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Assessment Details
    Qualification Code/Title
    
    Assessment Type
    Assessment Task 3
    Time allowed
         
    Due Date
         
    Location
         
    Term / Yea
         
    Unit of Competency
    National Code/Title
    SITXFIN010 Prepare and monitor budgets
    Student Details
    Student Name
         
    Student ID
    IIE
    Student Declaration: I declare that the work submitted is my own, and has not been copied or plagiarised from any person or source.
    Signature:      
Date:      
    Assessor’s Name
         
    RESULTS (Please Circle)
    ☐SATISFACTORY
    ☐NOT SATISFACTORY
    Feedback to student:
    Assessor Declaration
    *If Student is Not Satisfactory
Reassessment Required ☐ Yes ☐ No
    Assessor Declaration: I declare that I have conducted a fair, valid, reliable and flexible assessment with this student, and I have provided appropriate feedback.
Signature:         
Date:          
    Is This Theory Only Task ☐ Yes ☐ No
    
    Have student already completed practical/ Vocational Placement Component? ☐ Yes ☐ No
    
    Instructions to the Candidates
· This assessment is to be completed according to the instructions given below in this document.
· Should you not answer the tasks co
ectly, you will be given feedback on the results and gaps in knowledge. You will be entitled to one (1) resubmit in showing your competence with this unit.
· If you are not sure about any aspect of this assessment, please ask for clarification from your assessor.
· Please refer to the College re-submission and re-sit policy for more information.
· If you have questions and other concerns that may affect your performance in the Assessment, please inform the assessor immediately.
· Please read the Tasks carefully then complete all Tasks.
· To be deemed competent for this unit you must achieve a satisfactory result with tasks of this Assessment along with a satisfactory result for another Assessment.
· This is an Open book assessment which you will do in your own time but complete in the time designated by your assessor. Remember, that it must be your own work and if you use other sources then you must reference these appropriately
· Submitted document must follow the given criteria. Font must be Times New Roman, Font size need to be 12, line spacing has to be Single line and Footer of submitted document must include Student ID, Student Name and Page Number. Document must be printed double sided.
· This is Individual Assessments. Once you have completed the assessment, please provide the Hard copy of the Assessments to your Traine
Assessor.
· Plagiarism is copying someone else’s work and submitting it as your own. Any Plagiarism will result in a mark of Not Satisfactory.
Assessment Task 3: Budget monitoring and review project
Information for students
In this task, you must review budget figures, action deviations and report on these as part of monitoring and review processes.
You will need access to:
your learning resources and other information for reference
Marketing Expenditure Report
Marketing Budget Analysis and Recommendations Report template.
Ensure that you:
eview the advice to students regarding responding to written tasks in the Hospitality Works Student User Guide
comply with the due date for assessment which your assessor will provide
adhere with your RTO’s submission guidelines
answer all questions completely and co
ectly
submit work which is original and, where necessary, properly referenced
submit a completed cover sheet with your work
avoid sharing your answers with other students.
    i
    Assessment information
    Information about how you should complete this assessment can be found in Appendix A of the Hospitality Works Student User Guide. Refer to the appendix for information on:
· where this task should be completed
· how your assessment should be submitted.
Note: You must complete and submit an assessment cover sheet with your work. A template is provided in Appendix B of the Student User Guide. However, if your RTO has provided you with an assessment cover sheet, please ensure that you use that.
    Tasks required for this unit
This unit of competency requires that you:
· monitor and review the above budget against performance over its life cycle.
    Instructions for how you will complete these requirements are included below.
Activities
Complete the following activities.
Carefully read the following information.
    
    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 nea
y area and you are required to assess how this will impact the marketing budget for the following year.
What do I need to demonstrate?
During your practical assessments you will be required to demonstrate a range of the skills and knowledge that you have developed during your course. These include:
Monitor and review budget
Regularly review budget to assess actual performance against estimated performance
Prepare accurate financial reports.
Incorporate all financial commitments into budget and budget reports.
Investigate and take appropriate action on deviations.
Analyse changes in internal and external environment and make any required adjustments.
Collect and record relevant information to assist in future budget preparation.
How will I provide evidence?
Your assessor will provide you with templates to complete each task. You will find some detailed information about providing evidence; this will include;
a Marketing Budget Performance Report
a Marketing Budget Analysis and Recommendations Report.
You will need to complete each activity and submit the required task at the end of each step completed.
Tips for completing your activities
Read through this assessment and each task before you get started and make sure you understand what you need to do. If you are unsure, speak to your assessor and/or supervisor.
Stay up to date!
Stay in touch with your assessor. Ask questions, raise issues, check in, communicate.
Most importantly, ask for help if you are having trouble!
    
