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Budgeting and Implementing Promotional Plans, pp 265-271
Entrepreneurship Mr. Bernstein Budgeting and Implementing Promotional Plans, pp March 2017
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Entrepreneurship Mr. Bernstein
Budgeting for Promotions Industry average promotional expenses may be available from secondary data sources such as the SBA or business publications Cost out advertising rates, other promotional costs Hire advertising agency or PR firm – can be expensive Consider cooperative advertising with manufacturer Always measure effectiveness and be prepared to revise
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Entrepreneurship Mr. Bernstein
Budgeting for Promotions Industry average promotional expenses may be available from secondary data sources such as the SBA or business publications General guidelines for new vs established small businesses: Cost out advertising rates, other promotional costs Hire advertising agency or PR firm – can be expensive Consider cooperative advertising with manufacturer Always measure effectiveness and be prepared to revise
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Entrepreneurship Mr. Bernstein
Budgeting for Promotions Industry average promotional expenses may be available from secondary data sources such as the SBA or business publications Cost out advertising rates, other promotional costs …as we did in Advertising Costs assignment, but include other Promotion Elements Hire advertising agency or PR firm – can be expensive Consider cooperative advertising with manufacturer Always measure effectiveness and be prepared to revise
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Entrepreneurship Mr. Bernstein
Budgeting for Promotions Industry average promotional expenses may be available from secondary data sources such as the SBA or business publications Cost out advertising rates, other promotional costs Hire advertising agency or PR firm – can be expensive See comparison of Advertising vs. PR on SBA page… Consider cooperative advertising with manufacturer Always measure effectiveness and be prepared to revise
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Entrepreneurship Mr. Bernstein
Budgeting for Promotions Industry average promotional expenses may be available from secondary data sources such as the SBA or business publications Cost out advertising rates, other promotional costs Hire advertising agency or PR firm – can be expensive Always measure effectiveness and be prepared to revise If you want results, measure! Decide what to measure: Sales? Cost per customer? Cost per new customer? Lifetime value of a customer?...
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Entrepreneurship Mr. Bernstein
Making Changes in Promotional Elements Adjust Your Advertising Advertising Adjusting the Promotional Mix Additional Sales Promotions Generate Publicity
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