Marketing & Budget Planning | Origin: OP105
This is a general discussion forum for the following learning topic:
Developing a Five-year Plan for Your Educational Institution --> Marketing & Budget Planning
Post what you've learned about this topic and how you intend to apply it. Feel free to post questions and comments too.
The 10% rule for marketing was a new concept for me. It provides an understanding of the suggestions that were mad by FA to revsie my marketing budget.
I agree with Regina that the 10% rule was new information. It explained a great deal about how some things are structured in our organization
The 10% rule is interesting as I would think there should be some variance based on the market your school is in. some areas are easiter to market than other areas and I think this should be taken into consideration.
Yes agreed, the 10% rule was a new one for me too.
As the title preludes you have to plan and market properly, otherwise it would be hard for teh person. Also just like everyone else the 10% rule is very interesting!
The 10% rule is new to me. It seems a daunting task to make sure that all marketing is no more than this 10%. I will be giving this concept a great deal of thought in the coming weeks.
Budgeting is very vital in business planning.
The 10% rule is something new too!
Marketing stratagies and 10% rule. Will make me more conscience of the day to day operations of our school.
This only applies to for profit organizations. If you are a public, tax payer institution, you can wastes as much money as you want. I wouldn't, but just saying you can if you want and get even bigger budgets year after year. It's the only place negative feed back causes positive growth.
It is important to include even small details within your budget.
Marketing and budgeting is crucial to any business. As a business owner myself I use the 1/3 rule. I've learned that the sweet spots in business working in this way for me but may differ for education institutions. For my businesses I dedicate fund in this manner. 1/3 of profit goes to Income. 1/3 goes into business operations. 1/3 goes to business capital account/savings.
Comment on Bobbet Mullings's post:
I agree with you Bob specially adapting the 10% rules.
I have learnt about the 10% rule, I did not know about that.
My role is with curriculum and compliance. I haven't done the marketing side. Now I am very interested to know what percent we spend on marketing.
Learned about the 10% for marketing, and the importance of an annual budget
Putting a complete budget in place is essential. You need to know what your plans will cost.
Developing a comprehensive five-year plan for your educational institution involves various key components, with marketing and budget planning playing a pivotal role in ensuring the long-term success and sustainability of the institution. Marketing planning is essential for promoting the school's programs, attracting students, and maintaining a strong presence in the educational landscape. This includes strategies for student recruitment, advertising, and outreach efforts to engage with the community effectively. Additionally, a well-crafted budget plan is crucial to support the school's initiatives.