BSBFIN501 Manage Budgets And Financial Plans Case Study

King Edward VII College has been operating for 5 years. The College is based in Sydney CBD and has an additional campus in Melbourne. The College offers a range of courses in management, marketing, human resources and international business. It currently has around 500 international students enrolled across all of its courses. Courses are offered at all levels, from Certificate II to Graduate Diploma.

King Edward VII College is very popular due to its competitive pricing structure, innovative teaching methods and state of the art facilities. However, due to the decline in international students because of COVID-19 it wants to expand into other areas, most notably enrolling Australian students.

The College currently employs 25 staff members that include the CEO, a Finance manager, Sales and Marketing Manager and Sales and Marketing Assistant, Promotions Officer, Human Resources Manager, Operations Manager, Administration Manager, Office Assistant, Receptionist, Academic Manager, Student Services Officer and approximately 14 trainers and assessors. There is also a Board of Directors consisting of the four owners of the company.

As the Sales and Marketing Manager for the company, you are allocated a budget each year to spend on marketing. The marketing budget is a key item to achieve overall sales targets.

This year the budget you have been allocated is $80,000. Your budget does not include salaries and wages of staff, which is accounted for through another cost centre.

The marketing plan for the year includes the activities below. The amounts in brackets are the cost projections for each activity:

• Redesign web site to improve branding ($4,000 in December, another $4,000 in April and $2,000 in May)
• Design and implement an incentive scheme for referrals by students ($500 per month)
• Conduct a radio advertising campaign from the start of February until the end of June, costing $4,000 per month
• Online communications: newsletters, websites. Blogs, Twitter (zero cost: staff time only)
• Google ads ($500 per month)
• Graphic design ($5,500)
• Stand at the Education Expo in December (Package deal $10,000)
• Develop and publish Promotional Brochure in November ($2,500)
• Sponsor a community organisation to improve local community profile ($20,000 in March)

There is a desire to conduct a TV advertising campaign and a quote of $30,000 has been received to run the campaign over a week. This is obviously well over the budget limit. However, it is considered that this type of advertising will be beneficial.

This year due to the high marketing expenses the usual contingency amount of $10,000 has not been factored in.

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