Abstract
The effectiveness of any advertisement campaign relies heavily on the combination of media vehicles chosen for communicating the messages and the amount of advertisements placed in them. This paper presents a media planning model that assists a firm in determining the optimal media mix for a product advertised in a segmented market. The model determines the number of advertisements to be placed in different segment specific media as well as mass media. The objective is to maximize the reach of the product in the potential market by placement of the advertisements. A case study is presented to illustrate the application of the model in which the market considered is geographically segmented on the basis of cultural and lingual diversity. The segments respond to regional advertising (segment specific) and to national advertising which reaches segments with a fixed spectrum. Interactive weighted sum goal programming technique is discussed to solve the problem.
Highlights
A firm’s market share and profit are driven by consumer demand and spending
This study proposes a mathematical programming media allocation model to maximize the advertising reach of a firm that markets multiple products advertised through different media in a segmented market
A media planning model is proposed in this study to allocate advertising budget jointly among multiple products advertised in a segmented market
Summary
A firm’s market share and profit are driven by consumer demand and spending. Advertising carried by the firms to promote their products play a crucial role in fuelling consumer demand. This study proposes a mathematical programming media allocation model to maximize the advertising reach of a firm that markets multiple products advertised through different media in a segmented market. The model proposed in this paper incorporates this idea and develops a media plan that allocates advertising budget for both mass and segment specific media. In this paper we propose a multi-objective linear integer media planning model to allocate advertising budget between several products marketed by a firm through various media in a segmented market. The model allocates media budget and determines the number of advertisements for each product, in all chosen media both at segment and mass level It incorporates cross product effect of advertising among products and maximizes the total advertising reach taking all products together.
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