Preparing Budgetary Reports for Stakeholders
Task 7: Providing budget-related information
|Budget and information report 1:||The budget on marketing activities has been successfully formulated in a consolidated manner. According to agreement, marketing budget was formulated within a week of formulation of ‘financial budget’. Each aspect of marketing has been identified and related costs have been clearly mentioned. Organizational needs, goal and objectives have been aligned with marketing budget (O’Keeffe et al. 2016, p.430). An average expenditure for marketing activities had been formed. Activities like print media advertisement and online advertisement have been stratified into their subparts. Most of the money has been allocated to newspaper advertisements because people have habit of going through newspaper on a regular basis.|
|Stakeholder presented to:||Marketing Manager (internal)|
|Outcomes:||There has been some glitches in marketing budget like some activities have incurred extra expenditure while some activities have received less focus contrary to what had been decided before. Overall, budget limit has been maintained as it had not been crossed|
|Budget and information report 2:||Sales budget had been formulated with much consideration. At the very beginning, it had been formulated. Last year’s sales had been compared with sales of previous years. This has helped in drawing necessary conclusions. Even business model has been reviewed in order to find out what changes have affected sales. External forces like competitive edge, market competition and threat of new entrants have been closely studied and taken into consideration while forming budget (Armstrong et al. 2018).|
|Stakeholder presented to:||Sales Manager (internal)|
|Outcomes:||It had been found that sales budget had been upto the mark. Prediction regarding future sales within one year has been more or less perfect. Budget is working quite well and is progressing according to plan.|
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