Develop a budget for your plan
Identify quantifiable elements that can be used to evaluate, monitor, and control the effectiveness of your marketing plan. The phones will be marketed globally thru AT&T. The budget is US dollars.
Brainmass will provide you Online Teaching Assistance only. As a managerial requirement, you can decide on the marketing budget on your own, we will provide you the guidance on how to approach while deciding on the budget. The guidelines for preparing a budget is as follows:
FACTS FOR DECIDING ON A BUDGET
You need to determine the sales of AT&T in U.S.A. and its market position if you wish to find out overall budget for AT&T.
As per the estimates of BusinessWeek dated 20 October 2011 (Source: http://www.businessweek.com/news/2011-10-20/at-t-sales-miss-estimates-on-slowing-iphone-pay-tv-demand.html), the sales of AT&T is $31.6 billion for the third quarter ending September 2011.
As per the estimates of Chitika, AT&T has gained a market share of 9% which is more than double as compared to the previous year (http://www.androidpolice.com/2011/08/17/chitika-verizon-losing-android-market-share-att-and-budget-carriers-on-the-rise/)
For deciding the Integrated Marketing Communications budget, the following methods can be used:
1. Percentage of Sales Method - In this method, a company takes previous year's sales and a percentage of it can be decided to be spent on marketing communications. For example, if the company has $100 million in a year as the sales and the company allocates 2% of the sales as promotion expenditure, the ...
The solution aims at developing an understanding of how a marketing budget can be decided for new waterproof cellphones which will be distributed globally through AT&T. The methods of deciding an Integrated Marketing Communications Budget include Percentage of Sales Method, Competitive Parity Method, Affordable Method and Objective and Task Method. The solution also describes how and why Objective and Task Method is applicable in this case. The solution also explains briefly the tools used to monitor and evaluate the marketing plan along with an attachment showing application of Balanced Scorecard for new water proof cellphones used as a control tool.
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