Key Advertising Concepts: Budgeting, Campaigns, and Execution
Advertising Budget
Meaning
To face competition and increase product sales, every company spends large amounts on advertising. Multinational corporations (MNCs) lead, spending billions, while Indian companies spend crores of rupees. Therefore, planning this spending becomes necessary. Money spent on advertising is an investment that helps not only create brand awareness but also increase the advertiser’s sales and profit.
Factors Determining Advertising Budgets
- Frequency of Advertising: The ad budget
Key Concepts in Advertising and Sales Promotion
Marketing Department Responsibilities
The marketing department is typically responsible for:
- Detecting the need for an advertising campaign.
- Creating a plan that describes the objectives to be achieved with the campaign.
- Choosing an advertising agency.
- Developing the brief: a document containing product information, market analysis, etc.
- Approving the creative proposal and the final campaign design.
- Monitoring the results and comparing them against the objectives.
Advertising Agency Responsibilities
An advertising
Read MoreCore Marketing Concepts: Needs, Value, and Markets
All successful companies are strongly focused on marketing. These companies make an effort to understand and satisfy customer needs. They motivate workers to help build strong customer relationships based on creating value.
What is Marketing?
It is the set of adaptive processes by which organizations collaborate with customers and partners to create, communicate, deliver, and share value.
Marketing Defined
Marketing must be understood in terms of satisfying customer needs. If customer needs are understood,
Read MoreProduct Lifecycle and Market Segmentation Strategies
Product Lifecycle Stages
Like human beings, products have a lifecycle, a period in which they are introduced, grow, mature, and eventually decline. The duration of this lifecycle varies greatly depending on the product’s nature.
Introduction or Release Stage
This stage involves launching a new product, which can be entirely novel or an innovation based on existing products. As the product is largely unknown, sales are low and growth is slow.
Growth Stage
After the initial stage, the product gains recognition,
Read MoreUnderstanding Marketing: Segmentation, Research & the Mix
Understanding Marketing Fundamentals
Marketing is the discipline that studies the exchange between the market and the customer. The business offers the customer a good or a service and in return receives something, usually payment. It is mutually beneficial because both sides gain something. It aims to identify and anticipate customer needs and to delight the customer. The purpose of marketing is to match the abilities and strengths of the business to the needs of the market.
Marketing Objectives
Sales
Read MoreEffective Corporate Communication and Brand Building
Corporate Communication Fundamentals
Corporate communication is a set of activities involved in managing and organizing internal and external communications to create a favourable point of view among stakeholders. It’s an integrative communication structure that links stakeholders to the organization. Companies aim to create a positive corporate image using messages, behaviours, and symbols to build a reputation aligned with their corporate identity.
The corporate identity influences perceptions
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