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What steps are involved in creating a marketing budget?
What steps are involved in creating a marketing budget?

Asked by pilarv
Posted: Tuesday, August 07, 2007  |  Found in Sales & Marketing


More answers by Paige Arnof-Fenn
Budgets can be created from the top down or the bottom up. Top down budgets start with a fixed number that gets divided into subcategories such as promotion, advertising, events, etc. When budgets are developed from the ground up you start with each area that needs funding and determine what the right amount is based on market conditions, the competition, etc. When all those areas are added if the number is not realistic then an iterative process begins until you get into a more comfortable range. Research can play an important role here as well, you may be able to outsource more affordably than doing everything in house so look at all the options and be creative. Hope that helps, good luck.
Paige Arnof-Fenn is the founder and CEO of Mavens & Moguls, a strategic-marketing consulting firm whose clients include Fortune 500 companies, as well as early-stage and emerging businesses.


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