Budgeting and Evaluation

Budgeting and Evaluation
A budget is an essential part of any marketing plan. It gives a clear overview of all the costs related to implementing your marketing activities, including public relations, advertising, sales promotion, direct marketing, staffing costs, and more. Creating a marketing budget can help your company stick to its plan and avoid unanticipated costs, reducing the possibility of overspending. Since a marketing budget reduces risk and provides a financial road map, it is a very useful tool for all types of businesses.
It’s an old cliché: “What gets measured gets done.” This statement has been attributed to Peter Drucker, Tom Peters, W. Edwards Deming, and others. Regardless of the origin, the message is that measuring something gives you the information you need in order to make sure you actually achieve what you set out to do. This is because the simple act of measurement increases motivation to perform. It can also be said that if you are not measuring the right thing the right thing will not get done since if it’s not being measured it is not a priority. This is why choosing the right metrics is so important.
A metric can be defined as a measuring system that quantifies a characteristic, action, or trend. Performance metrics measure and report an organization’s performance. Marketing metrics are numeric data that allow marketers to evaluate their performance against organizational goals. Measuring the success of marketing efforts is not always easy. Week 7 emphasizes the fact that performance metrics are key to monitoring marketing strategies.
Review the resources listed in the Books and Resources area below to prepare for this week’s assignment(s).
Marketing Budget Plan:
Describe how you plan to allocate your budget to each promotional activity. Provide a brief rationale.
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First, when developing a marketing budget plan, you want to start with the total budget available to spend on a campaign. This budget figure works as a constraint to keep your plans in line with the available resources.
Second, think about the promotion mix you have in mind. Will there be public relations or advertising? Digital or traditional? Any sales promotion activities? And so forth. List the different methods and key tools you plan to use, and then determine how much of your budget you plan to spend on each (please use a table or pie chart to demonstrate how you will allocate the budget).
Finally, please provide justification for your decisions in your budget plan.
Marketing Assessment Plan:
Assess the performance metrics that can be used to evaluate the success of your marketing plan.
Discuss/assess at least three metrics to measure marketing strategy.
Recommend the appropriate metrics to use for your marketing plan.
Length: 3-5 pages
References: Support your paper with a minimum of three scholarly/peer-reviewed resources published in the last 5 years. In addition to these specified resources, other appropriate scholarly resources, including older articles, may be included.
Your presentation should demonstrate thoughtful consideration of the ideas and concepts presented in the course and provide new thoughts and insights relating directly to this topic. Your response should reflect scholarly writing and current APA standards.
Reference:
1. Junge, M., Severgnini, B., & Sørensen, A. (2016). Product-Marketing Innovation, Skills, and Firm Productivity Growth. Review of Income & Wealth…
2. Brooksbank, R., Subhan, Z., Garland, R., & Rader, S. (2015). Strategic marketing in times of recession versus growth: New Zealand manufacturers…
3. Cruz-Cázares, C., Bayona-Sáez, C., & García-Marco, T. (2013). You can’t manage right what you can’t measure well: Technological innovation…
4. Hanssens, D. M., & Pauwels, K. H. (2016). Demonstrating the value of marketing. Journal of Marketing, 80(6), 173-190.
5. Mintz, O., & Currim, I. S. (2013). What drives managerial use of marketing and financial metrics and does metric use affect performance…
6. Kaplan, S. (n.d.). Measuring Innovation to Drive Business Growth.

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