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.
Many things are taking place:
How to Plan Your Marketing Budget for the Quickest Return on Investment - Business 2 Community
No matter if you have control over your allocated marketing funds or not, you can efficiently utilize your marketing budget by coming up with a smart game plan for how to spend it.
While the best plans account for long-term gain, it can be hard to campaign for a bigger budget without any results to show for it.
Spend your marketing budget wisely by focusing on tactics that'll get you the fastest return on investment (ROI). While these quick results might not be big wins, small celebrations help to keep up morale and push toward more ambitious goals. Plus, these little victories are the results you need to prove that your ideas are "working" to management, earning trust to make higher-impact, longer-sight investments later.
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South African retailer, Game, launches Stylessentials, a budget clothing range - Ventures Africa
Last Friday, South Africa’s general merchandise store, Game, re-entered the clothing industry after 15 years of absence. The company relaunched operations with 22 stores and an aim to boost its profit margins as part of its turnaround strategy.
For the past few months, customers of the store have prioritized buying perishables items like food over appliances and other supplies. Still, the company recorded an underperformance in its food sector and this prompted the CEO, Mitch Slape, to move to replace it with a budget clothing range, dubbed Stylessentials.
While you're here, how about this:
Scaling your cannabis company beyond compliance
(Editor's note: This story is part of a recurring series of commentaries from professionals connected to the cannabis industry. Alex Glueckler has led financial strategy for several cannabis firms over the past six years.)
Many states with legalized medical or recreational cannabis require license holders to report product movement using a chosen reporting system. The most common include Metrc, BioTrackTHC and Leaf Data Systems.
Regardless of whether a state has a mandated reporting system, licensed operators are obligated to maintain detailed records of product tracking should the state initiate an audit.
City budget hearing, new police weapon on council agenda - News - The Hutchinson News -
The Hutchinson City Council will hold a required public hearing on its proposed 2021 budget Tuesday morning.
The council meets at 9 a.m. in City Hall, 125 E. Ave. B. The council chambers are open to any public who would like to comment, but participants must wear a mask, and seating inside the room is limited.
The nearly $92 million budget maintains the property tax mill levy 44.431 mills, the same as this year. About a quarter of the levy is for debt service the rest goes into the general fund. The city will also collect a separate 3.683 mills for the Hutchinson Recreation Commission.
Ford sales of police vehicles threatened by cuts, calls to defund cops
Big budget cuts at some major metropolitan police departments, along with movements to defund departments, are putting a dent in orders for some law-enforcement vehicles, hitting Ford Motor Co. the hardest.
Police cars are a niche business, but it has been lucrative, especially for Ford. Ford provides about two-thirds of police vehicles in the U.S.
But according to a report by Bloomberg, the New York City Police Department bought 534 vehicles in fiscal year 2020, that's less than half of what it bought in the prior year.
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