As Nike is preparing for their marketing campaigns for next year, their Chief Marketing and Chief Financial Officers plan to meet to discuss various approaches to budgeting for marketing communications. Which of the following is NOT an accurate statement regarding setting the marketing communications budget? Using a "bottom-up" approach to budgeting involves defining the strategic goals for marketing first and then figuring out how much it will cost to achieve them. One problem with a competitive benchmark approach is that other firms may not be acting strategically in setting their marketing communications budgets and following their lead may be ineffective. A "top-down" budgeting approach can be problematic since it is difficult to forecast sales without first understanding the amount of money that will be spent on marketing communications. Using an "advertising-to-sales ratio" to set the budget is an example of a "bottomup" budgeting approach One approach to budgeting is based on benchmarking other firms' marketing spend, with "share of voice" serving as a common metric for this approach