YOU ARE THE CEO OF A CONSUMER PRODUCTS COMPANY . HOW WOULD YOU DETERMINE THE PORTION OF YOUR BUDGET
Answers
Answer:
Marketing is an essential element of doing business; without marketing, news of your astounding, life-altering product would never reach your target audience’s ears, and you would fail to make a single dime. However, few businesses — big or small — trust and respect their marketing efforts enough to properly allocate enough budget for effective campaigns.
My budget would be next to 0. With the popularity of social media, i would make it company-wide policy that advertising be done by employees. Everyone from myself down to the janitors being involved. It is voluntary but strongly encouraged. All "ads" would have to be approved but i would have loose guidelines. I would pay bonuses based on likes, shares, retweets once sales are shown to have gotten a boost. With this system, everyone is involved and taking a bit more pride in their work. The janitor who is involved could make as much in bonuses as the vp of accounting who doesnt get involved...potentially. A person who understands the product as well as the target market will be promoted if they want when offered. If not, then im ok with having a company hero that cleans the floors and takes out the trash. Ill respect that choice.