The success of any business in the modern world depends heavily not only on the development of different business strategies but also on the implantation of these strategies using the resources that are at the disposal of a particular business or organization. In this regard, budgeting is an important aspect that must be considered in details, with a keen interest on how resources are allocated to different departments that have been assigned different tasks, all aimed at making the business venture a success.
According to Strategic Media (2009), budgeting for Creative Development is one of the core components that a business venture such as Baderman Islands need to put into consideration while working out their budget. This is the development of adverts that are later on displayed on the Television and other media that is employed in advertising. As has been argued out by Strategic Media (2009), business ventures should set aside $ 70,000. This amount of money should actually be able to sustain creative development for a period of one year, with few adverts in the first six months and an increase in the number of adverts in the last six months of the year.
The type of the media to be used is another key component that must be considered when creating adverts for different samples of goods and services that are offered by a business venture. However, there are businesses that must use specific types of media because of their products. For example, Baderman Islands’ major media adverts should be relayed through the Television. Similarly, these costs will depend on the television channel that is being used. For Baderman Islands which is targeting the consumers from the United States of America, with most of them being in a family setup, this business venture should consider using the national television as its main advertising television agent. Therefore, they will need to set aside a budget of $50,000 (Gaebler Ventures).
Production is also another factor that must be considered. After an advert has been created and developed, there is need for it to be produced. There are different channels that can be pursued when it comes to production. One of these channels includes the negation with the advertising media to subsidize the production costs or produced the adverts for free. Despite the above mentioned channels, Baderman Islands needs to set aside an amount of $ 10,000.
Finally, there are other costs that may be ignored because they seem minimal as compared to the major costs of production, media and creative development. These costs arise when people such as freelancers have to be hired to take photos that would be used in advertising the products of Baderman Islands as a family resort destination. On the other hand, there is also a need to seek for celebrities who will be paid royals so that they may visit different sites that seem to be the most attractive as a way of pulling consumers to these places since their visit to such places is associated with class. Therefore, Baderman Islands should set aside $ 20,000, as an amount to cater for other resources that arises as a result of perfection of the advertising campaign that will be carried out (Liebeskind, 2002).
The success of Baderman Islands will depend on the budgeting strategy that will be employed by this business venture while carrying out its advertising campaign. Therefore, the advertising manager has to ensure that every issue that requires financial resources is factored in on his list of financial needs. According to the budget breakdown of the advertising campaign, Baderman Islands will need approximately $ 200,000 to be able to position it self strategically in terms of carrying out a successful campaign.