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How to Develop a Marketing Plan Budget

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From Quick Guide: Developing a Marketing Plan

Summary: Developing a marketing plan budget requires mapping things out on a calendar, considering what types of advertising is most effective and setting aside the proper funds to finance the chosen methods. Build a marketing plan to bring in more customers with advice from a businessman in this free video on marketing.

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By Mike Mitchell
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Mike Mitchell has a Master's Degree in education from the University of California, Los Angeles, and a Bachelor's Degree in political science from the University of California, Irvine....read more

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Video Transcript

"Hi, my name is Mike Mitchell, and today I'd like to tell you how to develop a marketing plan. For any company, either small or large, you're going to have to market your product, and before you spend a lot of money spreading out or buying advertisements, you really want to develop some kind of a marketing plan so that you know what you're spending and why you're spending it. Generally for a marketing plan you start off with a calendar and broken down by weeks or months you have a time table to develop your marketing plan. Generally you'll include any events that you would want to advertise in, maybe holidays where you would want to have a special advertisement or any other important date that would require some kind of marketing or advertising. Then you would want to think of how you advertise. Is it going to be in the press? Very often today you have a lot of advertising on the Internet. Are you going to print brochures or almost any other kind of paid ad? And you'll decide what you want to advertise, how this relates to your budget and what you can afford. Now the most important thing about a marketing plan that you should never forget is to evaluate how effective these advertisements and marketing ideas are, and somehow, either through surveys conducted with your customers or some sort of post-event evaluation, determine whether or not any of this marketing actually produces customers. If they don't produce customers, then they're not effective, and for the following year, for your next year's marketing plan, you would probably want to eliminate them or change them some way so that you think that they will become more effective. In the end, you'll have an effective marketing plan, and the idea is to use your money wisely so that the money you spend brings in new customers."

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