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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
Marketing budget
noun/mɑːrkɪtɪŋ ˈbʌdʒɪt/
A financial plan that details the projected costs and expenditures associated with marketing activities over a specific time frame.