MANAGEMENT

Detailed explanation-1: -It is common for a business to spend 2% to 5% of annual revenues on advertising.

Detailed explanation-2: -A promotional budget refers to money earmarked for the marketing, advertisement, or sales of a product or brand. The amount to budget to promote a new or existing product will depend on business analytics, market research, and anticipated return on investment.

Detailed explanation-3: -An advertising budget is important for a successful marketing plan. Your ad budget is the amount you plan to spend on paid promotion of your brand and/or products over a set time period, such as a year or a quarter.

Detailed explanation-4: -A common rule of thumb is that B2B companies should spend between 2 and 5% of their revenue on marketing. For B2C companies, the proportion is often higher-between 5 and 10%. This is because B2C companies typically need to invest in more marketing channels to reach various customer segments.