Cyclical Policy on the Advertising Appropriation

Abstract

How should a company's advertising appropriation fluctuate with general business conditions? When national income (or any suitable index of the firm's demand) rises Io per cent, should promotional outlays also rise io per cent, or should they rise I5 per cent, 5 per cent, or not at all? This difficult question is important from the social as well as the private viewpoint, since there is at least some possibility that contracyclical advertising could help to reduce fluctuations in business activity. This article discusses the problem primarily from the company's viewpoint, after introductory remarks on the stabilizing possibilities of

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