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How to Develop a Marketing Budget - A Step by Step Guide to Budgeting Your Marketing Activities

This guide will walk you step by step through all the essential phases of developing a results driven marketing budget. Resource allocation is a critical part of any marketing plan. To simplify budget preparation, it is recommended that investments in labor, material and services be broken down into the five Ps of marketing: Product - The item or service you have to sell. Price - The amount of money you ask your customer to pay for your product. Place - Where a product is now and how it is transported to your customer. Promotion - The advertising and publicity neces sary to complete a transaction. Persuasion - Personal selling of your business. Each of the five Ps represents an investment in money, materials and services. We can represent this as a system of pipes consisting of a tank of money, which represents the total marketing budget, a main pipe through which the dollars flow and five valves that control the flow of money to each of the five Ps. The concepts of market planning, segmentation and positioning are shown as filters. Budgeting is the process of setting the valves to meet the needs of each marketing task for each segment and then monitoring the results over time to make sure you remain on target. As your market segments change, you will have to reset the valves. My name is Meir Liraz and I'm the author of this book. According to Dun & Bradstreet, 90% of all business failures analyzed can be traced to poor management. This is backed up by my own experience. In my 31 years as a business coach and consultant to businesses, I've seen practically dozens of business owners fail and go under -- not because they weren't talented or smart enough -- but because they were trying to re-invent the wheel rather than rely on proven, tested methods that work. And that is where this book can help, it will teach you how to avoid the common traps and mistakes and do everything right the first time.Read more

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