John Wanamaker, a famous retailer from the late 1800s, is credited with saying "Half the money I spend on advertising is wasted; the trouble is, I don't know which half"
Explain the marketing issue highlighted by this quote and how marketing analytics affects this issue.
John Wanamaker's quote refers to the problem of not being able to connect specific marketing activities, such as advertisements or promotions, to specific outcomes, such as increased sales or new customers. Marketers want to be able to tie specific actions in advertising to measurable results, which has been difficult to do for traditional advertising forms such as television, radio, and billboards. In other words, marketers want to know what types of advertising work so they can put more resources into those efforts and fewer resources into less effective advertising methods. Through marketing analytics, marketers can collect, measure, analyze, and assess the effectiveness of different marketing efforts so that they can identify and compare the return on investment of each marketing channel.
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Teresa manages a local retail store. She regularly works over 40 hours per week, is ineligible for overtime pay, and earns a salary of $50,000 a year. She is considered to be a/an
A. exempt employee. B. nonexempt employee. C. 1099 employee. D. independent contractor.
A new firm typically starts as a local operation selling in a fairly circumscribed market by ________
A) finding and developing new intermediaries B) using a few existing intermediaries C) forming partnerships with the market leader D) creating a special channel E) forming partnerships with other firms