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Method in determining budgets:
1. Most Affordable method: Companies use this method, at the level of their affordability. Small businesses often use this method with the logic that the company cannot spend more on advertising than the amount it has left after the other expenses.
2. Percentage of Sales method: In this method, companies set their budget at a certain percentage of current or forecasted sales. The percentage of sales method is simple to use and helps management think about the relationships between promotion spending, selling price, and profit per unit.
3. Competitive Parity method: Setting budgets to match competitors' outlays and funds. They monitor competitors' advertising and follow it.
4. Objective and Task method: The most logical budget setting method is the objective and task method whereby the company sets its promotion budget based on what it wants to accomplish with promotion. This method entails defining specific promotion objectives, the tasks needed to achieve these objectives and estimating the costs of performing these tasks.
Source: Absolute Marketing Group.
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