What is the definition of a marketing budget?

A marketing budget is best defined as a financial plan for a company's marketing activities over a specific period. This definition captures the essence and purpose of a marketing budget, which is to allocate resources effectively to various marketing initiatives and campaigns. It involves forecasting expected expenses and revenues related to marketing efforts, allowing businesses to strategize, prioritize, and evaluate the potential return on investment (ROI) from their marketing activities.

By having a structured financial plan, companies can ensure they are spending appropriately on various marketing channels, whether that includes digital advertising, events, promotional campaigns, or public relations. This not only helps in controlling costs but also supports data-driven decision-making to optimize marketing performance.

In contrast, while a record of past marketing expenditures provides historical data that can inform future budgets, it does not constitute a budget itself. A summary of marketing strategies focuses on the overall approach and tactics to be used, and a list of marketing resources details the assets available, but again, neither of these forms would include the financial planning element central to the marketing budget concept.