{"id":4055,"date":"2014-05-08T18:22:46","date_gmt":"2014-05-08T18:22:46","guid":{"rendered":"http:\/\/www.marketingteacher.com\/marketing-budget\/"},"modified":"2015-07-02T20:27:43","modified_gmt":"2015-07-02T20:27:43","slug":"marketing-budget","status":"publish","type":"post","link":"https:\/\/marketingteacher.com\/staging\/5483\/marketing-budget\/","title":{"rendered":"Marketing Budget"},"content":{"rendered":"<h1>Marketing Budget<\/h1>\n<p>Failure to properly cost and budget your marketing plan could lead to   problems. While insufficient funding for such items as equipment or   staffing may immediately come to mind when budgeting for the whole   business, it&#8217;s the lack of a properly constructed marketing budget that   dooms many marketing plans and campaigns. A marketing budget is the   marketing plan written in terms of costs.<\/p>\n<h3>Summary of the Marketing Budget<\/h3>\n<p>Marketing budgets ensure that your marketing plan or campaign is   realistically costed. Some pre-budget research into your industry and   market, your competitors and your business&#8217;s historical marketing   metrics helps marketing managers make a more informed calculation. You   should cost out all general marketing and marketing communications   expenses. You could also work in conjunction with an accountant to make   sure that the figures are complete and realistic.<\/p>\n<h2>Marketing Budget<\/h2>\n<p>A marketing budget is an estimate of projected costs to market your   products or services. A typical marketing budget will take into account   all marketing costs e.g. marketing communications, salaries for   marketing managers, cost of office space etc. However much of the budget   is concerned with marketing communications e.g. public relations,   website, advertising, etc. Both are considered here.<\/p>\n<p>The costs in a marketing budget will be allocated according to the   campaign and the media to be utilized. Some prior research will be   necessary for the cost estimates to be as realistic as possible. This is   called advertising or marketing communications research.<\/p>\n<h3>Helpful Pre-budgeting Research<\/h3>\n<ul>\n<li>1. <a href=\"https:\/\/marketingteacher.com\/staging\/5483introduction-to-marketing-research\/\">Industry   and Market Research<\/a><\/li>\n<li>2. <a href=\"https:\/\/marketingteacher.com\/staging\/5483swot-analysis\/\">Competitor   Analysis\/SWOT<\/a><\/li>\n<li>3. Internal marketing performance records e.g. marketing metrics, <a href=\"https:\/\/marketingteacher.com\/staging\/5483marketing-controls\/\">marketing   controls<\/a>.<\/li>\n<li>4. <a href=\"https:\/\/marketingteacher.com\/staging\/5483marketing-audit\/\">Marketing   Audit.<\/a><\/li>\n<\/ul>\n<p>Knowledge of key industry and market factors must be taken into   account when developing your marketing plan.  Your plan will also be   influenced by researching your competition. You will want to allot   funding in a way that exploits the weaknesses of your competitors and   emphasizes your strengths.<\/p>\n<p>Other information that can guide your spending plan is found in your   internal records. What advertising expenditures have proven successful   for your business? For example, you can review internal records and   determine the return on investment of your advertising dollars. A   periodic examination of the performance of these records may lead you to   drop certain media that have not proven fruitful.<\/p>\n<\/p>\n<h3>Typical general marketing expenses:<\/h3>\n<ul>\n<li><a href=\"https:\/\/marketingteacher.com\/staging\/5483advertising-agencies\/\">Advertising   agency commissions<\/a><\/li>\n<li>Salaries for marketing managers<\/li>\n<li>Salaries for marketing support e.g. marketing assistants.<\/li>\n<li>Office space<\/li>\n<li>Fixtures and fittings<\/li>\n<li>Travel costs<\/li>\n<li>Other direct and indirect marketing costs, including marketing   communications costs (see below).<\/li>\n<\/ul>\n<h3>Typical <a href=\"https:\/\/marketingteacher.com\/staging\/5483introduction-to-marketing-communications\/\">marketing   communications<\/a> costs:<\/h3>\n<ul>\n<li><a href=\"https:\/\/marketingteacher.com\/staging\/5483personal-selling\/\">Personal   Selling<\/a><\/li>\n<li><a href=\"https:\/\/marketingteacher.com\/staging\/5483public-relations-pr\/\">Public   Relations<\/a><\/li>\n<li>Printing<\/li>\n<li>Mailing<\/li>\n<li>Website Development &amp; Hosting<\/li>\n<li>Brochure Design<\/li>\n<li><a href=\"https:\/\/marketingteacher.com\/staging\/5483advertising\/\">Advertising<\/a><\/li>\n<li>Television Advertising<\/li>\n<li>Radio Advertising<\/li>\n<li><a href=\"https:\/\/marketingteacher.com\/staging\/5483direct-marketing\/\">Direct   Marketing<\/a><\/li>\n<li>Newspaper Advertising<\/li>\n<li>Proposal Development\/bid submittal<\/li>\n<li>Networking<\/li>\n<li>Event Attendance<\/li>\n<li><a href=\"https:\/\/marketingteacher.com\/staging\/5483sales-promotion\/\">Sales   Promotion<\/a><\/li>\n<li>Many other marketing communications tools.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Marketing budgets ensure that your marketing plan or campaign is realistically costed. Some pre-budget research into your industry and market, your competitors and your business&#8217;s historical marketing metrics helps marketing managers make a more informed calculation. You should cost out all general marketing and marketing communications expenses. You could also work in conjunction with an accountant to make sure that the figures are complete and realistic.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","footnotes":""},"categories":[10,28],"tags":[],"class_list":["post-4055","post","type-post","status-publish","format-standard","hentry","category-marketing-index","category-finance"],"_links":{"self":[{"href":"https:\/\/marketingteacher.com\/staging\/5483\/wp-json\/wp\/v2\/posts\/4055","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/marketingteacher.com\/staging\/5483\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/marketingteacher.com\/staging\/5483\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/marketingteacher.com\/staging\/5483\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/marketingteacher.com\/staging\/5483\/wp-json\/wp\/v2\/comments?post=4055"}],"version-history":[{"count":0,"href":"https:\/\/marketingteacher.com\/staging\/5483\/wp-json\/wp\/v2\/posts\/4055\/revisions"}],"wp:attachment":[{"href":"https:\/\/marketingteacher.com\/staging\/5483\/wp-json\/wp\/v2\/media?parent=4055"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/marketingteacher.com\/staging\/5483\/wp-json\/wp\/v2\/categories?post=4055"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/marketingteacher.com\/staging\/5483\/wp-json\/wp\/v2\/tags?post=4055"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}