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7: A Working Model > Developing Working Budgets

Developing Working Budgets

By concentrating on goals, strategies, and tactics, you can effectively break a plan down into manageable portions. The same holds true of individual product plans. In fact, the umbrella marketing plan is usually the framework for many smaller plans dealing with product lines or individual target markets.

After you have developed your goals, strategies, and tactics, you will need to assemble working budgets, based on a 12-month calendar, with supporting budgets for each major component.

You can determine the size of your budget in several ways. Many companies use one or a combination of the following elements:

Percentage of Sales

This method allocates a particular amount based on gross sales. An example might be to allow a total of 4.5% for all advertising, with 3.0% for broadcast media, 0.5% for production, 0.5% for newspaper, and the remaining 0.5% for yellow pages.


  

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