In developing an advertising program, marketing managers must always start by identifying the targetmarket and buyer motives. Then they can make the five major decisions, known as ? the five Ms?. y Mission:It states the objectives of the advertising. It also includes the sales goals of thecompany. The different company has its own mission, and its own marketing plan. y Money:It gives an idea that how much money should be spent by the company for theadvertisement.
Factors to be considered for this are stage of product life cycle, market shareand consumer base, competition, advertisement frequency and product substitutability.
Organizations use several methods for determining advertising budgets including:affordable method, percentage-of-sales, competitive-parity method, objective-and-task method : y Message: Message includes what message should be spent in advertisement. It includesmessage generation, message evaluation and selection, message execution and socialresponsibility review.
Media:It includes which media should be used for the advertisement. It also includes reach,frequency, and impact of the advertisement. It also contains major media types, mediavehicles, media timing and geographical media allocation.
y Measurement: it is nothing but evaluation of the results. It measures communicationimpact and sales impact by an advertisement. 1) Setting The ObjectivesThe advertising objectives must flow from prior decisions on target market, brand positioning and themarketing program.
Informative advertising:The prime objective of the advertising is to inform the existing and potentialcustomers about the product. Persuasive advertising:It aims to create liking preference, conviction and purchase of a product orservice. Persuasion will create demand of the product. Reminder advertising:It aims to simulate repeat purchase of products and services.
This will remind thecustomers that the product may be needed in the near future. Reinforcement advertising:It aims to convince current purchases that they made the right choice.
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