A firm's advertising budget is a sub-set of its overall budget. For many firms, the cost of advertising is one of the largest expenses, second only to wages and salaries. Advertising expenditure varies enormously according to firm size, market coverage, managerial expectations and even managerial style. Procter and Gamble, the top US advertiser, spent US$4.3 billion in 2015 on national media (exclusive of agency fees and production costs) while a small local advertiser might spend just a few thousand dollars in the same period.