Scenario 8-3 After Working as an Account Executive in an Advertising Agency

question 29

Multiple Choice

Scenario 8-3
After working as an account executive in an advertising agency for 20 years, you've decided to chuck it all and be your own boss.You buy a neighborhood hardware store from a man who has owned and run the business for the past 52 years-Springfield Hardware.He sells the store and all the inventory, with one warning-he wasn't much on paperwork, so there won't be a lot of records to be found.You hand him a cashier's check, and he leaves without looking back.He heads to a vacation at a Club Med, and you head to an office that hasn't been cleaned in 52 years to create your ad plan.
-(Scenario 8-3) You decide that as soon as you are financially able, you will hire an agency to put together an advertising plan for you.In fact, you never even want to think about one again.Unfortunately, reality sets in and you realize that even if you do hire an agency, you will still have to provide the agency with statements regarding

• A)the value proposition and the marketing mix.
• B)the budget recommendation and the ad strategy.
• C)the competition and the media plan.
• D)the ad design and ad placement.

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Definitions:

Quintiles

A statistical measure that divides a population or dataset into five equal groups or parts, according to a particular variable.

Deciles

Divisions of a dataset into ten equal parts, where each part represents 10% of the data’s distribution.

Quartiles

Values that divide a list of numbers into quarters, providing a summary measure of the spread of the values.

Observations

The act of collecting data points or specific measurements from experiments, studies, or real-life occurrences.