Question

During a recent budgeting discussion, the CFO at "NW Accounting Services" proposed eliminating the marketing research budget. You are the Chief Marketing Office of the company. What would you say to the CFO's proposal? How would you defend your budget? (Use course concepts)

Describe how social media has changed the way firms communicate with you relative to traditional forms of marketing products (i.e. now vs. 5-10 years ago).

Marketing

Answer 1

I would not approve of CFO’s proposal because of the following reasons:

·         In the long run it saves the company’s cost and resources.

·         It gives a detailed documented plan which can be followed by all stakeholders so that they can be on the same page.

·         It solidifies the projects in hand and work can be done in a more directional manner rather than boundary less work.

·         This initial investment in the budget can help in saving future costs that may be invested in efforts that do not give the output to the company.

Social media has transformed the way communication is done in the following ways:

·         The communication is much more extensive and the reach of the target audience has also increased.

·         The overall budget has decreased.

·         The communication is now much more informal

·         Any grievances are sorted in a much faster manner than it used to be with earlier forms of communication.

·         Facebook pages are a great medium now to communicate.