I need a well thought out plan with actual experience to help with the creation of a marketing budget for this scenario. Please be detailed as possible with examples in details.
I need to determine a budget for the Trista Doll.
How do you start the plan?
What components do you use in the plan?
Does channel distributions are to be included?
My goal is to promote and sale this item to kids but to attract the attention of adults.© BrainMass Inc. brainmass.com October 24, 2018, 6:52 pm ad1c9bdddf
Please see response attached (also presented below), as well as one supporting example. I hope this helps and take care.
You wrote this:
"Please instruct the OTA, that whatever plan or example she has would be sufficient."
It is important to remember that the marketing budget is part of the overall marketing plan. Since this is a new product in your scenario, I will provide an example of the entire marketing plan, and if you only need to complete the budgeting section, then you have that option. Although I have did an extensive search for a specific example of "a marketing budget" application, with the exception of those that are selling software products and/or other samples, there were No specific marketing budget plans, per se (e.g., using the key words "marketing and budgeting plans" I received 0 'Hits" for marketing budgeting plans). I have located several examples, however, that include the marketing budget as part of the overall marketing plan for your consideration - presented either below or added as an attachment.However, since this is a new product, the company would probably need to engage in a complete marketing plan for the product. Saying that, you may be instructed to focus ONLY on the marketing budget. Either way, the marketing plan (example 1) is provided FOR ILLUSTRATIVE PURPOSES.
Note that Example 2 is a marketing plan in the form of a questionnaire, AND ONCE filled out using your specific scenario information, your marketing and budgeting plan will be near completion.
The third and fourth examples are examples of different marketing plan models, showing different sections to address.
NOTE: ALL MARKETING PLANS DO NOT INCLUDE EXACTLY THE SAME SECTION AS IT DEPENDS ON YOUR OBJECTIVES AND COMPANY GOALS.
The response begins by addressing the information in the attached article.
The Marketing and Budgeting Plan
The Marketing Plan is a highly detailed, heavily researched and, hopefully, well written report that many inside and possibly outside the organization will evaluate. It is an essential document for both large corporate marketing departments and for startup companies. Essentially the Marketing Plan:
· forces the marketing personnel to look internally in order to fully understand the results of past marketing decisions.
· forces the marketing personnel to look externally in order to fully understand the market in which they operate.
· sets future goals and provides direction for future marketing efforts that everyone within the organization should understand and support.
· is a key component in obtaining funding to pursue new initiatives.
The Marketing Plan is generally undertaken for one of the following reasons (number 2 seems to apply best to your scenario):
1. Needed as part of the yearly planning process within the marketing functional area.
2. Needed for a specialized strategy to introduce something new, such as new product planning, entering new markets, or trying a new strategy to fix an existing problem.
3. Is a component within an overall business plan, such as a new business proposal to the financial community.
In fact, there are many ways to develop and format a marketing plan (you can find more ideas in the KnowThis Marketing
Plan topic area). The approach taken here is to present a 6-Part plan that includes:
1. Purpose and Mission
2. Situational Analysis
3. Strategies and Objectives
4. Tactical Marketing Programs
5. Budgeting, Performance Analysis and Implementation (see page 15 of attachment "Marketing Plan and Budgeting")
6. Additional Considerations
Note: This plan is aimed at individual products and product lines, however, it can be adapted fairly easily for use in planning one or more strategic business units (SBU). (See attachment for more on ecah section "Marketing Plan and Budgeting").
For an example Click on the following links below (or click specifically on financials): PLEASE SEE ATTACHED REPSONSE FOR LINKS
Example 1: Pottery--Custom Dishware (see http://www.mplans.com/spv/3416/index.cfm?affiliate=mplans or click on the linked sections below for convenience).
1.0 Executive Summary
2.0 Situation Analysis
3.0 Marketing Strategy
1 Break-even Analysis
4.2 Sales Forecast
Monthly Sales Forecast
4.3 Expense Forecast
Monthly Expense Budget
Marketing Expense Budget
Example 2: Marketing and Budgeting Plan
This is the marketing plan of_____________________________________
I. MARKET ANALYSIS
A. Target Market - Who are the customers?
1. We will be selling primarily to (check all that apply):
Market Segment Total Percent of Business
a. Private sector %
b. Wholesalers %
c. Retailers %
d. Government %
e. Other %
2. We will be targeting customers by:
a. Product line
We will target specific lines _________________
b. Geographic area? Which areas? _________________
c. Sales? We will target sales of _________________
d. Industry? Our target industry is _________________
e. Other? _________________
3. How much will our selected market spend on our ...
In reference to a budget for the Trista Doll, this solution discusses the creation of a marketing budget for this scenario through detailed illustrative examples. Supplemented with a highly informative article on budgeting and marketing.
Statistical Article and Hypothesis
Research studies find marketing budgets up.
B to B; 12/12/2005, Vol. 90 Issue 16, p28-28, 1/3p, 1 graph
BLACKFRIARS Communications Inc.
