Companies tend to cut marketing in a recession. But firms that maintain their marketing spend while reallocating it to suit the context – be it in product developing, advertising and communication, or pricing – typically fare better than firms that cut their marketing investment.
Companies that have bounced back most strongly from previous recessions usually did not cut their marketing spend , and in many cases actually increased it. But they did change what they were spending their marketing budget on and when to reflect the new context in which they operated. Let's begin by taking a look at the various categories of marketing costs.
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COVID-19 budget woes: Walnut Creek cuts beloved director
Walnut Creek, long proud of supporting the arts by operating one of the few city-run theater companies in the country, has laid off Michael Butler, the theater’s acclaimed artistic director, as the city struggles to overcome a $12 million deficit caused by the COVID-19 pandemic.
The nationally renowned Butler, who has helmed Center Repertory Theatre for 15 years, confirmed Thursday that he had been let go by the city. He was disappointed the city didn’t furlough him, as he requested, and let him return when productions possibly resume at the city’s Lesher Center for the Arts in January 2021.
CFOs On the Move: Week Ending August 14 - CFO
Paul Lundstrom will join Flex as CFO on September 1. Most recently, Lundstrom has served as vice president of finance and chief financial officer at Aerojet Rocketdyne Holdings. Previously, he held several division CFO positions as well as corporate finance roles during his 19 years with United Technologies. Lundstrom succeeds Chris Collier, who is resigning for personal reasons.
Brian Choi will become finance chief at Avis Budget Group on August 24. Choi takes over for John F. North III, who is stepping down from the position at the car rental company after 18 months. Choi has served on the Avis Budget Group Board of Directors since January 2016 and as a partner at SRS Investment Management since 2008. As part of the transition, he will resign from the Avis Budget Group Board of Directors and will also no longer have any affiliation with SRS Investment Management.
Travel during the pandemic: What happens to budget travelers? - The Washington Post
Travel is affordable when people are grouped together; it's why the budget traveler chooses to fly in the back of the plane, take the bus instead of renting a car, spend the night in a shared dorm. But as travel resumes in some parts of the world and peace of mind can be bought for the price of a first-class ticket or an isolated villa, the public health necessity to limit interactions with others could be revealing a whole new meaning to "social distance."
"On average, occupancy went down by 48 percent between 2019 and 2020 in the luxury class, while it was reduced by around 20 percent in economy hotels over the same time frame," Blengini said. She said that some of that may be attributed to business travel: The luxury hotels that usually hosted people on business trips faced empty rooms as people shifted to Zoom calls. But Blengini was also quick to differentiate the initial effects of the pandemic with the recovery, months later.
In case you are keeping track:
$3.8M in Pontiac Phoenix Center repairs denied, forensic budget audit requested | Local News |
In about 12 weeks, the city of Pontiac will see the two-year anniversary of its settlement agreement to end litigation over the Phoenix Center…
It's going to cost $20.7 million to completely repair the Pontiac Phoenix Center parking garage and amphitheater.
Pontiac City Council voted this week to use $7 million from its general surplus to pay for renovations at the Phoenix Center parking garage an…
When the city of Pontiac signed a settlement agreement to keep ownership of the Phoenix Center parking garage and amphitheater, it also agreed…
GTY Technology's Questica Partners with Ellucian and Becomes Ethos Connected | Business |
"Questica is honored to be working with Ellucian to offer integrated solutions that assist higher education institutions with advancing their strategic goals," said Craig Ross, President and CEO of Questica. "Together our companies will help colleges and universities modernize their business processes, discover new financial opportunities, and deliver better outcomes for their students and community."
As a result of this partnership, Questica's end-to-end budgeting and transparency solutions support Ellucian's mission to empower higher education institutions with powerful tools to enhance their operations.
Public invited to Ann Arbor transit system budget proposal meeting - mlive.com
Buses provide transit for commuters in the evening on Thursday, July 5, 2018. (Ben Allan Smith | MLive.com) Photos by Ben Allan Smith Photos by Ben Allan Smith
ANN ARBOR, MI – The public is invited to provide comments in a budget meeting with the Ann Arbor Area Transportation Authority (TheRide).
The transit agency's drafted budget for fiscal year 2021, which runs from Oct. 1 through Sept. 20, 2021, will dive into the CARES Act funding for recovering from losses due to the coronavirus. The budget will also include a seven-year plan for financial sustainability, depending on state funding. The meeting will run via Zoom on Thursday, Aug. 20.
Dominion Energy West Virginia gives donation, assistance | News, Sports, Jobs - News and
PARKERSBURG — Dominion Energy West Virginia has announced plans to help customers financially impacted by the pandemic and also announced a donation to a non-profit that supports households experiencing hardships by providing utility assistance and other services.
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“With the surge in unemployment claims due to the coronavirus, we know more customers may qualify for utility assistance this year, and we want you to know, we have programs and payment options to help you move forward,” said Jim Eck, vice president and general Manager, West Virginia Distribution. “If you’re having trouble paying your bill, we’re here to help you find the best option for your unique situation.”
Happening on Twitter
You can't trust many people, don't put your trust in someone because you think they are like you or come from wher… https://t.co/HzI1pMu7sM CHXPO (from Bleveland 💸 LA) Fri Aug 14 17:15:27 +0000 2020
Don't let the occupant of the White House distract you. He just unilaterally cut Social Security and your unemploy… https://t.co/5oGkzIRufU AyannaPressley (from Dorchester, MA) Sat Aug 08 21:30:18 +0000 2020
@JoeBiden Trump said no such thing. He cut payroll taxes for people who make less than $100,000. He cut those taxes… https://t.co/aXNVIXvz3w robbystarbuck (from Nashville & Los Angeles) Tue Aug 11 01:54:46 +0000 2020
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