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Arturiano [62]
3 years ago
15

Name and describe the methods for determining a marketing budget.

Mathematics
1 answer:
Mekhanik [1.2K]3 years ago
4 0

Answer: There are several ways in which we can determine our marketing budget. Some of these are given below:

<u><em>1. Percentage of revenues:</em></u>

Under this method we usually  take a fixed percentage of our revenues and further allocating this amount for marketing. We will choose the percentage that works best for us.

<u><em>2. Percentage of net sales:</em></u>

This method determines our marketing budget as a fraction of our net sales. This method will take a lot of trial and error to find the percentage that works well for our company.

<u><em>3. Industry specific:</em></u>

Nowadays, industries have specific projections as to the amount they will need to spend on marketing . The best way to get these numbers is to find a firm that represents our industry and ask them to provide us with averages. We can then refine the actual costs.

<em><u>4. Objective/task oriented </u></em>

This is model that works by setting out goals, planning out the tasks and then estimating the cost for all of these tasks. It works greatly for firms who have a immense knowledge about measurements and information of their business processes.

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