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0:00
Hello, and welcome
to this session.
What are the key factors
in marketing resources?
My name is Annmarie Hanlon,
and I teach marketing at Cranfield
University's School of Management
in the UK.
Some of these themes are taken
from my book, Digital Marketing.
Let's get started.
0:21
In this session, we'll look at
different methods of budgeting,
and then we'll look deeper into
resources with the 9Ms framework.
Finally, we'll consider metrics,
analytics and insights.
0:37
When the strategy, objectives
and tactics are agreed,
it is essential to
formulate the budget
and identify the
resources needed.
Budgets are created
using different methods:
objective and task,
budget available,
percentage of turnover,
and last year's budget.
The objective and task
budget method looks at
what are the objectives
and tasks to be achieved
and what funds are
needed to deliver them?
The budget available
method simply states,
"This is the budget
we have available,"
and it means that the
team needs to be creative
to ensure their objectives can be
achieved with the budget available.
The percentage of
turnover method
involves taking a
percentage of turnover.
If the total revenue or
sales are $10 million,
the budget is $1 million.
The last year's budget method
often considers the monies allocated
in the last financial year,
which is simply repeated again
in the next financial year.
