Title: Explain the importance of a marketing budget.
Course: Strategic Marketing (formerly Marketing, Advanced) (12152) > Section: Developing Management Skills

Explanation should include

- the components of a marketing budget
- the reasons it is important to successful business operations.

Process/Skill Questions:

- Why must a budget be balanced for a business to be successful? What are the consequences of an unbalanced budget at the end of a fiscal year?
- What time periods can be used when preparing budgets?
- How does an organization set a budget?
- How are sales quotas set? What components determine what the goal will be?