What is a marketing budget? Explain social media and digital marketing expenses and advertising expenses

Question

What will be an ideal response?

Answer 1

Budgets offer a mechanism for translating marketing plan goals (like widespread exposure of a marketing message)
to action, by allocating amounts that support those goals (like spending on social media). Consequently, budgeting
for marketing plan projects should follow the goals and objectives of those marketing plans.
Advertising Expenses: Typical expenses include items such as creative development, media placements (such as
television, radio, or print), agency costs, and advertising to distribution channels (for push-oriented campaigns).
Advertising is the largest expense category for many companies.
Social Media and Digital Marketing Expenses: Common expenses include items such as SEO (search engine
optimization expenses, often done by external contractors), SEM (search engine marketing expenses, paid to
Internet advertising organizations like Google for its AdWords program), webinar hosting expenses (like those for
WebEx), and advertising done on websites and mobile devices. Depending on the organization's accounting
standards, the budget might also include labor for creation of content and monitoring of social networking sites,
blogs, videos, and online newsletters. This budget category is growing rapidly, with studies finding some
companies allocating over 20 percent of their budget toward it.