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Decision 1: Marketing - Advertising Placement Ronald has a yearly advertising and promotions budget of $40,000 His goal is to maximize the reach (the number of customers that see his company's ads or other marketing efforts). He is considering a mix of placing ads on art websites and in printed art magazines, as well as using targeted social media ad placements and appearances at art tradeshows. He wants to make sure that the company has a diverse presence, so would like to see at most 150 ads placed in any combination of websites and social media per year. However, he has data that suggests that if he advertises on the websites more than 60 times per year he will be wasting money. There are seven art tradeshows that the company could attend, but Ronald feels it is mandatory to attend at least the two most popular tradeshows. There are three major art magazines, each published monthly, that Ronald would like to advertise in. He could advertise in each of these once per month but would be comfortable reducing the frequency to a minimum of once every three months in each magazine and rotating the placements between the magazines. The reach and cost of each type of ad placement or event is shown below: Art Websites Social Art Media Tradeshows Print Magazine Ads Reach (number of people) 20,000 10,000 5,000 15,000 Cost (dollars) 200 250 1,000 400 Recommend the appropriate mix of advertising and promotions for the company. Also comment on what would change if Ronald doubled his advertising and promotions budget. Estimate the increased reach. After doubling his advertising budget, did Ronald spend all his budget? Why or why not