SITXFIN004 Assessment Tasks 3 of 3 (Budget monitoring and review project)

QUESTION 1

Assume it is twelve months later and you are reviewing the marketing budget against actual amounts using the Marketing Expenditure Report. Note: that the company deems a standard variance in budgets of up to 5% acceptable. You have also been recently informed that a competitor has set up a resort in the nearby area and you are required to assess how this will impact the marketing budget for the following year.

QUESTION 2

Review the marketing budget expenditure to assess actual performance against estimated performance. Based on your review and using the accounting software, preparea report that shows actual expenditure against budgeted expenditure. Include graphs to make your report clear. Save this report as Marketing Performance Budget Report. Preparean accompanying report, Marketing Budget Analysis and Recommendations Report, that analyses: Projected budget and actual budget Deviations from the budget Reasons for deviations Recommendations for next year's budget based on marketing performance and new competitor. Use the Marketing Budget Analysis and Recommendations Template to guide your work.

Marketing Budget Briefing Report

Summary

Summary of information provided regarding the marketing budget briefing report.

Marketing expenditure

Review of expenditure on marketing for 2017/2018 and 2018/2019.

Sources of information

Identify at least two sources of information on recommended marketing expenditure that could be used to inform the marketing budget. Describe the sources of information and what they tell you.

External factors

Identify and describe external factors that could impact on the marketing budget. This means that you should conduct market research on trends within the industry in terms of growth and opportunities and the types of marketing that similar businesses are conducting.

QUESTION 3

Send an email to management

The text of the email should be in grammatically correct English, written in an appropriate (polite, business-like) style. It should introduce and summarise the contents of the attachments. Attach the following to your email: Marketing Budget Performance Report Marketing Budget Report Analysis and Recommendations