Advertising and Business Organization - I PDF

MFA -III SEMESTER | SYLLABUS ADVERTISING AND BUSINESS ORGANIZATION - I ADVERTISING AND BUSINESS ORGANIZATION - I Course Code: FNA4305 Credit Units: 03 Module I: Advertising Management Overview of Advertising Management Advertising and IMC process Advertising and Camp...

MFA -III SEMESTER | SYLLABUS ADVERTISING AND BUSINESS ORGANIZATION - I ADVERTISING AND BUSINESS ORGANIZATION - I Course Code: FNA4305 Credit Units: 03 Module I: Advertising Management Overview of Advertising Management Advertising and IMC process Advertising and Campaign Management Advertising Goals Overview of Advertising Management Advertising is the practice of ‘telling and selling’ a product or service. Advertising Management, likewise, is a process of using various media to sell a product or service. Advertising Management – Objectives There are mainly 5 words that summarise the objectives of advertising: What: What is the role of your advertising campaign in your overall marketing effort? Who: People responsible for setting advertisement objectives, deciding the objectives, coordinating the process and who is the target audience? Why: Why do you need to advertise? What evidences and evaluations are involved? How: how will you put advertising into practise to achieve the set objectives? When: Schedule to implement various parts of the campaign and expected time of the response. Advertising Management Models In order to make profit through your advertising campaigns, you should have a clear understanding of how it functions by using a particular media. For this, various models are available to help you understand about consumer responses, their emotions, approaches, etc. Some of these models are: AIDA Model: Developed in early 1920’s, this model revolves around the Attention, Interest, Desire and Action of the consumers. The AIDA model explains that any advertising campaign should attract attention, win interest, trigger a desire and results in an action of consumers. MFA -III SEMESTER | SYLLABUS ADVERTISING AND BUSINESS ORGANIZATION - I Five Stage Model: This model was given by rural sociologists in the 1930s. It suggested five stages in any advertising process: Awareness, Interest, Evaluation, Trial and Adoption. Six Stage Model: This model emphasized more on Awareness, Knowledge, Liking, Preference, Conviction, and purchase. It involves cognitive evaluations before the buying step. It also takes into account the extent of competition in the market. DAGMAR Model: The above models we discussed belong to a class, called the “hierarchy of effect” model. However, in the 1950s, another model came into practise – the DAGMAR. The acronym stands for Defining Advertising Goals for Measured Advertising Results. These are basically the stages through which the potential customer has to move through. These stages are: Unawareness, Awareness, Understanding of the offer, Conviction, and Action. Process of Advertising Management The process of advertising management begins before the marketing research and includes media campaigns, which aid in selling the product. While there are various ways to advertising, media campaigns are not very fruitful in the absence of effective advertising management. At the initial stage of advertising management, the data produced as the outcome of marketing research is used to determine the types of advertising required for a specific product. With an advertising management process, organizations find it easy to define the outline of the media campaign. In addition, it also helps them in deciding the type of advertising to be used before the product launch. Advertising Management is a complex task and it takes a lot of inspiration and creativity to launch an effective and successful advertising campaign. Further, only by keeping the big picture in mind, the management skills come into play. If the advertising campaign of a company works well for long, reaches the right customers, and produces the expected revenue, it is said to be fruitful for the company. MFA -III SEMESTER | SYLLABUS ADVERTISING AND BUSINESS ORGANIZATION - I To make the advertising effective, make sure to include it from the market research time. With market research, companies can identify: The niche of the targeted population Reasons for potential segment to opt for the product or service. Organizations can use these findings to prepare for advertising campaigns. After procuring this information, the advertising management works on creating the specifications for the entire advertising campaign. For instance, if the campaign is to be run on radio, what all ads would be used, etc. should be determined prior to the launch. “Customers” or the end users play a vital role in designing the advertising campaign. After all, advertising is all about customers only. Hence, their consideration is important in campaign’s success. Advertising and IMC process “Integrated marketing is an approach to creating a unified and seamless experience for consumers to interact with the brand/enterprise; it