Marketing

Discussion week 7

From the scenario, distinguish between two to three (2-3) different types of advertising media available for the new product launch. Provide two (2) suggestions for the marketing intern that will help her to create an advertising budget.

Ed and Samantha have decided to use TV and social media as their advertising media for the new product launch. However, there are more options available to them. I would also suggest they use radio and billboards. There are many advantages and disadvantages to using these type of media, but by using a combination Golds Reling would be able to reach the maximum amount of consumers to guarantee a high return on their investment. Using TV as their media will cause them to have a high reach to their consumers, ability to convey emotions, and ability to demonstrate the product. Unfortunately, Ed and Samantha will not be advertising to a target market, and will have to pay high dollar for this form of advertisement. Radio is less expensive, has a targeted market reach, and ability to convey emotions. However, demonstrating the product will be lost in this option. Social Media allows the delivery of high levels of reach, frequency, and information, but lacks emotions. Billboards are inexpensive and offers high levels of frequency, but it lacks reach, information, and emotion. By using more than one form of advertising media, Ed and Samantha can ensure their target market is reached, frequency is high, and the products message is conveyed.

There are two ways that Golds Reling and Samantha can create an advertising budget. The first option would be to use last year’s sales information and budget percentage, and determine a percentage to be assigned to this year’s advertising budget. They would then need to up the percentage from last year’s amount because of this year’s new product launch. They could also treat this year’s advertising budget as an investment and set an advertising goal that is in line with their...