Wait a second!
More handpicked essays just for you.
More handpicked essays just for you.
Budgeting can be an important management tool if implemented properly
Budgeting Concepts
Budgeting Concepts
Don’t take our word for it - see why 10 million students trust us with their essay needs.
Budget
The budget is projected over three quarters as indicated below. Additional monetary resources will budgeted in accordance with long-term phased implementation plan.
Quarter Projected Budget Projected Profit/Loss Projected Website Rank
1 $90,000 ($22,000) 39
2 $50,000 $210,000 22
3 $65,000 $407,000 13
Resources
Primus Securities will hire technology professionals. The technology team will initially include a system administrator, webmaster, and a maintenance programmer, and it should be expanded as necessary in the future. As new features are being implemented, the team would grow to potentially include more programmers, a system architect, a graphics designer, a database administrator, etc. A major benefit of in house development of projects is that the ability to customize features to the exact desired specifications and to continually fine tune the system.
If there is an aggressive timeline or a limited budget, an alternative would be to contract with an outside vendor to create the website but beware of the following risks involved:
X Website Solution. There is often a tendency to get a more ¡§cookie cutter¡¨ solution. The website would not be unique enough for customers to recognize the benefits versus those of its competitors.
X Service Level Agreement. Vendor may fail to meet the company¡¦s requirements and expectations of SLA.
X Rate Fluctuations. Negotiated rate may not be the same from project to project.
X Security Risks. There may be security issues or concerns when outsourcing to a third-party company. The company might potentially expose some proprietary information, which might get to its competitors through the contractors.
X Learning curve/training. It takes time to train a new set of people every time a new feature needs to be added to the website. You rarely have a dedicated team when outsourcing such effort.
X Stability. Consulting companies can go out of business, sometimes on a rather short notice. If this happens Primus Securities overall strategy will be threatened.
Marketing Research
The company will use focus groups to help determine what type of features customers would like on a brokerage firm website or questionnaires and surveys. Focus groups will also give the company an insight into why customers have certain views. To increase the response rate of questionnaires and surveys they should be kept short and be user friendly. Incentives can also be given to potential customer completing the surveys such as a one month free trial period to the member-only area of the website once it goes live.
In addition, the company evaluate the number of hits on certain will website pages as well as look at the number of returning customers. The most frequently used pages will be analyzed to see what information the customers found attractive.
For government budgeting to be effective, the process that guides it must be an evolving one. As the government gets bigger, it will most likely destabilize the existing method. Therefore, it must change to keep pace with the demands and growth of the country. The process must be capable of handling the complexity of our nation and its multifaceted needs so it will always need revisions and restructuring to face these new challenges. Its ultimate goal must be to reinforce the government and strengthen the country.
External partners will build the IT infrastructure for those with weak IT, while a weak Business acumen will benefit from consultants who can provide the Business insights needed.
It is not possible to research the accuracy of their assumption of their target market due to the fact that they do not clarify the exact details of their target market. It is not clearly documented where the market size of “two million potential customers” is derived from, therefore, cannot be tested.
We here at Dunder Mifflin Tech have been offering security services for clients of various sizes for the past 13 years. We have been focused on finding opportunities with government agencies and mid-sized organizations to address security-related issues and help them operate in a more secure manner. We started in 2002 with just 4 individuals and have been ever growing for the last 13 years. In the last 13 years we have grown to a team of 22 full time employees. We are currently pulling in 1.6 million (US dollars) annually in gross sales.
There is a lot of consideration and time spent in the planning process of web design as the client is entirely in control of the final outcome of what a website is to look like.
Technology is taking over. Individuals have an idea and before putting everything into work it’s online and someone else is possibly using it. “As Porter mentioned in the article “substitutes must be found and looked into and make sure other products are there to perform the same function as your business is producing”. “If not then you can win in most cases. However, it can limit profit potential industry by having a set price so the company will not lose profit.”
Some challenges are business related. Many software suppliers use non-standard software to "lock in” vendors - i.e. make it difficult to migrate their data to a competitor. Business models that are predicated on historical service delivery models, such as face-to-face, fee-for-service consultations often penalize remote service delivery.
There are many reasons for a company to want to outsource the services or products that they need or want. Six of the biggest reasons for companies to outsource are motivation, specialization, survival of the economically fittest, economies of scale, heavier market coverage, and independence from any single manufacturer.
This is affected by the ability of your customers to find a different mode of managing what you do – for example, if you supply a unique software product that automates an important process, people may substitute by doing the process manually or by outsourcing it.
Product differentiation – by offering different products, services, or product features, the company can charge higher prices, or appeal to different audiences. Use of IS have enabled new products and services, that increase the levels of convenience in using existing products and services. By acquiring PayPal, eBay greatly enhanced the ease with which customers can pay for their products. Google keeps an innovative approach towards search engines, by introducing Google Maps, Google Translate and others, which improves the ease of usage. Using online live chatting systems and social networks contributes to understanding of customers. It also adds value and improves customers’ stickiness to website (Booth, Roberts, and Sikes 2011)
Outsourcing is a technique for companies to reassign specific responsibilities to external entities. There are several motivations for outsourcing including organizational, improvement, cost, and revenue advantages (Ghodeswar & Vaidyanathan, 2008).
...urcing services, the company operation will be became a mess. This is because one organization can’t run a lot of task or project at one time. Therefore an organization need outsourcing in the way to help their organization run smoothly.
A disciplined approach to management eying leading employees, improving the management team and building the business strategy. Instead of treating each problem as a one off. They design systems and structures that make it easier to handle in the future. (Techrepublic, 2015) 2.2. Risk of exposing confidential data: When an organization outsources HR, Payroll and Recruitment services, it involves a risk if exposing confidential company information to a third-party Synchronizing the deliverables: Some of the common problem areas include stretched delivery time frames, sub-standard quality output and inappropriate categorization of responsibilities. At times it is easier to regulate these factors inside an organization rather than with an outsourced partner Hidden costs: Although outsourcing most of the times is cost-effective at times the hidden costs involved in signing a contract while signing a contract across international boundaries may pose a serious threat Lack of customer focus: An outsourced vendor may be catering to the expertise-needs of multiple company at a time. In such situations vendors may lack complete focus on your organization 's tasks. 2.3. 1.Know the
company are being negotiated by the customers. According to Tony Nagle (N.D), the top 10 factors for successful
One of the most important benefits of having a website and a good online presence is that your business can be reached by your customers 24 hours a day. Just imagine that you have gone out to a shop to buy something, and you find it closed. You will move to another shop to buy the thing. Similarly, if you do not have a website or a good online presence, your competitor will get benefited.