Campaign Proposal Development - Term Paper Example

Campaign Proposal Development Name Course Name and Code Instructor’s Name Date Executive summary It is apparent that the focus and function of budgeting has greatly shifted. In addition, business organizations have become complex and their environment more dynamic. Due to the changing trends, the term budget as well as budgeting has received different definitions as well as examination. Moreover, most companies have continued to fail due to flawed budgetary control and planning systems. In addition the companies do not recognize these failures. This is as a result of poor dynamic structure, lack of integration, poorly trained financial professionals and lack of connection between compensation and financial measures among others. An advertisement and public relation campaigns on business budget will be carried out to create awareness of the changing trend in business budgeting and to encourage businesses to use budgets as tools for control as well as planning. Introduction/background Business budgets were introduced in the year in the year 1920as a tool for managing cash flows and costs in businesses and organizations (Rieffel and Jaleswari 2007). According to Johnson, 1996, companies began to use the budgets to dictate what their employees were supposed to do in the 1960. Performance improvement was centred rather than meeting the monetary targets rather than the company’s effectiveness (Ufomadu, 2004). As a result the companies started facing problems due to their reluctant to spend cash on innovations between 1980 and 1990. In order to stay with the rigid budgets, companies no longer took into consideration the treatment their customers used to get and they only concentrated on meeting sales target. According to studies, business budgeting in organizations is linked with the era of industrial capitalism for the industrial revolution which took place in the eighteenth century (Rieffel and Jaleswari 2007). It is apparent that the focus and function of budgeting has greatly shifted. In addition, business organizations have become complex and their environment more dynamic. Due to the changing trends, the term budget as well as budgeting has received different definitions as well as examination. According to Rieffel and Jaleswari (2007) budget is a short term financial plan. In addition he says it is a plan of action that is meant to guide managers in realizing the aims of the firm. In his formal definition, Ufomadu (2004) defines the term budget as a “a qualitative statement, for a definite period of time, that entails assets, planned revenue cash flows, liabilities as well as expenses. According to him the aim of a budget is to provide the organizations with focus, helps in the co-ordination of the firm’s operations and facilitating controls despite the fact that controls are largely exercised comparing actual costs with a budget that is not rigid. It is evident that most companies have continued to fail due to flawed budgetary control and planning systems (Rieffel and Jaleswari 2007). In addition the companies do not recognize these failures. Apparently some of the companies recognize their business weakness in the budget planning but they associate this with personal problems instead of systematic shortages. They misdirect efforts and produce greater frustration and due to this, capital allocation and corporate strategy become skewed and no correction is done regardless the disapproving financial performance (Rieffel and Jaleswari 2007). Scholars indicated that this is mostly as a result of poor dynamic structure, lack of integration, poorly trained financial professionals and lack of connection between compensation and financial measures among others. According to studies, budgeting the operational level and management level lays down the way forward for organizations (Ufomadu, 2004). It is apparent that only effective budgets contribute to the success of the business. In the current times most businesses have been seen to face challenges due to poor budgeting. Research has revealed that this has been as a result of the business managements lacking the knowledge that budgeting has grown beyond being only a financial tool to being a managerial tool (Tracy, 2008). In addition it has become the best tool for ensuring that the key resources for instance the performance resource is allocated to results and priorities. Moreover, it is necessary tool for reviewing and revising plans because maybe the results are dissimilar from the prospects or because of the market conditions, environmental factors, technological changes or economic conditions which are not in line with the assumptions of the budget anymore (Tracy, 2008). Scholars necessitates that businesses should use budgets as tools for control as well as planning. This is so as to ensure that the efforts created in all stages are corresponding to those needed to ensure the success of the organization and the long-term future effectiveness. In order to attain this businesses are urged to embrace the controls that are based on standards ((Tracy, 2008, Ufomadu, 2004, Rieffel and Jaleswari 2007). Objectives of the campaign Create awareness of the changing trend of budget Train the financial professionals on budget planning and control Environment analyses (SWOT/PEST analyses) SWOT analysis SWOT analysis encompasses the evaluation of the strengths, weaknesses, opportunities and threats of a company (Kotler and Kevin, 2006). This assists in formulating strategies to overcome such weaknesses and threats and also focus on the strengths and the available opportunities to accelerate the growth of the firms. Strengths Business budgeting is a widely known concept Budget and budgeting is the core to the business Weaknesses Managers do not understand its managerial function