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Marketing budgetvsbenchmarking

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Both 'marketing budget' and 'benchmarking' are crucial for evaluating the effectiveness and profitability of marketing strategies, as a well-planned budget relies on benchmarks to measure success and optimize spending.

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benchmarking

substantivbɛnʧˌmɑrkɪŋ

the process of comparing one’s business processes and performance metrics to industry bests or best practices from other companies

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Marketing budget

noun/mɑːrkɪtɪŋ ˈbʌdʒɪt/

A financial plan that details the projected costs and expenditures associated with marketing activities over a specific time frame.

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