Week 5; Program Planning, Objectives, Budgets, Measuring Success
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Determining a Budget

Determining a Budget | Week 5; Program Planning, Objectives, Budgets, Measuring Success | Scoop.it
Marketing budgets aid in the planning of operations by forcing managers to prioritize activities and consider how conditions may change. Read more about determining a budget in the Boundless open textbook.
Jillian Hor Maelynn's insight:

I agree with the article, which is stipulating the importance of planning for specific marketing areas and to understand what the essential purposes are. Hence, it is vital to communicate the Integrated Marketing Communication (IMC) components to managers, as they are key to relationships with integrated marketing. Managers roles are expected to be that they prioritize activities, plan for challenges and allocate funds accordingly. Goal setting provides a strategic plan for effective budgeting. The IMC components are a tool to support and measure the program planning.  

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Manasi Ambavane's curator insight, August 21, 2013 9:07 AM

This article written by Manea it emphasizes on the importance of budgeting for any business. Planning forms the foundation of a business. Budgeting involves preplanning the usage of funds and resource determining how and where to invest the money. The running of a business is a turbulent affair. Conditions may change wherever and whenever they can. A manager has to consider all the possible things that could happen in the future and plan accordingly in the present. Such planning can help the company withstand any problem and will make it adaptable to the changing situation. Like maintenance is to automobiles, budgeting is to a company or business. It helps keep an eye on all the business activities taking place in various departments and gives an idea how to and what to do in the future to follow the path of development. This in turn helps co coordinating the activities of different departments and creates unity. Budgeting plays such an important role in a business that without it there is a possibility of imminent failure. A company with proper planning and a good foresight can scale any height.

 

Daryl Peterson's comment, August 21, 2013 12:00 PM
Very well critiqued Manasi I agree that planning a budget helps greatly when its comes to running a business. Managers must understand the concept of an integrated marketing plan. However i feel that the main idea of SMART should also be integrated with budgeting plans if businesses wish to be successful. A business that has proper planning strategies and understand the concept of SMART will be better off in the future. This can also improve the business and can help managers understand the concept of IMC, And therefore budget accordingly to maximise their productivity and performance in the long run.
Harshika Mistry's comment, August 21, 2013 10:20 PM
A very well written insight Manasi. I strongly agree with you that budgeting is tremendously important for all organisations in order to be successful in the foreseeable future. What is a budget? A budget is an estimate of income and expenditure for a set period of time. However, it is very important for marketers to plan their budget slowly and effectively, as any mistakes can make a huge impact to the business. Therefore, I would recommend marketers to use the SMART objective. By planning the how much funds and resources will be utilises in the next accounting period when help the employee make other decisions for the company. However, marketers should also consider the components of IMC when budgeting.
Rescooped by Jillian Hor Maelynn from Program Planning, Objectives, Budgets, Measuring Success and Emotional Marketing IMC - Milestone 2
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Objectives, Measurement and Program Planning

Objectives, Measurement and Program Planning | Week 5; Program Planning, Objectives, Budgets, Measuring Success | Scoop.it
Five Helpful Hints to Jumpstart Your '11 Marcom Success This is "Annual Plan" season for many companies and so the next few blogs will focus on the brand and marketing communications planning proce...

Via Paula Hudson, Manea Murray
Jillian Hor Maelynn's insight:

The article clearly outlines that without SMART objectives there can be no significant measurable outcome. I agree that setting objectives are paramount to achieving success criteria in planning for brand and marketing communications. The tips 1-5 in this article are informative with simple details of what the objective might look like. For example, tip 5 timeliness requires setting a timeframe for an objective to be accomplished along with questioning the period to measure success. The tips also generate ideas for how your program can be measured and evaluated and realistically relate to the processes used in companies marketing programs.

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Max Downing-Webb's comment, August 22, 2013 3:54 AM
It's nice to see the SMART goals theory applied outside of the academic world. Good article Nona, this article is a great reminder to rethink and refine the objectives that make up a marketing program. Measuring success is a bit of a tricky one for marketers as there are so many variables which affect sales. Creating objectives with success standards and measures established at the same time is the best way to go about it, hence why the SMART framework is a very useful reminder here.
Victoria Clark's curator insight, September 15, 2013 11:40 PM

SMART is a set of objectives that if followed through can aid businesses and brands in getting where they want to go. Throughout this article these objectives are discussed so businesses and brands can work to creating objectives that are effective for a successful program to be able to begin. In businesses and brands, having SMART objectives are critical as they can cause either the up or the downfall of said business or brand. The use of SMART objectives leads to an evaluation and measurement of the success of a business or brands success. This article is very helpful and informative as it sets out what is needed, in the basic format, to achieve a great program and success.

Danielle Petersen's comment, September 26, 2013 8:06 AM
@Lily, I like how you gave the little examples of the SMART goals, putting it into perspective a little more. I agree that there is great value in adding the SMART goals into all aspects of a business, no matter what it may be as they are so easily adaptable to every and any business.