Objective and Task Method - Definition & Meaning
What is Objective and Task Method?
It is a budgeting method in which the amount to be spent on sales promotion, advertising, personal selling and marketing is determined by the desired result of the activity and the nature of the tasks necessary to achieve it. It helps in better allocation of funds in all these activities. It is used by half of the UK based companies.
It is done based on
- What are the results to be achieved
- What are the strategies and tactics to be followed to achieve these results and
- What will be the cost of all these activities
Example: -
- Define the marketing and promoting objectives for the company
- Select the tasks to be undertaken
- Study the costs based on expenditure
- Compare these results with industry average
- See the percentage of the sales
- If there are changes modify the objectives
- Decide when expenditures are to be made
Finally monitor actual results with your forecast
This article has been researched & authored by the Business Concepts Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.
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