The Marketing Department plays a vital role in promoting the business and mission of an organization. It serves as the face of VEP group, coordinating and producing all materials representing the business. It is the Marketing Department’s job to reach out to prospects, customers, investors and/or the community, and create an overarching image that represents VEP group in a positive light—that is, our brand.
Depending on VEP group, the duties of the Marketing Department may include one or more of the following:
- Defining and managing our brand.
- This involves defining who we are, what we stand for, what we say about ourselves, what we do and how VEP group acts. This, in turn, defines the experience we want our customers and partners to have when they interact with us.
- Conducting campaign management for marketing initiatives.
- Marketing proactively identifies the products and services to focus on over the course of our sales cycle, and then produces materials and communications that get the word out.
- Producing marketing and promotional materials.
- Our marketing department should create the materials that describe and promote our core products and/or services, and keep them up-to-date as those products and services evolve.
- Creating content providing search engine optimizationfor our website. Our website is often the first (and possibly the only) place people go for information about us. Our marketing department will be responsible for keeping Web content current, while also working to ensure our site comes up quickly when someone searches for our type of business. Continue Reading
Credit management is the process of granting credit, the terms it’s granted on and recovering this credit when it’s due. This is the function within a bank or company to control credit policies that will improve revenues and reduce financial risks. A credit manager is a person employed by an organization to manage the credit department and make decisions concerning credit limits, acceptable levels of risk and terms of payment to their customers. This function is often handled alongside Accounts
Receivable and Collections in one department of a company. The role of credit manager is variable in its scope.
Like any other organization that deals in credit, VEP has an active credit management department Credit managers are responsible for:
• Controlling bad debt exposure and expenses, through the direct management of credit terms on the company’s ledgers.
• Maintaining strong cash flows through efficient collections. The efficiency of cash flow is measured using various methods, most common of which is Days Sales Outstanding (DSO).
• Ensuring an adequate Allowance for Doubtful Accounts is kept by the company.
• Monitoring the Accounts Receivable portfolio for trends and warning signs.
• Enforcing the “stop list” of supply of goods and services to customers.
• Removing bad debts from the ledger (Bad Debt Write-Offs).
• Setting credit limits.
• Setting credit terms beyond those within credit analysts’ authority. Continue Reading