Abstract:

How much should be spent on Market Research? This is a common question for which there is no simple answer. The Market Research expenditure should reflect the plans and objectives of the Company. Consequently, the Market Research budget should be prepared in conjunction with, and as part of, the Marketing plans for the following year. This must be done thoroughly, and in considerable detail. The preparation of such a budget can only be done if the Market Research Manager has a full and detailed discussion with each Brand Manager, or his equivalent, when the annual Marketing plans for each brand have been completed, and approved by the Company.