Absence of connection between compensation and financial measures Opportunities Business organizations have become complex and their environment more dynamic Most businesses recognize their business weakness and so it will be easy for them to learn of what is expected of them Threats Business owners may feel reluctant to adopting new systems Lack of trained budget professionals PEST analysis PEST analysis is a framework that classifies environmental influences as political, economic, social, technological, legal, global, demographic and environmental (Capon, 2008). The analysis scrutinizes the effects of these factors and their relationship with each other on a firm. Political Most businesses success is linked to the political instability that has continued to prevail in most countries. It is evident that, a stable political environment results to an effective economic environment. Economic The economic stability of most countries has greatly contributed to the success of most businesses. However, other businesses in some states suffer greatly due to their depressed economy. Social Most businesses are characterized by employees who rarely demand for high reimbursement. Due to this most businesses have made a lot of returns. However, in some businesses, employers are greatly affected by labour issues whereby employees have recognized their capability and as a result are demanding for high remuneration. Technological The contemporary society has been characterized by rapid technological growth. This has impacted many businesses. It is apparent that businesses should combine new and existing technologies in order to respond to the increasing technological development. Furthermore, businesses that employ technology to gain competitive advantage over their rivals must look for other means presently in order to remain successful Target audience The advertisement and public relation campaigns on business budget and budgeting will target on the corporate business men. In addition it will focus on the managers of both the small and big businesses. The public relation campaign will also target on the financial professionals in businesses to create awareness of budgeting which has become an issue of concern due to the continued failure of most of these businesses. Media description A right choice of media helps the researcher reach out to the audience in the most appropriate way (Bly, 1993). The campaign will use both media print such as newspaper and a 30 minute television infomercial. In the newspaper a description of the current situation of the effects of business budget will be done. In the television infomercial, a talk show which will entail an interview between the trainer and business managers will be carried out to give the audience an understanding of the need to embrace an effective budget. Advertisement and/or public relation design The advertisement and or public relation design be designed based on the main objective of the campaign of creating awareness to business managers and the financial professionals (Bly, 1993). With the target population in mind, the design will take into consideration the communication strategy which will be used and in this case it is the television and media prints. Moreover the design will also have measures of keeping track of the happenings of the campaign. The design will use the reviewing tools to assess whether the campaign has attained its objectives (Bly, 1993). Campaign plan The campaign plan will give an outline of the things intended to be done in order to achieve the set objectives as well as their cost (Bly, 1993). Campaign timeline Costs US dollars Print media Newspaper Two weeks featuring three days in a week 1000 Television Two weeks infomercial 3500 Proposed campaign measures of effectiveness Timely and appropriate communication between the campaign team Ensuring that the team establishes its expertise among its audience Having the objective in mind as a tool for guidance Conclusion The proposal began with the review of the previous literature on budget and budgeting in business. It is evident that a number of problems are associated with the budget and its performance. They include poor dynamic structure, lack of integration, poorly trained financial professionals and lack of connection between compensation and financial measures among others. In addition the assumption that business weakness in the budget planning is associated with personal problems instead of systematic shortages. Moreover the proposal has performed a SWOT and PEST analysis on the campaign project. The proposal aims at carrying out a campaign to create awareness of the changing trends of business budgeting. In the proposal are also a campaign plan and the proposed campaign measures to ensure that the campaign will succeed. In conclusion, businesses should use budgets as tools for control as well as planning. This is so as to ensure that the efforts created in all stages are corresponding to those needed to ensure the success of the organization and the long-term future effectiveness. In order to attain this businesses are urged to embrace the controls that are based on standards. References Bly, R.W. 1993. Advertising Manager's Handbook. Englewood Cliffs, NJ: Prentice Hall Capon, C. 2008. Understanding Strategic Management. Prentice Hall: Hemel Hempstead. Kotler, P and Kevin, L. 2006. Marketing Management, 12th Ed. New Jersey: Prentice Hall. Rieffel, A. and Jaleswari, P., 2007. Out of business and on budget: the challenge of military financing in Indonesia. California: United States-Indonesia Society. Tracy, J.A. 2008. Accounting For Dummies, 4th Ed. New York: John Wiley & Sons Ufomadu, F.U., 2004. How to Become Extremely Successful in Business Management, Personal Management, and Family Budget Planning. Oxford: Oxford University press. Read More