The process of formulating a media mix is a very complex and pedantic process. The reason for its fastidious nature are the factors that are behind its decisive strategy. There are several factors that affect and leverage an advertiser's decision of shaping the media mix, all of which are discussed below.
The first factor is that of availability, which is further defined by two characteristics namely quantity and accessibility – both of these characteristics define the nature of availability factor. As for the second factor that is cost, it is an eminently critical factor that involves a network of issues. Specifically the bargaining power of the advertiser becomes a strong determinant in minimizing or maximizing the optimum utility out of the cost factor while selecting the media mix.
Next comes the coverage factor that also involves a comparison of cost and reach. The higher the level of harmony between the cost and the reach of the medium, the more effective the coverage factor is going to be for the advertiser. Anoter factor besides coverage is the degree of suitability and compatibility that a medium has with the target audience. For this purpose, an advertiser should have a comprehensive cognizance about the demographics and psychological dimensions of his target market, which would help him determine the suitability of the medium more effectively.
The first factor is that of availability, which is further defined by two characteristics namely quantity and accessibility – both of these characteristics define the nature of availability factor. As for the second factor that is cost, it is an eminently critical factor that involves a network of issues. Specifically the bargaining power of the advertiser becomes a strong determinant in minimizing or maximizing the optimum utility out of the cost factor while selecting the media mix.
Next comes the coverage factor that also involves a comparison of cost and reach. The higher the level of harmony between the cost and the reach of the medium, the more effective the coverage factor is going to be for the advertiser. Anoter factor besides coverage is the degree of suitability and compatibility that a medium has with the target audience. For this purpose, an advertiser should have a comprehensive cognizance about the demographics and psychological dimensions of his target market, which would help him determine the suitability of the medium more effectively.
