Introduction The magazine publishing industry is showing an overall decline of -3.8% in the annual growth figures over a five years period from 2009 to 2014 (IBIS Market Research Report, Nov 2013). In the current challenging economy and the constantly changing market position of media field the publishers are trying to find new ways to secure profitability. Some media companies are seeking options of cutting costs, others invest in digital platforms whilst accepting substantially less profits for the time being. (James, E., Jul/Aug 2013, p.45) A mainstream fashion publication, Harper’s Bazaar is one of many publications that have declining circulation of -5.3% in the first half of 2013 (PressGazette, 15 August 13). With this, the budget and …show more content…
Dyson (2014), in “Accounting For Non-Accounting Students,” sets the budget to be built around collective of four main constructs: policies, data, documentation and period. Polices are defined as the need for the fulfilment of the objective. These may be basic, such as wish to maximise profits or to foster better relations with customers. In the case of Harper’s Bazzar, this would include their overall business strategy which they have developed for the 2014 period. Data is expressed in monetary terms and prediction, gathered and based from previous years’ financial figures as well as research collected around the market that Harper’s Bazzar is operating in (Dyson, J.R., 2010). For instance, it could be the predictions of the production level for 2014 and the data collected would show how much labour and material is necessary to meet the estimate level. Documentation is the binding of all the information and sub-budgets into an understandable and easily read and overlooked form, called spreadsheet or the master-budget. The last point refers to period. Each spreadsheet overlooks certain period of time, depending on the field of the company. When considering media field the particular brand master-budget is usually created 3-4 months ahead of the production time for each issue to ensure that all departments are aware of the plan (Dyson, J.R., …show more content…
The following month in both cases therefore will ask for greater costs in hiring the top photographers for the following cover and editorial shots. The magazine overall Freelance In accordance with the new partnerships with V&A, PAD (the Pavilion of Art & Design), the Royal Palaces and Bicester Village, Harpers Bazzar requires additional freelancers for the next year in the silent month of November in order to gather the new articles for the arts section. It has been showed that the current writers are not able to fully cover the stories in the area. The cost of having freelancers on staff in January will increase by 2% and ensure that one of the magazines strongest selling points is well presented for the reader. Classified advertising sales Partnership with Bicester Village will bring in direct revenue from classified advertising sales by 2% from features on the shopping destination in November for the February issue.