Why F1 needs a marketing department
Formula 1 has never had to worry about marketing itself before, as teams, sponsors and venues did the job. DIETER RENCKEN reckons change is now desperately required
Imagine being CEO of a multi-billion-dollar purveyor of products - automobiles, burgers, widgets, whatever - active in 200 territories, yet the company has absolutely no need for a coordinated marketing department. That's because its suppliers (and their suppliers and partners) underwrite high-profile campaigns across the globe.
So the company accounts contain but four basic line items - sales (income); cost of sales (disbursements); operating costs and personnel - while enjoying the complementary services of third-party marketing campaigns. It's a commercial dream that must surely facilitate annual gross profits of 30 per cent or more.
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