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Belch: Advertising and Promotion, Sixth Edition V. Developing the Integrated Marketing Communications Program 10. Media Planning and Strategy The message may require a specific medium and a certain media vehicle to achieve its objectives. Likewise, certain media and vehicles have images that may carry over to the perceptions of messages placed within them. Flexibility An effective media strategy requires a degree of flexibility. Because of the rapidly changing marketing environment, strategies may need to be modified. If the plan has not built in some flexibility, opportunities may be lost and/or the company may not be able to address new threats. Flexibility may be needed to address the following: 1. Market opportunities. Sometimes a market opportunity arises that the advertiser wishes to take advantage of. For example, the development of a new advertising medium may offer an opportunity that was not previously available. 2. Market threats. Internal or external factors may pose a threat to the firm, and a change in media strategy is dictated. For example, a competitor may alter its media strategy to gain an edge. Failure to respond to this challenge could create problems for the firm. 3. Availability of media. Sometimes a desired medium (or vehicle) is not available to the marketer. Perhaps the medium does not reach a particular target segment or has no time or space available. There are still some geographic areas that certain media do not reach. Even when the media are available, limited advertising time or space may have already been sold or cutoff dates for entry may have passed. Alternative vehicles or media must then be considered. 4. Changes in media or media vehicles. A change in the medium or in a particular vehicle may require a change in the media strategy. For example, the advent of cable TV opened up new opportunities for message delivery, as will the introduction of interactive media. The Internet has led many consumer companies to adopt this medium, while for business-to-business marketers the Web has almost become a requirement to succeed. Likewise, a drop in ratings or a change in editorial format may lead the advertiser to use different programs or print alternatives. Fluctuations in these factors mean the media strategy must be developed with enough flexibility to allow the manager to adapt to specific market situations. Budget Considerations One of the more important decisions in the development of media strategy is cost estimating. The value of any strategy can be determined by how well it delivers the message to the audience with the lowest cost and the least waste. We have already explored a number of factors, such as reach, frequency, and availability that affect this decision. The marketer tries to arrive at the optimal delivery by balancing cost with each of these. (Again, the Bumble Bee plan in Appendix B demonstrates how this issue is addressed.) As the following discussion shows, understanding cost figures may not be as easy as it seems. Advertising and promotional costs can be categorized in two ways. The absolute cost of the medium or vehicle is the actual total cost required to place the message. For example, a full-page four-color ad in Newsweek magazine costs about $183,000. Relative cost refers to the relationship between the price paid for advertising time or space and the size of the audience delivered; it is used to compare media vehicles. Relative costs are important because the manager must try to optimize audience delivery within budget constraints. Since a number of alternatives are available for delivering the message, the advertiser must evaluate the relative costs associated with these choices. The way media costs are provided and problems in comparing these costs across media often make such evaluations difficult. Determining Relative Costs of Media To evaluate alternatives, advertisers must compare the relative costs of media as well as vehicles within these media. Unfortunately, the broadcast, print, and out-of-home media do not always provide the © The McGraw−Hill Companies, 2003 323 Chapter Ten Media Planning and Strategy
324 Part Five Developing the Integrated Marketing Communications Program Belch: Advertising and Promotion, Sixth Edition Figure 10-24 Cost per thousand computations: Time versus Newsweek Figure 10-25 Comparison of cost per ratings point: CSI versus Survivor in a local TV market V. Developing the Integrated Marketing Communications Program 10. Media Planning and Strategy © The McGraw−Hill Companies, 2003 same cost breakdowns, nor necessarily do vehicles within the print media. Following are the cost bases used: 1. Cost per thousand (CPM). For years the magazine industry has provided cost breakdowns on the basis of cost per thousand people reached. The formula for this computation is CPM = Cost of ad space (absolute cost) × 1,000 Circulation Figure 10-24 provides an example of this computation for two vehicles in the same medium—Time and Newsweek—and shows that (all other things being equal) Time is a more cost-effective buy, even though its absolute cost is higher. (We will come back to “all other things being equal” in a moment.) 2. Cost per ratings point (CPRP). The broadcast media provide a different comparative cost figure, referred to as cost per ratings point or cost per point (CPP), based on the following formula: Cost of commercial time CPRP = Program rating An example of this calculation for a spot ad in a local TV market is shown in Figure 10-25. It indicates that Survivor would be more cost-effective than CSI. 3. Daily inch rate. For newspapers, cost effectiveness is based on the daily inch rate, which is the cost per column inch of the paper. Like magazines, newspapers now use the cost-per-thousand formula discussed earlier to determine relative costs. As shown in Figure 10-26, the Detroit News costs significantly more to advertise in than does the Chicago Tribune (again, all other things being equal). As you can see, it is difficult to make comparisons across various media. What is the broadcast equivalent of cost per thousand or the column inch rate? In an attempt to standardize relative costing procedures, the broadcast and newspaper media have begun to provide costs per thousand, using the following formulas: Television: Cost of 1 unit of time × 1,000 Cost of ad space × 1,000 Newspapers: Program rating Circulation Time Newsweek Per-page cost $202,000 $183,000 Circulation 4.0 million 3.1 million Calculation of CPM 202,000 × 1,000 4,000,000 183,000 × 1,000 3,100,000 CPM $50.5 $59.03 CSI Survivor Cost per spot ad $9,000 $8,000 Rating 20 19 Reach (households) 195,140 185,383 Calculation $9,000/20 $8,000/19 CPRP (CPP) $450 $421
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