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I’m on the client-side right now. Budget’s are pretty set in stone. Wiggle room comes from, you guessed it, internal stakeholders who are bout that life—just like any other situation or shop.
When I was client-side for a global CPG brand, budgets were submitted fall for year-end approval. Most client orgs run themselves like a business so, yeah, budgets are set. But also throughout the year a CMO might be able to take from one program to support a different one as things change. They’re still working with the same approved overall budget for the year.