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The Marketing Budget - 11

The document discusses the importance of a marketing budget for businesses, emphasizing that marketing is essential for survival. It outlines various costs associated with marketing, including market research, communication, travel, and personnel costs, and highlights the need for effective planning to manage these expenses. Additionally, it notes that market research can help businesses identify target markets and improve their marketing strategies.

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31 views10 pages

The Marketing Budget - 11

The document discusses the importance of a marketing budget for businesses, emphasizing that marketing is essential for survival. It outlines various costs associated with marketing, including market research, communication, travel, and personnel costs, and highlights the need for effective planning to manage these expenses. Additionally, it notes that market research can help businesses identify target markets and improve their marketing strategies.

Uploaded by

Kadəsh
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 10

THE MARKETING

BUDGET
PAGE 214
• Marketing cost money
• But very few businesses can survive without marketing their products
• They have to put aside money for marketing

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1. COSTS IN A MARKETING BUDGET
• When compiling a marketing budget – organisation has to consider all
possible costs related to marketing
• Each marketing activity has its own costs

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1.1 MARKET RESEARCH
• Tourism businesses needs information to make good decisions about
marketing
• market research - organised way of collecting, analysing and
interpreting information.
• Businesses research:
- Needs and wants of target market
- The business’ market share
- Business’ brand image

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• Costs related to market research:
- Collecting data
- Analysing data
- Interpreting data
- Travel costs
- Communication costs

• Complexity of market research depends on marketing budget.


• The more money the business can pay – the more detailed the market
research can be

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• Tourism organisations like SAT, provincial tourism authorities and Cape
Town Routes Unlimited do market research and then provide reports
about the tourism market for their destination
• This does not tell the individual tourism business about its own product,
but it can help the business to choose the best market segment to focus
on.

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1.2 COMMUNICATION COSTS
• A successful marketing campaign requires a lot of coordination
• Different parties involved – has to communicate with one another
• Communication costs include:
- Telephone
- Internet
- Fax
- Email
- Printing
• Cheaper to communicate overseas via email than the phone

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1.3 TRAVEL COSTS
• Some employees needs to travel to make sure marketing campaign is
successful
• Need to collect data for market research to promote their product.
• Travel costs - how far and often employees travel.
• Keep travel costs low – plan well
• Businesses that exhibit at trade shows ( Tourism Indaba, WTM) should
schedule appointments with clients during the show

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1.4 PERSONNEL COSTS
• Depend on size of the business
• In a small tourism business the owner may have to do marketing along
with other business functions to keep costs down
• In large businesses there is a whole marketing department
• If the business cannot afford to employ many people – can outsource
certain areas.

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HOMEWORK
Page 217 – Activity 2

10

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