Word: madison
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...chill factor," says Young & Rubicam chairman Peter Georgescu. Ad spending, which rose only 2.4% last year, to $128.6 billion, is expected to increase just 3.1% this year, according to McCann-Erickson's Robert Coen, the industry's leading forecaster. In order to cut costs and ride out the slump, Madison Avenue has trimmed hundreds of professionals from its ranks during the past year -- and the / cutbacks are far from over...
Author Martin Mayer, in his new book, Whatever Happened to Madison Avenue?, describes how the agencies have been stripped of their power and influence. "What has been devastating the advertising industry," he writes, "is the growing feeling among advertisers and retailers that the selling job should be done predictably through the weight of money rather than speculatively through the employment of imagination." As a result, Mayer has said, agencies are in danger of turning into little more than "vendors competing on price." Stanton of Simmons Research agrees: "Agencies are being used like travel agents, who work to get the client...
Finally, after nearly a month of payless paydays, the entire 11-member Clio staff quit at the end of May. The bizarre banquet now seems like a wake for a Madison Avenue institution. Don Catterson, a new Clio spokesman, blames the company's collapse on staff intrigues and predicts Clio's return next year. Others are not so sure that the man who made a fortune off the image business will ever recover from an image problem...
...Saturn cars. AT&T is reportedly exploring the format as well. (Time-Life Music currently runs pitches for collections of hits from the Big Band era and the rock-'n'-roll years.) They will never supplant The Simpsons or Entertainment Tonight, but in fringe time periods, infomercials could become Madison Avenue's next hot format. Half an hour with the Ziploc finger: now that would be amazing...
...good. More than 500 workers -- mostly waitresses, croupiers and maintenance staff -- were employed for Emerald Lady's launching, and Fort Madison has benefited from the 40% rise in tourist information requests statewide. Local officials trust that their investment will be covered by the ship's dock fees, a 0.5% tax on gross gambling receipts and a 50 cents charge the town levies on each passenger. "The boat is breathing new life and enthusiasm into the town," says Father Robert McAleer of St. Mary's Roman Catholic Church. "There's exuberance over something...