    
1. Develop a Marketing Budget Analysis and Recommendations Report.
    
    Review the marketing budget expenditure to assess actual performance against estimated performance.
Based on your review and using the accounting software, prepare a report that shows actual expenditure against budgeted expenditure. Include graphs to make your report clear.
Save this report as Marketing Performance Budget Report.
Prepare an 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.
Send an email to management.
    
    The text of the email should be in grammatically co
ect 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
Assessment Task 3: Checklist
    Student’s name:
    
    Has the following been completed?
    Completed successfully?
    Comments
    
    Yes
    No
    
    The student has assessed actual performance against estimated performance and prepared accurate financial reports.
    
    
    
    The student has included financial commitments relevant to marketing into the marketing budget and all marketing budget reports.
    
    
    
    The student has investigated and taken appropriate action on significant deviations to the marketing budget.
    
    
    
    The student has analysed changes in internal and external environment and make necessary adjustments.
    
    
    
    The student has collected and recorded relevant information to assist in future budget preparation for marketing.
    
    
    
    Task outcome:
    Satisfactory
    Not satisfactory
    Assessor signature:
    
    Assessor name:
    
    Date:
    
Final results record
    Student name:
    
    Assessor name:
    
    Date:
    
    Unit name:
    SITXFIN010 Prepare and monitor budgets
    Qualification name:
    
Final assessment results
    Task
    Type
    Result
    
    
    Satisfactory
    Unsatisfactory
    Did not submit
    Assessment Task 1
    Knowledge questions
    S
    U
    DNS
    Assessment Task 2
    Budget planning project
    S
    U
    DNS
    Assessment Task 3
    Budget monitoring and review project
    S
    U
    DNS
    Overall unit results
    C
    NYC
    
Feedback
My performance in this unit has been discussed and explained to me.
I would like to appeal this assessment decision.
Student signature:          Date:     
I hereby certify that this student has been assessed by me and that the assessment has been ca
ied out according to the required assessment procedures.
Assessor signature:         Date:     
    © International Institute of Education
  RTO:45150 | CRICOS:03838G
      File Name: SITXFIN010 Student Assessment Task 3
    Revised Date: 27/09/2023
    Version: 1.0
    Page:1
    © International Institute of Education
  RTO:45150 | CRICOS:03838G
      File Name SITXFIN010 Student Assessment Task 3
    Revised Date: 27/09/2023
    Version: 1.0
    Page:1
Answered 3 days After Apr 14, 2024

Solution

Anjali answered on Apr 17 2024
5 Votes
Develop a Marketing Budget Analysis and Recommendations Report.
1. Send an email to management.
Respected sir,
The marketing budget performance report is generated in concern of blue healer spa and it is analysed that that the overall projected budget that is required for the marketing and advertisement of the blue healer is $93,600. Whereas the overall actual budget that is required for the marketing and advertisement of the blue healer is $92,850. The total Difference/deviation in expenses for marketing Activity for this year is calculated as $750 and this deviation is due to several factors like technical expertise required, resources required and time required co
esponding to the activity. It is suggested that the expert must be hired to define the projected budget so that realistic budget can be defined that help to reduce the deviation between the projected and actual cost of the marketing expenditure; it is the foremost responsibility of the team leaders to hire the good talent in the company. IT is also suggested that training is must for the newly hired team members because it help to reduce the extra cost required to manage the implications. It is suggested that the budget planner must include all the relevant or miscellaneous factors that are required for the marketing of the company, in this budget the factors like training of the employee or newly hired employee who are responsible for the project success is neglected, there are certain factors that cannot be neglected when we are talking about the marketing budget of a company. I am attaching the Marketing Budget Analysis and Recommendations Report kindly go through that for the further details related to company’s market budget analysis:
Marketing Budget
Analysis and Recomemmendations Report.docx
Marketing Budget Analysis and Recommendations Report
Introduction
Outline the purpose of the report.
The major purpose of this report is to analyse the marketing budget in
ief, on the basis of which some recommendation have been suggested to the blue healer. On the basis of the previous years the analysis of the budget has been performed that help to define the budget for the upcoming years. The marketing budget includes the different activities that define the total or overall expenses of the company on marketing. There are certain activities like sales, research, online marketing, online research, social media marketing, national marketing, local marketing and public relation based campaigning that are involved in overall marketing expenditure in this budget all these activities are considered to define the overall marketing expense of the company. it is necessary to consider these activities because on the basis of these activities the interest of the target market can be retained. For Ensuring the success of the business it is necessary to consider the different marketing channels of the company, that help to generate the leads and traffic of the audience for the company. The new customer can be generated by implanting the customer oriented strategies.
Marketing Budget Information
From the performed analysis it is reflected that the overall projected budget that is required for the marketing and advertisement of the blue healer is $93,600. Whereas the overall actual budget that is required for the marketing and advertisement of the blue healer is $92,850. Yearly and monthly analysis of the budget is performed in this approach using vertical and horizontal analysis technique. The overall projected budget for staff and personal campaigning is equivalent to $9,600 whereas the projected budget sales support campaigning is equivalent to $6,000. This analysis also shows the projected budget for advertising is equivalent to $12000, but the overall projected budget for public relation campaigning is equivalent to $12000.This marketing budget also defines that the projected budget required for research in the company is $6000, where as this value for national marketing is calculated as $12000. This budgetary analysis also entails that the overall projected budget for local marketing is equivalent to $12000 same as the value of content marketing that is also equal to $12000. The overall projected budget for content marketing is reflected as $12000. Following are the details of the expected or projected budget for marketing:
    Master Marketing Budget (monthly)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2020 - 2022 FY Projected expenses
     
