Marketing Budgeting Archives - Modern Marketing Partners

Marketing Budgeting Best Practices image

A very important aspect of marketing planning, whether tactical, project or strategic, is the budgeting of marketing expenditures. Inevitably, marketers must get approval for marketing budgets from executive management. There are 3 types of marketing budgets. Business-to-business brands and corporate America develop budgets based on one of three approaches: 1) a percentage increase (or decrease) over last years budget, 2) task and objective budgeting, or 3) a percentage or (forecasted) sales based on industry or competitive benchmarking. Often budgets are developed using a combination, or hybrid of these approaches. This blog is part of a series on marketing planning and budgeting including Marketing Planning Best Practices, and a Marketing Planning Checklist. In good times, management is inclined to simply increase budgets gradually ...

Marketing Planning Checklist image

Part 3 in our marketing planning series details a marketing planning checklist, a useful tool to identify a broad range of marketing strategies and tactics used in typical marketing plans. Our Marketing Planning Series includes: 1) Marketing Planning Best Practices, 2) Marketing Budgeting Best Practices, and 3) the following Marketing Planning Checklist. Of course, marketing plans come in a number of “shapes and sizes”, from the annual tactical plan, to project or functional plans, to the detailed strategic marketing plan. A given marketing program may range in complexity, budget and requirements. Different markets and products likely require vastly different marketing strategies and tactics. So a Marketing Planning Checklist should allow for a range of marketing scenarios. This checklist is based on ...

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