attempts to meld all aspects of marketing communication such as advertising, sales promotion, public relations, direct marketing, and social media, through their respective mix of tactics, methods, channels, media, and activities, so that all work together as a unified force. It is a process designed to ensure that all messaging and communications strategies are consistent across all channels and are centered on the customer.” Integrated marketing communication (IMC) can be defined as the process used to unify marketing communication elements, such as public relations, social media, audience analytics, business development principles, and advertising, into a brand identity that remains consistent across distinct media channels. It allows public and private organizations and businesses to deliver an engaging and seamless consumer experience for a product and/or service, and to optimize an organization’s image and relationship with stakeholders. Professionals with a background in integrated marketing MFA -III SEMESTER | SYLLABUS ADVERTISING AND BUSINESS ORGANIZATION - I communications might pursue employment throughout the marketing and communications industries, in areas such as social media marketing, digital media, journalism, market research and consulting, public relations, non-profit and government, entertainment, television and radio, and other related fields. Integrated marketing communication is a multi-disciplinary field that combines traditional and new media practices. As its name suggests, integrated marketing communications is a holistic marketing approach that considers marketing strategy within the larger context of an organization’s aims and business development and maintenance needs. In other words, rather than having marketing, advertising, public relations, social media, and consumer/audience analytics be separate teams or efforts within an organization, integrated marketing communications encourages the integration of these disciplines to create a more powerful and concerted approach. By using IMC theories and strategies, marketing specialists, public relations directors, brand managers, digital media associates, social media marketers, and other media professionals can create, execute, and track multi-channel advertising and communication messages that target and influence specific audiences. IMC’s influence can be seen throughout modern society, in website display advertisements, enterprise blogs, search engine optimization, newspaper editorials, outdoor billboards, magazine advertisements, and more. The increasing reliance of many companies on data-driven and multi-faceted marketing strategies, instead of general mass media marketing, has led to an increase in both bachelor’s and master’s programs in integrated marketing communications that teach students how to coordinate between marketing and public relations; build a brand’s social media presence; and leverage consumer attitudes, shopping patterns, and buying preferences to deliver impactful advertisements and brand messaging. Example- When you’re hungry, and especially “pizza hungry,” you want food immediately. You don’t want to wade through endless topping options, enter your payment information, update your current address, and then patiently await the delivery person. MFA -III SEMESTER | SYLLABUS ADVERTISING AND BUSINESS ORGANIZATION - I Domino’s AnyWare campaign fully addressed this issue by creating a streamlined system of ordering that could be completed through almost any platform. Hungry customers could use Twitter, text messages, smartwatches, and smart TVs to get their orders in. Not only that, but Domino’s pre-established pizza profiles had their consumers’ go-to orders saved. Truly, ordering a pizza was a one-click service. Advertising and Campaign Management Advertising campaigns are the groups of advertising messages which are similar in nature. They share same messages and themes placed in different types of medias at some fixed times. The time frames of advertising campaigns are fixed and specifically defined. Why you are advertising and what are you advertising ? Why refers to the objective of advertising campaign. The objective of an advertising campaign is to ▪ Inform people about your product ▪ Convince them to buy the product ▪ Make your product available to the customers The process of making an advertising campaign is as follows: 1. Research: first step is to do a market research for the product to be advertised. One needs to find out the product demand, competitors, etc. 2. Know the target audience: one need to know who are going to buy the product and who should be targeted. 3. Setting the budget: the next step is to set the budget keeping in mind all the factors like media, presentations, paper works, etc which have a role in the process of advertising and the places where there is a need of funds. 