Space: The Final Frontier for Marketing Procurement?
By Jack Neff. Published on September 17, 2014.
In the post, P&G said it is seeking a way to produce video with costs "significantly lower" than today's average of $273,000 for beauty and $364,000 for household products" TV ads, citing the latest American Association of Advertising Agencies survey data.
While certain tools and skills, such as a camera and an operator "can't be changed," the post seeks ideas for "new operational structures and/or use of new industries for this innovation project." Oct. 13 is the deadline for idea submissions.
The effort comes amid a far-reaching P&G effort to cut costs in marketing and media and a multi-year plan to squeeze $1 billion in costs annually from its marketing budget. In an investor presentation earlier this month, Chief Financial Officer Jon Moeller noted that among steps in that direction the company will hire fewer celebrity spokespeople for such brands as Head & Shoulders.
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