Developing A Budget

Essay by BWMP July 2005

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Developing A Budget

Today's economy has had a profound impact on corporate budgets, including marketing. The budget is often cut, projects are placed on hold or funds are suddenly freed up. Therefore, marketing programs are constantly being adjusted to reflect these changes. As the company's grow, the goals may either become larger or in some cases remain the same. However, with measurable objectives and a strategic marketing plan the companies are still able to accomplish their objectives.

In many cases the public relations operations exceeds their budget targets because of the difficulty in forecasting expected activities. However, these operations are compelled to demonstrate greater accountability by rising cost pressures and the growing perception of PR executives that the inability to stay within the budget is undermining the PR functions credibility within the organization. (Lawrence 1996).

To prepare for a marketing and public relations plan, the company will require the assistance of an outside consultant or internal senior personnel.

The strategy for a successful plan should include communications, targeting a particular market, branding, positioning, and pricing. As a part of the PR, Toyota Corporation will provide brochures and flyers, applications briefs and produce data sheets, presentations and videos, print ads and commercials. They will also invest in marketing materials such as: newsletters and feature articles, exhibits and technical papers, sales manuals and presentation books, posters, publicity releases and also press kits.

The primary goal of any PR budget is to produce maximum value and results. It also seeks to further increase the quality and quantity of PR results, to accelerate time-to-value to do more at a lower cost. In an era when accountability and transparency are the wastewords, marketers want answers to tough questions regarding their PR agency's performance. For example, the productivity of the agency account team, the acceptable...