     
     
     
     
     
     
     
     
     
     
    Marketing Activity
    July
    August
    Septembe
    Octobe
    Novembe
    Decembe
    January
    Fe
uary
    March
    April
    May
    June
    2019/20 Total
    staff/personnel
    800
    800
    800
    800
    800
    800
    800
    800
    800
    800
    800
    800
    $9,600
    sales support
    500
    500
    500
    500
    500
    500
    500
    500
    500
    500
    500
    500
    $6,000
    advertising
    1000
    1000
    1000
    1000
    1000
    1000
    1000
    1000
    1000
    1000
    1000
    1000
    $12,000
    public relations
    1000
    1000
    1000
    1000
    1000
    1000
    1000
    1000
    1000
    1000
    1000
    1000
    $12,000
    research
    500
    500
    500
    500
    500
    500
    500
    500
    500
    500
    500
    500
    $6,000
    National marketing
    1000
    1000
    1000
    1000
    1000
    1000
    1000
    1000
    1000
    1000
    1000
    1000
    $12,000
    local marketing
    1000
    1000
    1000
    1000
    1000
    1000
    1000
    1000
    1000
    1000
    1000
    1000
    $12,000
    content marketing
    1000
    1000
    1000
    1000
    1000
    1000
    1000
    1000
    1000
    1000
    1000
    1000
    $12,000
    social media and online
    1000
    1000
    1000
    1000
    1000
    1000
    1000
    1000
    1000
    1000
    1000
    1000
    $12,000
    Total
    $7,800
    $7,800
    $7,800
    $7,800
    $7,800
    $7,800
    $7,800
    $7,800
    $7,800
    $7,800
    $7,800
    $7,800
    $93,600
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2021-2022 Actual Expenses
     
     
     
     
     
     
     
     
     
     
     
     
    Marketing Activity
    July
    August
    Septembe
    Octobe
    Novembe
    Decembe
    January
    Fe
uary
    March
    April
    May
    June
    2019/20 Total
    staff/personnel
    850
    800
    800
    800
    800
    850
    600
    800
    700
    800
    600
    600
    $9,000
    sales support
    300
    500
    500
    550
    500
    500
    500
    450
    500
    500
    500
    500
    $5,800
    advertising
    850
    1000
    1000
    1100
    1000
    1100
    1000
    1000
    1000
    1000
    1000
    1000
    $12,050
    public relations
    1000
    1000
    1000
    1000
    1000
    1000
    1000
    1000
    1000
    1000
    1000
    1000
    $12,000
    research
    500
    500
    500
    500
    500
    500
    500
    500
    500
    500
    500
    500
    $6,000
    National marketing
    1000
    1000
    1000
    1000
    1000
    1000
    1000
    1000
    1000
    1000
    1000
    1000
    $12,000
    local marketing
    1000
    1000
    1000
    1000
    1000
    1000
    1000
    1000
    1000
    1000
    1000
    1000
    $12,000
    content...
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