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Made Money: In 1862 the U. S. Treasury needed money quickly to finance the Civil War. There were three possibilities: taxation, borrow¬ing, and printing paper money. New tax laws could not be passed and made money effective quickly enough to raise the money that was immediately needed; the second choice, borrowing, would be too costly, because the government's credit was so weak that it would have to pay interest rates of over 10% to bond buyers.
GRESHAM'S LAW, gresh'amz, in economics, is usually stated as "bad money drives out good." The law stems from the fact that money has a value both as money and as a commodity in the open market. The former value is set arbitrarily by law and is relatively fixed; the latter is deter¬mined by supply and demand and varies from time to time, "Good money" has a higher value as a commodity than as money and will dis¬appear from circulation.See Also Ready Money Mortiboy:RICE, James, English novelist: b. North¬ampton, Sept. 26, 1843; d. Redhill, Surrey, April 26, 1882. He studied at Queen's College, Cam¬bridge, without taking a degree, and in 1868 be¬came editor and proprietor of Once a Week. He was called to the bar in 1871 and while waiting for clients he became London correspondent for the Toronto Globe. His first literary success was with the novel Ready Money Mortiboy (1872), written conjointly with Walter Besant.
Typically, you may spend from three to eight percent of your gross on advertising. Keep in mind that the commitment to spend the money over the entire year is much more important than the amount of money you allocate toward advertising. Nothing will waste money faster than to spend a large amount of money in the beginning of the campaign, and when results are not immediately forthcoming, to pull back and stop advertising.
Spend your money according to your plan. Make some adjustments during the year to fine tune your efforts, but keep at it for the rest of the year. You will be surprised how this commitment to results will pay off despite some temporary misgivings.
On The Other Hand See Money Is Spent:• Where will your account rank in the agency? Near the top or near the bottom? Both extremes are bad; try to be a middle account in terms of dollars spent.
• Precisely what services will you get for the money is spent spent? Put things like this in writing to prevent misunderstandings.
• Do you feel comfortable with the principles of the agency? This is a hard quality to define, but you will recognize it after talking with the people for a little while. Do you trust them to understand your business and to do a good job?
• Where will your account rank in the agency? Near the top or near the bottom? Both extremes are bad; try to be a middle account in terms of dollars spent.
• Precisely what services will you get for the money is spent spent? Put things like this in writing to prevent misunderstandings.
• Do you feel comfortable with the principles of the agency? This is a hard quality to define, but you will recognize it after talking with the people for a little while. Do you trust them to understand your business and to do a good job?
• Finally, check into the financial stability of the agency. The agency places the orders and pays media bills, If they should go under, it is possible you may wind up paying twice for the same space. Your bank can help you here. |
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