Explain the steps in outlining advertising budget, Marketing Management

Assignment Help:

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.


Related Discussions:- Explain the steps in outlining advertising budget

State about the term - advertising, State about the term - Advertising ...

State about the term - Advertising   Advertising is the most usually used tool for informing the present and prospective consumers about the product, its quality, availabilit

Wholesalers in primary participants of distribution channels, Explain the w...

Explain the wholesalers in primary participants of distribution channels. Wholesalers: Wholesalers are explained as all establishment or places of business mainly engaged

Core concept marketing, what you mean by core concept marketing?and types

what you mean by core concept marketing?and types

Explain about marketing dynamics, Explain about marketing dynamics. Ma...

Explain about marketing dynamics. Marketing Dynamics: Products and markets are very constantly changing because of technological advancements. Increasingly companies are

Inflation, Inflation The overall and general increment in price level f...

Inflation The overall and general increment in price level for goods and services in a particular economy. Inflation can be viewed by a raise in the general cost of living or a

Legal regulation on tobacco-advertisements, In May 2004 Government banned T...

In May 2004 Government banned Tobacco advertisements on television. Tobacco-advertisements comprise ads related to Cigarettes, Zarda, Gutka. This ban comprise brand-extension-bans.

Explain management the different types of exchange rate risk, QUESTION ...

QUESTION You have been appointed as the treasurer of Robin International, an electronic firm with many subsidiaries abroad. The management of Robin International do not have an

Marketing implementation, Marketing implementation: Planning goods s...

Marketing implementation: Planning goods strategies is only a start toward successful marketing. A brilliant marketing strategy counts for little if the company fails to imp

Marketing as an exchange, Marketing as an Exchange In contrast to this...

Marketing as an Exchange In contrast to this, relational exchanges (Dwyer et al., 1987) have a longer-term orientation and develop between parties who wish to build long-term

Briefly characterize factors influencing consumer behaviour, Question 1: ...

Question 1: (a). Define the term "marketing" and explain the five key tasks of marketing (b). Indicate the differences and similarities between the following terms: marke

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd