The outcome could be something along the lines of ‘it is a financial plan for a given period of time (6 months/1 year/5 years) that contains key aspects of the business expressed in monetary terms – sales, fixed and variable costs, purchase and sale of assets, etc.’ A budget is used as a planning and control mechanism for running the business as a whole or smaller parts of it - the department, the section, the function etc. (See Essential Reading Dyson pages 76-77.) It is a way of assessing performance over a period. Groups to consider the limitations of the budgetary control process e.g., can we be certain that the figures being used are accurate; figures may come from a variety of sources and comparison may be difficult; because we are working with historical data can we accurately assume the level of change in the future; events may occur which are outside of the control of the business etc. (See Section 5.4 in Book 3 for behavioural aspects.)
B120 An Introduction to Business Studies Day School 2 Phillippa Seaward
One of the most basic accounting services involves keeping a record of all financial transactions and then preparing financial statements such as balance sheets, income and cash flow statements.
Accounting refers to the practice of tracking a business's income and expenses and using those figures to evaluate its financial status.
But the business of accountants goes beyond just basic number-crunching. Accountants include a number of other services: business consulting, business valuation, and financial planning, just to name a few.
A budget usually requires considerable effort and can be seen as a financial plan for the new financial year which contribute expected revenues and expenses to the final budget.
If the actual numbers delivered through the financial year turn out to be close to the budget, this will demonstrate that the company understands their business and has been successfully driving it in the direction they had planned. On the other hand, if the actual numbers diverge wildly from the budget, this sends out an 'out of control' signal.
Marketing is a way of doing business, not just advertising or promotions
Understanding their customers and their business environments is the first important task of marketers
Consumption (and marketing) is an important aspect of contemporary societies, which goes beyond commercial concerns
Marketing has significant impacts on society and the natural environment and, due to its close contact with customers and other stakeholders, the marketing function of a business faces particular ethical concerns