Role of budgeting in planning, implementing, and monitoring hotel marketing strategies

This paper deals with the analysis of the role of budgeting in planning, implementing and monitoring hotel marketing strategies. The marketing budgeting process is seen as having a most crucial interrelationship with the hotel total profitability and the resource allocation process for the marketing mix programmes. The budgeting process is presented as a planning and control tool. A comparative example of target profit planning with discussion of its weaknesses and possible improvements is introduced Some hotel marketing budgeting techniques such as ZBB (Zero-Based Budgeting), ERC (Efficiency-Risk Coefficient), ARGE (Asset Revenue Generating Efficiency) and the CRM (Critical Ratio Method) are also presented and discussed