Leak-Williams, MKT 625, 6-2 Short Paper

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Feb 20, 2024

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6-2 Short Paper Akyah Leak-Williams MKT 625 Joseph Tradii January 21, 2024

Shea Radiance would be considered a small business. So, they will have a different budget than larger skincare/beauty brands. Following the start-up/small business budget to analyze the dedicated funds and describe where Shea Radiance can allocate those funds to take full advantage of the budget. Observing the budget for research, audience audit, and competitor analysis, the budget does not meet the expectations for the company. Despite being a small business, Shea Radiance is quite successful, and they are in a few superstores such as Target, they can afford a bigger budget. Further research shows that $20,000 to $35,000 should be planned to be spent on market research ( How Much Does Primary Market Research Cost , n.d.). This money would be allocated to the agencies that Shea Radiance hires to gather this information. The budget for concept creation, planning, and vendor selection looks usable for Shea Radiance. Media buying/ad-buy planning also seems to be doable for Shea Radiance. These funds would be allocated to paid ad space on their website. Shea Radiance has a lot of brand name recognition and a strong social media presence, so most advertising will be focused on social media because of the strong social media presence, but their name is not an established brand name, so some funding needs to go into ad-buying and planning as a start-up might need to invest in. Also looking at the project management, web and app development, content creation, and creative development, this budget looks accurate for Shea Radiance For the social media set-up/management section, the budget only has room for one social media manager. The average salary of a social media manager is $51,000 (PayScale, 2020). Shea Radiance is rising in global popularity, which opens it up to very different audiences with unique social and cultural variances. This means it would be important for Shea Radiance to have enough money to allocate to multiple social media managers who can manage the social media

accounts for Shea Radiance. This portion of the budget should increase by $50,000 because right now, the company only needs one social media manager, as Shea Radiance mainly focuses its attention on its Instagram page. The SEO/SEM development section of the budget is quite low for a start-up business. The budget does not account for the cost of having a specialist (whose average salary is around $46,000) to develop this for Shea Radiance, let alone an SEO manager (whose average salary is around $68,500) (PayScale, 2020). The section of this budget would need to be greatly increased to work for Shea Radiance. Shea Radiance operates most of its business online and advertises almost solely through digital channels, so SEO is very important to its business model and marketing strategy.

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References How Much Does Primary Market Research Cost . (n.d.). Www.thefarnsworthgroup.com . https://www.thefarnsworthgroup.com/blog/market-research-cost#:~:text=In%20general%2C %20you%20should%20plan PayScale. (2020). Average Social Media Manager Salary. https://www.payscale.com/research/US/Job=Social_Media_Manager/Salary

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