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A budget is a statement of income and expenditures of an individual, family, business, or nation over a period of time. A marketing budget is the statement of income and expenditure directed to marketing over a period of time. The importance of having a marketing budget can not be overemphasized. A budget is synonymous with a plan. There is a popular saying, “He who fails to plan, plans to fail.” In order not to fail, a business has to create its marketing budget. The importance of promoting goods and services can not be overlooked as marketing wields the power to a successful business which brings us to,
Steps To Creating A Marketing Budget
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Have A Target Audience
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Know Your Costs
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Know Your Income Rate
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Know Your Consumers Psychologically
- Be Prudent In Spending
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