4. Deciding a proper theme: the theme for the campaign has to be decided as in the colors to be used, the graphics should be similar or almost similar in all ads, the music and the voices to be used, the designing of the ads, the way the message will be delivered, the language to be used, jingles, etc. MFA -III SEMESTER | SYLLABUS ADVERTISING AND BUSINESS ORGANIZATION - I 5. Selection of media: the media or number of Medias selected should be the one which will reach the target customers. 6. Media scheduling: the scheduling has to be done accurately so that the ad will be visible or be read or be audible to the targeted customers at the right time. 7. Executing the campaign: finally the campaign has to be executed and then the feedback has to be noted. Mostly used media tools are print media and electronic media. Print media includes newspaper, magazines, pamphlets, banners, and hoardings. Electronic media includes radio, television, e- mails, sending message on mobiles, and telephonic advertising. The only point to remember is getting a proper frequency for the ad campaign so that the ad is visible and grasping time for customers is good enough. All campaigns do not have fix duration. Some campaigns are seasonal and some run all year round. All campaigns differ in timings. Some advertising campaigns are media based, some are area based, some are product based, and some are objective based. It is seen that generally advertising campaigns run successfully, but in case if the purpose is not solved in any case, then the theory is redone, required changes are made using the experience, and the remaining campaign is carried forward. Advertising Goals Having a goal in advertising is very important, before starting any campaign the goal should be clear and the focus on it should be maintained till the end of the campaign or till the goal is achieved. There can be many goals to a campaign as it completely depends on the product and the motive of an advertiser but let’s sum up them into larger points to know what kind of goals can be in advertising and how it can benefit Increase the visibility and awareness across the market. To strengthen public enterprises and commodities brand impression. Improve the consumer brand name purchase rate. To maintain and expand the market share of brand advertising. MFA -III SEMESTER | SYLLABUS ADVERTISING AND BUSINESS ORGANIZATION - I The dissemination of corporate and product spleen, business and information services to the public. To strengthen the new product promotion, popularization of new product knowledge, introduction of unique new products. To correct the public enterprises and brand awareness for bias, helping to remove obstacles to the sale. To improve the company’s reputation, establishing a good corporate image. The promotion staff find it difficult to reach the target market, using advertising reaching the right target in advance. Encouraging consumers to shorten the decision-making process, helping in direct purchase. Increase in the confidence of targeted consumers all over the world Through advertising, increasing the duration of use of the product plus maintaining the market rate or increase in sales of the product. To persuade potential customers to the sales or visit to sites thereby increasing awareness again Raise awareness of the products and enhance the confidence to buy. In order to expand the influence of advertising, creating momentum, morale of corporate personnel to increase enthusiasm and creative work. The creation of markets, and tap the potential market targets. To promote the development of social and cultural trends. Categories of advertising goals: Pioneering Advertising: i.e. “To provide information” This type of advertising is when an advertiser is providing information to their targeted users or consumers. The information could be such as telling the target market that the brand will have a new product launch soon, or promo code, or special offer next festival, or detailed information about the current products like price, functionality, etc. This kind of advertising where the goal is to only provide information to the targeted audience is called pioneering MFA -III SEMESTER | SYLLABUS ADVERTISING AND BUSINESS ORGANIZATION - I advertising. The purpose of this ad is to establish the basic needs of certain products, even if the market needs, rather than to publicize certain brand. Induced Advertising: Through the establishment of the corporate advertising campaigns customer’s brand preferences plus their attitudes towards the enterprise products is encouraged so as to give up a try to competitor brand instead buy the same brand they use, this kind of advertising goal is to persuade customers to accept market access, to induce customers to buy immediately. The main goal here is to target the consumer’s attention or attitude towards their products. Tip Advertising: i.e. “Remind Use” Tip advertising is such an advertising in which advertiser’s goal is to remind the consumers of near future so that they buy their product beforehand. E.g. reminder of autumn which will soon be here and will require of warm cloths, advertiser like Monte Carlo may find it useful for them). Such kind of advertising is called prompt of tip advertising.