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Week 7: Where to communicate - Coggle Diagram
Week 7: Where to communicate
Media Strategy and implementation
Media mix: Which media options reach TA, consider concentration vs dispersion?
Target audience: which media options cover geographic areas and minimise wastage?
Creative aspects and mood: which media options complement creativity
flexibility and budget considerations
Target Audience Rating Points
Rating = percentage of potential audience tuned to a particular station at a particular time - programs have ratings
TARP = measures specific demographic audience of a station/program for a specific period of time (% of potential audience)
(No. of target audience watching program / total population of the target audience) x100
Used for mass media
Targeted Gross Rating Points
The sum of individual Tarp percentages for a TVC campaign
GRPs indicate the total weight of a schedule or gross audience
Total number of impacts / impressions
The total number of ad exposures estimated to have been received by the target audience within a given media schedule
The same as GRPs but are expressed in terms of numbers of individuals, homes, rather than as a percentage
impacts = reach (000s) x average frequency
Reach = impacts / average frequency
Average frequency = impacts /reach (000s)
CPT
Cost per Tarp= the cost of reaching 1% (1 tarp) of a specific target audience
Cost of a spot / program tarp
CPM
Cost per thousand = how much it will cost to reach 1000 people
(Cost / number of people) x 1000
CPR
Cost per response
Cost per campaign / number of responses
Media and intermedia decisions
No simple equivalences between a TVC and a magazines page, etc
Cross media modelling on a single source database
Subjectivity comes into deciding media mix
Balancing objectives and budgets
It is important to balance what we are willing to spend with what we need to achieve our objectives
It is important to budget through a marginal analysis
If the increased cost is less than the incremental (marginal) return then
increase spending
If the increased cost is equal to the incremental (marginal) return then
hold spending
If the increased cost is more than the incremental (maarginal return) then
decrease spending
Methods of budget setting in order of preference
Affordable / arbitrary - judgement based (small business)
Econometric model (if data and modeler available)
percentage of sales (will always calculate)
Objective and task
Share of market vs share of voice (will always monitor)
Academic vs real world view of modeling
Academic: Valuable to look at all research available on marginal analysis, modeling and what to do under different economic conditions
Real world: computer simulations, personal view of brand/marketing manager, influence of agenncies.