MARKETING BUDGET IN CORPORATE COMMUNICATION

By ;

Assenga Vera C

The better way to look at a marketing budget is to ask how you can afford not to spend enough money for your marketing campaign s in corporate communication.

APPROACHES TO BUDGETING FOR MARKETING

1 Take last year budget and depending on orders or your subjective view of the year to come, either add to it or cut from it to arrive at satisfactory budget for the new year

2 Use a percentage of the coming years predicted sales as the basis for the marketing budget

3 Blank_ page budgeting

Is usually considered to be the best approach by budget professionals because it allows you start from scratch and use strategic marketing plan that you are creating as the basis for the budget you create

Strategic marketing plan is a game plan for team to follow the plan gives you something that your team can rally and get excited about

Strategic marketing plan is a plan tool to use as a map for those times when you find your self needing to reorient your actions and activities towards your goals.

A person can move in and out of an organization a strategic marketing plan helps to keep a position functioning no matter who is in the position

A strategic marketing plan is like a grand scale to do list for your organization. It gives you some basics operating instructions for your division and organization

A strategic marketing plan gives you a top level overview of your organization its performance , mission its vision and goals and encourages you and other leadership to keep these level topics in conversation

ELEMENT OF STRATEGIC PLAN

_Descriptions of target market

_ Review of the completion

_ Description of the product or service you offer

_ Marketing budget

_ Pricing strategy

DETERMINE YOUR TARGET AUDIENCES

Due to the facts that customers will purchase what they perceive they can benefit from these is only a certain portion of the population that will ever purchase your products

Types of marketing

_ customer market

Individuals or households that buy you products or services for their own industrial market

_ Industrial

Is the business to business market you are selling to individuals or organization that will use your product to support their operations of to produce their own products or services

_ Resell market

You sell your products to an intermediary like a retailer or wholesaler then they sell products or services to another market for a profit

SEGMENT YOUR TARGET MARKET

1 GEOGRAPHIC

Local, municipal , state , region , or nations customers fall into different geographic segment

2 DEMOGRAPHIC
Feeling , attitude and beliefs of the target segment

3 BEHAVIOURIST

These are related to the way that customers buy product or service

IDENTIFY YOUR COMPETITORS

Just as your researched your customers to develop a profile of different segments you will need to do a research of your competitors to build a profile of their strength , weakness and successes

WAYS OF FINDING INFORMATION ABOUT YOUR COMPETITORS

_ Through their websites

_ Their promotional brochures and other marketing materials

_ Annual reports

_ Press release

_ Products manuals

_ Industrial rating on the internet

WHAT TO LEARN ABOUT YOUR COMPETITORS

_ How many competitors are

_ Do you compete with them directly or indirectly

_ What does your customers base think about them

_ Which customers might change to your competitor and why

_ What resources do they have that you do not have

_ Are they growing and how far

The better way to look at the marketing budget is to ask yourself how could you afford not to spend enough money for making your marketing campaigns

Any marketer should be in a position to know what his or her customers want and be a to satisfy them