Allocating Marketing Funds

Improved Essays
Abstract
For corporations it can be a difficult task to decide how much they should spend on marketing, and how beneficial and effective it can be to the company’s image. Before investing in any type of marketing plan its crucial that corporations understand what it can do for the company. How will it help expand the companies’ name, and what will it bring to the table in the near future? There are numerous types of marketing, just because one type was beneficial for one business doesn’t mean it will be effective for another. According to Forbes, five factors to consider before allocating funds towards investing in marketing are to first recognize internal objectives. Secondly, do research on events around the world. Thirdly, be familiar with
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First, a corporation should look into their internal objectives. It is imperative to know what the goals of the company are and how they will be aligned with the marketing strategy. The business should look into creative ideas that are within the budget, and show strategies to senior management of how these will be achieved efficiently.
World Events Corporations should be aware of what is happening around the world. International news and forecast can help the business know if they should keep investing in an area or move on to another. They should be aware of factors such as climate changes, political uncertainty, and civil turmoil. Being attentive to all these issues can help the corporation with deciding where would be a suitable place to expand next.
Regulations And Legislation Regulations and legislations vary throughout the whole world. A type of marketing strategy can be used in the United States and it might not be according to policy in another country. It may violate privacy for customers and not be according to compliance. Making sure websites are up to date and privacy policies is imperative so that your marketing strategy budget is not wasted in ineffective
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The purpose of marketing is to help customers understand what is the service or product that the corporation offers, and how it will be beneficial to the consumer. According to Stephanie Miller from Direct Marketing News, “Marketers who focus on business objectives that serve the customer are more likely to produce advertising that sells.” In summary, it is imperative that corporations set aside marketing funds for their strategies but have exceptionally clear the five factors that will support them in accomplishing their marketing

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