Marketing Budget _ The marketing budget explains how business owners will pay for marketing efforts. A marketing budget should be based on a percentage of gross sales, advertising mediums utilized, and other factors. Some marketing expenses to include in the marketing budget are tradeshows, events, and sponsorships.
Most of your marketing research will fit into 5 or 6 categories: Surveys, Focus Groups, Interviews, Observations, Secondary Research, or Experiments/Field Trials. We will not go into specifics for each research category on this particular blog. Regardless of the marketing research methods that are used, you need to uncover who your customers are or will be, you need to uncover what the demand is for your products or services, you need to know every competitor in the marketplace, and you need to know the market share for each company in your industry categories.