It’s crucial to get the number in your marketing budget right because having a too large of a budget could end up causing a lot of _____, while having too small of a budget could _____ how much marketing the company can do. (1 point) Responses happiness; increase happiness; increase restriction; encourage restriction; encourage profits; boost profits; boost waste; restrict
waste; restrict
It’s crucial to get the number in your marketing budget right because having too large of a budget could end up causing a lot of waste, while having too small of a budget could restrict how much marketing the company can do.
The correct answers are: waste; restrict
To understand why having too large of a budget could cause a lot of waste, and having too small of a budget could restrict how much marketing the company can do, we need to consider the concept of budget optimization in marketing.
When a marketing budget is too large, it can lead to wasteful spending. Without proper planning and control, excessive funds may be allocated to ineffective marketing strategies, campaigns, or channels. This can result in overspending without generating the desired return on investment (ROI), causing money to be wasted.
On the other hand, if a marketing budget is too small, it can restrict the company's ability to carry out effective marketing activities. Insufficient funds may limit the company's reach, hinder the development of impactful campaigns, prevent the exploration of new marketing channels, or hinder the ability to compete with competitors who have larger marketing budgets.
Therefore, getting the number in your marketing budget right is crucial to avoid wasting resources and to ensure that sufficient funds are allocated to drive effective marketing initiatives.