A campaign period is the specific operational timeframe during which product or service prices remain fixed based on predetermined budget rates, regardless of subsequent foreign exchange rate movements. Campaign periods exist within the broader budget period framework, with multiple campaigns typically occurring during a single budget cycle.

For example, an annual budget period might encompass quarterly or semi-annual campaign periods. During each campaign, companies cannot adjust their pricing to customers, creating foreign exchange exposure that requires systematic hedging protection. At the end of each campaign period, businesses can implement repricing to reflect accumulated currency impacts (known as the "FX cliff") before commencing the next campaign within the same budget period.