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Continental Money: GRESHAM'S LAW, gresh'amz, in economics, is usually stated as "bad money drives out good." The law stems from the fact that money has a value both as money and as a commodity in the open market. The former value is set arbitrarily by law and is relatively fixed; the latter is determined by supply and demand and varies from time to time, "Good money" has a higher value as a commodity than as money and will disappear from circulation.
Typically, you may spend from three to eight percent of your gross on advertising. Keep in mind that the commitment to spend the money over the entire year is much more important than the amount of money you allocate toward advertising. Nothing will waste money faster than to spend a large amount of money in the beginning of the campaign, and when results are not immediately forthcoming, to pull back and stop advertising.
Spend your money according to your plan. Make some adjustments during the year to fine tune your efforts, but keep at it for the rest of the year. You will be surprised how this commitment to results will pay off despite some temporary misgivings.
These large, well-run hotels are rackety and anything but exclusive. The Cumberland, however, providing a private Bath with every room, is a good cut above the other two. All of them give a lot of hotel for the money, even though their prices have nearly tripled since I first knew them. For about $3.50, as of today, you can still have a room in the Strand or Regent, along with the British king-sized breakfast. A radio in your room costs a negligible 6d. (7 cents) a day, and it is fun to turn on BBC or the Continental money stations. They're a lot different from ours. |
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