Business, 05.05.2020 07:00 ctyrector

GEICO, the number-two auto insurer with $15 billion in revenue last year, spent $0.8 billion on advertising that year and plans to continue spending the same percentage of sales on advertising next year. The average advertising-to-sales ratio for the insurance industry is 0.3 percent of sales. If GEICO projects $19 billion in sales next year, using the percentage-of-sales method of advertising budgeting, how much will the company budget for advertising if basing it on projected sales?

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GEICO, the number-two auto insurer with $15 billion in revenue last year, spent $0.8 billion on adve...