Process and organisation
A budget is the share of resources a company assigns to an activity over a period, and in marketing it is above all an allocation decision: how much goes to each channel and how much to the skills still to be built.
The figure on its own says little, because having a budget is no guarantee of allocating it well: the return depends on the capability of the team steering it. The recurring choice in the articles is about destination: less spend on interrupting the consumer with traditional advertising, more on accompanying and assisting them.
An example
In the fourth quarter management allocates next year's budget and adds a line for training on new tools, artificial intelligence included. The same sum spent entirely on advertising space buys twelve months of visibility; spent partly on the team's skills it leaves a capability that is still there the year after.
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