3 Functions of Organizing to Make Products

Can you start making a product without spending money and knowing whether it will be bought? The answer is yes, but it may simply lead to loss. Hence, in the business world, it is not recommended.
There are actually three functions which are taken as important for success.They can be described as:

1. Marketing: How to know what the people want? The answer to it lies in marketing research. Before making a product, it is important to know whether there is a demand for it. Otherwise, loss may befall.

The marketing research helps understand what the people are missing or want. Marketing can also figure out the concept of the product by evaluating the demand for it.

And when it is created marketing helps promote it. No one will know the product if it is not shown to consumers.

product marketing and accounting
2. Producing: This also goes by the name of operation or production. Producing is what makes the product to satisfy the wants and needs of the people.

3. Accounting: This can also be tagged as financing. No product is made without utilizing some money. Machines need to be bought. Workers are to be hired and given wage for their work. The energy being used up, on the other hand, creates utility bills. Under such circumstances, accounting helps create a budget focused on the production. Once the product is in the market, it helps understand whether it is generating profit or loss.
As you can see the three functions form a triangle which would go as long as the business is on
Marketing, producing and accounting are actually no more limited to business only. They are being utilized by almost all organizations including those that are nonprofit. Even in politics, they matter. Think about elections. Each presidential candidate focuses on what people want and by using that they do produce promises. To broadcast it, they take the help of marketing as well as accounting. After all, it costs money to advertise.

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