Search

Marketing Budgets inthe Nonprofit Sector by Dr. Karen C. Love

Marketing budgets are significant, particularly in the nonprofit sector. Due to limited resources, the CEO is also the CFO, COO, and CMO. Creating a marketing budget that reflects short-term performance and long-term investments may positively correlate with donor relationships, client services, and operations. Dr. K. Shelette Stewart (2017) asserts, "marketing is a means for influencing others to buy into lifestyle enhancement regardless of whether the benefits take the form of a product or service." If the organization has the necessary resources to execute the plan properly, the business strategies suggested by HBR (2021) may be implemented. For this nonprofit VC, I appreciate the influencing aspect of marketing presented by Dr. Stewart. It begins with me. One of many salient questions posed by Dr. Stewart is "does consumer need create marketing?" I wrestle with this question because I remember Says Law (1972) in my Econ classes, which suggested that supply creates its demand. Thus, if I focus on the needs of the consumer/client, I can develop a construct for my service demand. I can craft my marketing budget based on the prioritization of the essentials.

Want to read more?

Subscribe to www.fridaynightchats.org to keep reading this exclusive post.

Subscribe Now
3 views0 comments