Showing posts from October, 2019

MBA Notes - Media Planning Process

Question - Define media planning, also explain steps in development of media plan. Answer The word Media came from the Latin word "Middle". Media carry message to or from a targeted audience and can add meaning to the message. Media Planning,  in advertising, is a series of decisions involving the delivery of message to the targeted audience.  Media Plan , is the plan that details the usage of media in an advertising campaign including costs, running dates, markets, reach, frequency, rationales, and strategies. Steps in Development of Media Plan 1. Market Analysis Every media plan begins with the market analysis or environmental analysis.Complete review of internal and external factors is required to be done. At this stage media planner try to identify answers of the following questions: Who is the target audience? What internal and external factors may influence the media plan? Where and when to focus the advertising efforts? The target a

Marketing Notes - Identifying and Analysing Competitors

Question - What do you mean by the term 'competitors' in marketing? How to identify key competitors in marketing, and how to analyze them? Answer Introduction In this competitive world there is no business that operates in isolation, there are many businesses that are marketing products similar to or substitute of products you are marketing. These organizations are your rivals and you have to compete with your rivals. Business competition is the rivalry of two or more businesses that target the same customers, for example Coca-Cola and Pepsi , or McDonald's and Burger King . Business organizations to be successful in long run have to identify their competitors and analyze their strengths and weaknesses to defeat them. Meaning of Competitor Competitor is a person or an organization against whom other person or organization is competing. In business, competitor is a business organization or a company operating in the same industry or a similar industry which

MBA Notes - DAGMAR Model

Question  - What is DAGMAR Model? Explain communication process in DAGMAR approach. Answer DAGMAR   stands for Defining Advertising Goals for Measured Advertising Results. DAGMAR Model was developed by  Russell Colley  in 1961 for setting advertising objectives and measuring advertising results. According to  DAGMAR Model the ultimate objective of advertising involves a communication task, intended to create awareness, impart information, develop attitude and induce action. Advertising objective is to carry a consumer through four levels of understanding :- From unawareness to awareness - consumer must be aware of product or company, Comprehension - what the product is and its benefits, Conviction - mental conviction to buy the product, and Action - finally buy the product. Communication Process in  DAGMAR  Approach 1.  Awareness Before the purchase behaviour is expected from target audience it is necessary to make the audience aware with the prod

MBA Notes - Identifying and Analysing International Opportunities

Question : How the international opportunities for business can be identified and analysed? Answer Introduction Entire world is open to do business today. Technological developments in communication and transportation open national markets around the world. New technological developments, global economic conditions, worldwide population changes, increased competition, legislative requirements, and political events are some of the factors affecting current and future marketing activities of the organisations around the world. In this post we are going to explain - how to screen and analyse locations as potential markets and as potential sites for operations. Also, how to conduct international market research. Screening Potential Markets and Sites Market or Site Screening need environmental scanning in which the organisation identifies desirable markets or sites by using the environmental forces to eliminate the less desirable markets or sites. The screening process