for outside companies, so the outside companies can use their services, obviously at a fee. This may also attract more people to go to the rovers to watch a match, and that is their main objective. Rovers may also play competitions etc. which again will attract more spectators. The department also sets prices for advertising at certain areas around the ground. The cost is based mainly on the amount of money that area makes and how many visits it gets.

The marketing department will have to undertake some market research to see which area performs the best. The worst performing area will be set at a cheap price and the highest performing area will be set at a high price. The department also arranges loyalty cards for its loyal and valued members. One example of this is the Seasons ticket holders' scheme loyalty scheme to reward financially those supporters who have held a season ticket for the past three seasons. This is a good scheme as it encourages spectators to hold a season ticket for three years to reap the benefits. This, in turn, brings in more money and attracts more spectators.

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Applied Business. (2018, Jun 23). Retrieved from

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