8Budgeting, Forecasting, and Financial Analysis

Introduction

The marketing budget is directly related to the developed objectives, strategies, and planned tactical actions of the marketing plan. While strategies outline a plan of attack, the budget specifies how much it will cost.

It is important to remember that developing a budget is not the same thing as strategic planning. Budgets provide control, allowing you to monitor expenses and track revenue. However, if budgeting is used for overall planning or is the main focus of a plan, then the company’s primary objectives may well shift to saving money rather than generating a profit through long-range strategic planning.

As a result, this chapter does not go into detail about how to prepare a ...

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