BUSINESS enterprises -- United States
UNITED States Abstract:
This article reports on studies from several research firms, which found that business-to-business (b-to-b) companies will increase their marketing budgets between 6.0% and 11.0% in 2006. Blackfriars Communications Inc., a communications consulting and research firm, found that b-to-b companies plan to boost their marketing budgets by an average 11.0% in 2006. Blackfriars interviewed 98 senior executives from a variety of industries, including b-to-b and b-to-c companies. One of the key findings was that b-to-b companies plan larger marketing budget increases than b-to-c companies, which expect to up their marketing budgets by an average 8% in 2006. The Blackfriars study also found that companies that measure the performance of marketing plan to increase budgets by a much higher percentage than companies that don't measure marketing. Those companies that measure marketing plan to increase their marketing budgets an average 13.0% in 2006, while those that don't measure marketing plan to increase their marketing budgets by only 2.0% in 2006. The survey also asked executives what factors influenced their 2006 marketing budget changes.
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Section: BTOB SPECIAL REPORT
Research studies find marketing budgets up
B-to-b companies will increase their marketing budgets between 6.0% and 11.0% in 2006, according to studies from several research firms. Blackfriars Communications, a communications consulting and research firm, found that b-to-b companies plan to boost their marketing budgets by an average 11.0% in 2006.
Blackfriars interviewed 98 senior executives from a variety of industries, including b-to-b and b-to-c companies. One of the key findings was that b-to-b companies plan larger marketing budget increases than b-to-c companies, which expect to up their marketing budgets by an average 8% in 2006.
"Coming into 2005, we saw companies submitting an average 20% increase in spending for the year, but actual spending will be only half of that," said Carl Howe, principal at Blackfriars, pointing to factors such as higher gasoline prices and uncertain economic conditions, which influenced spending.
The Blackfriars study also found that companies that measure the performance of marketing plan to increase budgets by a much higher percentage than companies that don't measure marketing.
Those companies that measure marketing (66 out of 98) plan to increase their marketing budgets an average 13.0% in 2006, while those that don't measure marketing plan to increase their marketing budgets by only 2.0% in 2006.
The survey also asked executives what factors influenced their 2006 marketing budget changes. The most important variable was higher costs (cited by 13.0% of respondents), followed by economic conditions (12.0%), strategy change (6.0%) and competition (5.0%).
Other factors that influenced marketing budget changes were change in revenue/demand (5.0%), fuel prices (4.0%), marketing ROI (2.0%) and natural disasters (2.0%).
In the technology area, IT companies are expected to increase their marketing budgets by 6.5% to 7.0% in 2006 over 2005, according to research company IDC.
The projection was based on interviews with 95 senior marketing executives at technology companies, conducted by IDC's CMO Advisory Research service for its recent report, "Planning Your 2006 Marketing Budget."
In 2005, technology companies are expected to increase their marketing budgets by 6.4% over 2004 spending, IDC found.
"In terms of the marketing mix, the trend will continue to be away from mass media broadcast marketing toward more targeted, one-on-one channels," said Rich Vancil, VP-CMO Advisory Research at IDC. "Instead of major, big-tent events, tech companies will use smaller, more 'propriety' events. Instead of broadcast advertising, they will use more targeted, online advertising."
Vancil also said tech companies will invest in people and infrastructure to build more accountable marketing organizations.
"There is going to be more investment in software to pull together data from multiple sources, whether that's packaged MRM [marketing resource management] software or home-grown dashboard development," he said.
One of the key areas of marketing spending in 2006 will be online marketing. According to the Interactive Advertising Bureau's latest Internet Ad Revenue Report, conducted by PricewaterhouseCoopers, online advertising totaled $3.1 billion in the third quarter, up 33.9% over online ad spending in the third quarter of 2004. For all of this year, online ad revenue is expected to top $12.0 billion, up 25.0% from $9.6 billion in 2004, the IAB said.
Also, according to a study of 867 senior b-to-b marketers conducted by Forrester Research for American Business Media, 48.7% of respondents said they currently use online marketing, and 54.6% said they plan to use it by 2008.
The ABM study also found that 60.2% of b-to-b marketers currently use in-person events, and 60.8% plan to use in-person events by 2008.
Other media and marketing vehicles expected to see increased use by b-to-b marketers between 2005 and 2008 include trade magazines (from 45.4% to 48.3%), TV (from 41.4% to 44.1 %) and public relations (from 37.7% to 41.6%), the study found.
Media and marketing channels expected to see a decline between 2005 and 2008 include direct mail (from 56.2% to 48.7%), newspapers (from 46.9% to 35.6%), printed newsletters (from 43.5% to 35.1%) and general business publications (from 41.3% to 38.6%).
GRAPH: Marketing budget increase seen: Marketers were asked how much they were expecting to increase or decrease their marketing budgets in 2006.