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A Memo to Some Marketing DirectorsRe: New Ad CampaignDevelopment of our next magazine advertising campaign is underway, our newadvertising firm, Marshall and Dupree, has have prepared two contrasting34. approaches for us to consider. We must ought choose between these two35. concepts at this stage so that Marshall and Dupree can continue the36. development of our choice. Development of two both approaches beyond this37. stage is prohibitively expensive. Therefore, I am enclosing two sketches which38. are intended to give you an my idea of what the final, photographed ads39. would look like. As you will see from the first sketch, this ad reflects our40. the traditional advertising approach of presenting our automobiles in an41. attractive setting that would appeal to affluent customers. This particular42. ad shows our spirit model and they associates it with an active, sporting couple.43. To using a new departure for the second ad, Marshall and Dupree has responded44. it to the current demand for high quality workmanship, The quote from the45. assembly line worker is intended to instill confidence in the excellence of our products. In addition, the ad has the effect of humanizing our company in the eyes of the public. 38（）
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The Dollar in World MarketsAccording to a leading German banker, the U.S. dollar is "the most frequently discussed economic phenomenon of our times". He adds, "...the dollar’s exchange rate is at present the most important price in the world economy..." . Because the dollar acts as a world currency its value affects many nations The central banks of many countries hold huge reserves of dollars, and over half of all world trade is priced in terms of dollars. Any shift in the dollar’s exchange rate will benefit some and hurt others. Some people suggest, therefore, (8) .The dollar’s exchange rate has been too volatile and unpredictable. Several years ago the dollar was rapidly declining in value. This made it (9) The rise in the price of foreign goods made it possible for U. S. businesses to raise the price of competing goods produced here, thus worsening inflation. Foreigners who dealt in dollars or who held dollars as reserves were hurt. People in the United States who had borrowed foreign currencies found that they had to pay back more than they borrowed (10) The United States lost face in the eyes of the rest of the world.The dollar went soaring upward, and the situation was reversed. United States exporters found it hard to sell abroad because foreigners would have to pay more for U.S. dollars. People in the United States now bought the relatively cheaper foreign goods, and U.S. manufacturers complained that they could not compete. Job losses were often blamed on the "overvalued" dollar. Poor nations (11) found it difficult to repay both the loans and the interest because they had to use more and more of their own currencies to obtain dollars. The solution to this problem is to end the system of floating exchange rates and return to fixed rates. We might even return to the gold standard.Fixed exchange rates did not work in the past. Currency values should be determined by market conditions. A drop in the exchange value of a nation’s currency means that (12) that it is too inefficient to compete in world markets, that it is permitting a high rate of inflation which makes its goods too expensive, that it is going too deeply in debt, or that others have lost confidence in the nation’s stability. A nation should bring its exchange rate back up by addressing these problems, not by interfering with the money market. 12（）
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The Dollar in World MarketsAccording to a leading German banker, the U.S. dollar is "the most frequently discussed economic phenomenon of our times". He adds, "...the dollar’s exchange rate is at present the most important price in the world economy..." . Because the dollar acts as a world currency its value affects many nations The central banks of many countries hold huge reserves of dollars, and over half of all world trade is priced in terms of dollars. Any shift in the dollar’s exchange rate will benefit some and hurt others. Some people suggest, therefore, (8) .The dollar’s exchange rate has been too volatile and unpredictable. Several years ago the dollar was rapidly declining in value. This made it (9) The rise in the price of foreign goods made it possible for U. S. businesses to raise the price of competing goods produced here, thus worsening inflation. Foreigners who dealt in dollars or who held dollars as reserves were hurt. People in the United States who had borrowed foreign currencies found that they had to pay back more than they borrowed (10) The United States lost face in the eyes of the rest of the world.The dollar went soaring upward, and the situation was reversed. United States exporters found it hard to sell abroad because foreigners would have to pay more for U.S. dollars. People in the United States now bought the relatively cheaper foreign goods, and U.S. manufacturers complained that they could not compete. Job losses were often blamed on the "overvalued" dollar. Poor nations (11) found it difficult to repay both the loans and the interest because they had to use more and more of their own currencies to obtain dollars. The solution to this problem is to end the system of floating exchange rates and return to fixed rates. We might even return to the gold standard.Fixed exchange rates did not work in the past. Currency values should be determined by market conditions. A drop in the exchange value of a nation’s currency means that (12) that it is too inefficient to compete in world markets, that it is permitting a high rate of inflation which makes its goods too expensive, that it is going too deeply in debt, or that others have lost confidence in the nation’s stability. A nation should bring its exchange rate back up by addressing these problems, not by interfering with the money market. 9（）
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