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Marketing Management

Advertising and Marketing refers to the practice where you implement a certain strategy in order to reach your goals, both corporate and personal. This is usually done with consultation with an advertising agency.

In campaign execution, a series of activities like social marketing will take place so that your plans do not derail at any time.

Setting the goal – This is where you need to understand your current situation and set a goal of what you want to achieve. When doing this, honesty is crucial as you will be examining your current financial status that can determine what you need to do (like cutting expenditure and increasing income) in order to head towards your goals.

Strategy – Once you have got the goals set, you need to have a strategy and implement it in phases as planned.

Tools – This includes the strategies that you have planned out. Selecting the right media is quite tricky. Hence, consulting your media planner will be vital.

Adjustments – Once you have your plan vetted out, you will need to make periodical adjustments as current economic situations and environment could affect your investments. Review your strategy and change where necessary from time to time so that you can maintain your brand’s reputation.

Financial Management

Financial management is an exercise which will ensure that you have enough to spend and for future purposes. Whether you are an individual, a company or an entrepreneur, practicing sound money management requires a lot of planning because it ensures that you have the proper cash flow and savings needed to sustain.

The area of financial management involves many facets. Budgeting is a significant step here where you need to evaluate and manage your expenses, income and investments on a periodical basis. As such, you should have a fixed budget on what needs to be spent and what can wait. This helps your financial status to remain in the healthy level while ensuring that sustainability continues. Besides that, it contributes largely to your long-term financial goals.

Depending on where you are drawing your income from, this will affect how you manage your wealth. If you are living on a monthly salary, you can very much anticipate your expenditure in terms of bills and other purchases. However, if you own a business, the outcome and practice will be very different as your income might not be as fixated and hence, you have to accommodate seasonal expenditure and such.