Title of the paper: Media Mix
I will use a company which offers fashion clothing for men, women and children.
Identify your media:
We will use television as the media because of the nature of our product. This medium will help our customers to see the people wearing the clothes and feel how they will look when they wear them. The television advertisements will have a stronger impact on the people because we will use some celebrities in the advertisements.
Identify your Target Market Coverage
The target market will be households who have an annual income more than $ 80K. This is because our product will define an aspect of a lifestyle.
Identify your Geographic Coverage
The whole city will be covered by us within the criteria stated above. The media used will help us to reach much wider range of market.
Identify your Scheduling strategy
A continuity pattern will be followed because our product will be used. There will be changes to the products in line with the seasons. Impulse buying behavior will be generated due to the usage of celebrities in the advertisements.
Reach versus Frequency
Reach should be higher for this product because only one exposure to this product may not be enough to induce a sale. The nature of product is such that we will want to reach as many customers as possible. The standard for minimum frequency is 3 times and maximum is 10. The average frequency figure can be misleading because it may mean that a majority of customers are exposed to the advertisement only once. With the use of television, we will make sure that there are higher number of people reached by our advertisements.
Creative Aspects and Mood. The creative aspects of our product will be highlighted by the use of celebrities in our advertisements. The television will also highlight the features like colors, fitting and other aspects like color combinations and contrasts. Our product will have a tag line “Worn by elites, designed for everyone”. This line will show the celebrity aspect of the product and at the same time, it shows that our target market can be covered to a large extent.
There are opportunities available in the market because fashion changes over time and there are people who are always ready to follow the latest trends. The television media will provide use ample space to bring certain changes in the advertisements, their timings and contents. The major threat to this strategy will be that any competitor can take the same approach for advertising their product. We will come up with some new content to cover this threat. An alternate advertisement can be made in which people shown travelling in winter are wearing our sweaters and cardigans. We will use the billboards if we face any issue regarding the unavailability of air time or space on the television.
Cost per rating point (CPRP)
This is a criterion used to calculate the cost of buying 1% of the target population. In case of television which is used by us as the medium, there are different rates depending on time. The most expensive time is the prime time that may rise to $ 200 to $ 2000 per time. This rate will drop to $ 100 for the day and some parts of the night. We will make a routine that our new advertisement will come to the market in the month of January when all the channels come off long holidays and are actively seeking to increase their revenuesCITATION htt19 \l 1033 (Lamarco). If we opt for the prime time and assume the cost of commercial time to be $ 1800 and program rating to be 90, then the CPRP will be:
CPRP= Cost of commercial time X 1000
This is very high so we can change the time of advertisement such that cost can be cut to half,
We can see that there is not a considerable change in the figure by cutting the cost of time by half, the program rating is also dropped considerably with the change in time. Thus, it will be suitable for us to use the prime time to reach our target market.
BIBLIOGRAPHY Lamarco, Nicky. "https://smallbusiness.chron.com/much-television-advertising-really-cost-58718.html." 25 January 2019. https://smallbusiness.chron.com. 2 February 2020.
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