Explain the steps in outlining advertising budget, Marketing Management

Q. Explain the Steps in outlining advertising Budget?

Steps in outlining advertising Budget

1) Setting advertisement Objective: - Prior to deciding on advertising budget the advertising manager should be clear about advertising objectives which help him to determine as well as allocate the ad budget. Major Objectives of advertisement are:-

· Achieve the level of sales

· Enhance the market share by specific %

· To increase awareness regarding Products and its uses.

· To develop preference of our product

· To convinces the customer to buy our product.

2) Determining Tasks to be carried out to Achieve Advertising Objective:-The next step is to determine activities, strategies, tasks, functions to be performed to achieve the advertising Objectives. This task comprises

· Selection of media,

· Selection of advertising agency

· designing of advertising copy

· Deciding frequency of advertisement

· Designing of advertisement

· Timing of Advertisement

· Quantum of space to be taken in print media.

3) Preparing Advertising Budget: - Subsequent to identifying various activities to be done to achieve advertising objectives the next step is to find out the cost of all such activities. Total cost of each such activity is amount required for advertising budget. To maintain the budget flexible certain amount in the form of provision of contingencies is added to the total cost.

4) Approval: - Subsequent to preparing advertising budget it is sent to Top-Management through chief of marketing-department for necessary approval. Top-Management will observe if the budget is affordable and justified it will pass the budget.

5) Allocation of advertising Budget: - Subsequent to the budget is approved by the top management the next step is to allocate it. Allocation signifies dividing the budget on different products and activities. Budget must be flexible to accommodate sudden changes in market competitor's strategies and change in another component of market.

6) Monitor and Control:- Subsequent to allocation of resource it is essential to have an adequate monitoring and control over it. In manage actual expenditure is compared with planned expenditure. In case if expenditure is bigger, then the intended expenditure then corrective actions are taken responsibilities are fixed to ensure cost control.

Posted Date: 8/2/2013 2:28:09 AM | Location : United States

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