question archive A major problem facing marketing managers is how to allocate their marketing communication budgets, for both traditional and digital media, in order to improve consumer attitudes, market shares, sales, and profits
A major problem facing marketing managers is how to allocate their marketing communication budgets, for both traditional and digital media, in order to improve consumer attitudes, market shares, sales, and profits
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A major problem facing marketing managers is how to allocate their marketing communication budgets, for both traditional and digital media, in order to improve consumer attitudes, market shares, sales, and profits. In addition, managers are subject to organizational realities which include political and historical influences. With this in mind, respond to the following in the Discussion:
- What factors would you consider when making marketing communication and budget allocation decisions?
- How do these factors relate to the relative allocations between advertising and sales promotion?
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When making marketing communication and budget allocation decisions, Consider several factors including the market size and potential, market share objectives, product market type, product life-cycle stage, and buyer-readiness stage (Management Association, 2018).
The above factors relate to the relative allocations between advertising and sales promotion in the sense that they determine when the organization can go for marketing or sales promotion. The difference between the two is that Advertising is a permanent strategy that involves marketing and sales, whereas sales promotions have a limited time frame (Management Association, 2018). Therefore depending on the market size and the objectives in terms of longevity and expected results, a company can make a choice regarding which is the best strategy to approach a target market.
