Question

1000 Words!!!

Case Situation:


Suppose you are opening a new shoe store similar to Payless Shoe Stores in an existing Mall in Tulsa. You would like to develop the annual advertising budget and this budget’s allocation for this store.



Question to be Answered: Discuss the data you will collect and how you will use this data to develop your budget.

Answer 1

The given topic cant be extended to 1000 words. Moreover we are not given enough time to do so.

Below data has to be collected and used to develop the advertising budget:

1. Target market segment: The target market segment must be clearly identified through market research and the demographic divide data of the customers must be obtained in order to target those set of customers and allocate advertising budget for them.

2. Customer preferences: Secondly, qualitative data about the customer preferences and requirements must be collected and recorded. This data would be helpful in designing the advertising campaign and highlighting the features as desire by the customers in the shoes. For this separate budget allocation must be done.

3. Online or offline mode buying: Dataset about the preferences of customers in terms of online shopping mode or offline shopping mode and which social media sites do they generally use or visit in order to get ideas about specific products. This data will be very helpful in allocating advertising budget to online and offline advertising channels as per the customer preferences.