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Argentina''s ad crisis; As the nation endures economic turmoil, marketers pull products from shelves and ad spending plunges.

Publication: Advertising Age
Publication Date: 29-JUL-02 		Format: Online
Delivery: Immediate Online Access
Full Article Title: Argentina''s ad crisis; As the nation endures economic turmoil, marketers pull products from shelves and ad spending plunges.(Brief Article)

Article Excerpt
Barring a miracle, ad spending will plunge a dizzying 50% in Argentina this year, spurring international marketers and agencies to frantic and often highly creative efforts to survive in the spiraling economy.

In a surreal environment where Argentina has suffered five economy ministers in 15 months and earlier this year had five presidents during 10 hectic days, marketers are pulling products from stores as companies find the more they sell, the more money they lose as the cost of imported raw materials multiplies.

``Entire product categories are destroyed,'' said Gustavo Martinez, a Ph.D. in economics who is president of Ogilvy Argentina, part of WPP Group's Ogilvy & Mather Worldwide. ``Detergents, diapers, the car market. And the prices of imported products have tripled. We're in the middle of a typhoon.''

Take Pringles, until recently sold everywhere from supermarkets to Blockbuster video stores. Earlier this year, Procter & Gamble Co. tried a classic recession strategy with price-oriented ads...

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