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Q: Analyze the method by which a firm can allocate the given advertising budget between different media of advertisement.
A: The advertising budget of a business typically grows out of the marketing goals and objectives of the company, although fiscal realities can play a large part as well, especially for new and/or small business enterprises. [ As William Cohen stated in The Entrepreneur and Small Business Problem Solver, "In some cases your budget will be established before goals and objectives due to your limited
resources. It will be a given, and you may have to modify your goals and objectives. If money is available, you can work the other way around and see how much money it will take to reach the goals and objectives you have established." Along with marketing objectives and financial resources, the small business owner also needs to consider the nature of the market, the size and demographics of the target audience, and the position of the advertiser's product or service within it when putting together an advertising budget. In order to keep the advertising budget in line with promotional and marketing goals, an advertiser should answer several important budget questions: Who is the target consumer? Who is interested in purchasing the advertiser's product or service, and what are the specific demographics of this consumer (age, employment, sex, attitudes, etc.)? Often it is useful to compose a consumer profile to give the abstract idea of a "target consumer" a face and a personality that can then be used to shape the advertising message. Is the media the advertiser is considering able to reach the target consumer? What is required to get the target consumer to purchase the product? Does the product lend itself to rational or emotional appeals? Which appeals are most likely to persuade the target consumer? What is the relationship between advertising expenditures and the impact of advertising campaigns on product or service purchases? In other words, how much profit is earned for each dollar spent on advertising? Answering these questions will provide the advertiser with an idea of the market conditions, and, thus, how best to advertise within these conditions. ]
roshnirazilee|Points 100|
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Asked 10/29/2013 10:39:00 PM
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