Although the cost of 60 minutes of space is extremely high at $300,000 (5000*60), our company believes the sacrifice will be beneficial in the long run. We want our name to be the first to come to mind and to be thought of by the consumers as the original producer of our products.
This does not mean we will not opt to purchase magazine and newspaper ads, however we feel that TV is our best option at the start of our company being that it is the richest channel of communication available to us. We will however start fairly high with a purchase of magazine ads being at 10 pages for each product. Additionally newspaper ads will be purchased at 12 inches to start. We feel this moderate amount is consistent with our idea to flood the market with TV ads more so than with magazine and newspaper ads. .
Quarter 2.
After assessing the other firms prices, we will adjust our pricing to be moderately based. We would like to make sure that we will attain at least a 30% profit margin at all times. Consistency is key and we would prefer not to change our pricing very much at first, especially not an increase in pricing within the second quarter.
We will remain heavy on television advertising by increasing it by 5% and increasing magazine ads by 8% and newspaper advertising by 2% in this quarter. On a regular basis we will use a pulsing media schedule. We are also going to keep a continuous advertising schedule and have a heavier schedule at specific times. We fear that we might experience diminishing returns in which case we will go back to a flight schedule for a while. .
Since advertising is our communication vehicle we will rely relationship advertising, to not only make sales, but we would like to create a relationship with our customers by heavy advertising and media efforts. Magazine ads at this point seem to be very important because we are looking for the carryover value as described in the book.
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