Final answer:
In the objective-and-task method, marketers establish communication objectives, define the target audience, determine which media best reaches them, outline necessary tasks, and identify communication costs, resulting in a budget based on actual tasks and costs.
Step-by-step explanation:
Marketers utilizing the objective-and-task method for budgeting should follow several key steps. Firstly, it is crucial to establish a set of communication objectives; these define what the marketing efforts aim to achieve. After objectives are set, identifying the target audience is the next step, as this shapes the communication strategy and informs the choice of media. The next phase involves determining which media best reach the target market—decision-making here is critical as it aligns the marketing strategy with the audience's preferences and behaviors.
Once the target audience is defined and the appropriate media identified, marketers should outline the tasks that need to be performed to meet the objectives and then identify the cost of the necessary communications. This includes the cost of creating, testing, and delivering the message through the chosen media channels. Finally, although not mentioned in the original four steps, it is advisable to compare the budget to that of the competitors as a secondary measure, to ensure that budgeting is competitive and in line with industry standards.All these steps culminate in the creation of a marketing budget that is based on actual tasks and projected costs, aiming for effective communication with the intended audience and the achievement of the specified objectives.