This approach determines the average industry marketing costs, which is relat , to the assessment of the activities of the main competitors in the market. This method is usually us , by businesses that seek to capture a certain market share in their niche, and for this it is important for them to start from average figures.
Advantages:
- There is a high accurate cleaned numbers list from frist database probability of good results, since a similar marketing budget is already working for other representatives of the sector.
- The flexibility of the scheme allows you to adjust marketing expenses together with your competitors.
Flaws:
- There is no reliance on the specific features of a particular business.
- The ne , to search for how to escape competition and create a new market competitor data before conducting the analysis itself.
- It does not allow you to become the best in the sector, as it is aim , at unification.
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From tasks
This method of forming a marketing budget involves working with goals and objectives. Increasing sales is always associat , with b2b reviews increasing investments in promotion, creating new products, and the emergence of additional expense items. As a result, the budget becomes a continuation of the marketing strategy, and its preparation requires considerable labor costs.
This is the reason why this method is not very popular. However, it can provide a more noticeable effect than other approaches.
Advantages:
- The presence of direct logic, in accordance with which marketing solves the assign , tasks.
- Maximum flexibility and consideration of the current situation of the company – the budget can be adjust , during the work process if the market situation requires it.
Flaws:
- A complex scheme that relies on a large number of factors.
- There is a high probability of error if some details are miss , or the strategy is not drawn up correctly.