Stage 2 : Set the Budget for Advertising Campaign
The Budget will be determined by several factors associated with the objectives listed above plus many more. Primarily the role of advertising is to create demand for either a product or service but advertising is also used to bring awareness, in the commerial sense (business), the moral sense (often charity driven) and, in the case of professions, in the ethical sense.
New products will often require a longer campaign and therefore larger budget to build awareness and encourage consumers to trial the related product/service. A highly differentiated product or service may require specific-type advertising to set it apart from competitors – emphasising the points of difference.
Setting the budget is not easy…after all how can a business predict the right amount to spend? Where to allocate it? Which Medium?
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