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Question 1) If you were starting a company in an industry with large competitors, what steps...

Question 1) If you were starting a company in an industry with large competitors, what steps would you take to prepare your advertising budget?

Question 2) If a specialty pet product company came to you for advice, what would you tell them about building an online community?

Question 3) Can a a specialty pet product company's online community be sustained? What kinds of information should a company like this be sharing on its website?

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Answer #1

1) Below are the key steps in preparing advertising budget:

  • Review of Sales forecast for the period
  • Analysis of competitor spend on promotional activities
  • Setting up Sales objective and key business target for the period
  • Requesting for desired fund from Finance team to complete key activities derived basis objective
  • Review by Finance team on Margin impact due to Advertising spend and considering all other overheads
  • Proposal to Leadership team for approval with detailed analysis
  • Assigning of budget to advertising
  • Periodic review of spend versus budget versus business impact
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