Marketing Budget – Critical For Business Success

Abstract

Marketing is a customer oriented philosophy which is integrated throughout an organization to serve the customers better than competitors in order to achieve profitability and growth. However businesses either allocate insufficient amount to marketing or spend excessively on it. It is thereby essential that good marketing is supported by proper budgeting of all marketing activities. A marketing budget is an estimate of projected costs to ensure proper planning, pricing and distribution of products or services. Thus this paper attempts to provide different techniques to determine the amount of marketing budget. It also suggests steps which can be considered to allocate the cost of different marketing activities in preventing waste, reducing marketing expenses and building brand profitably.

Keywords: Marketing budget, SMART marketing goels.