Question

According to Prof. Philip Kotler, marketers should make the five major decisions (known as 5Ms) in developing advertising program. What are they? and briefly summarize the 5Ms.

Answer 1

Prof. Philip Kotler proposed 5M’s of advertising that the marketers should consider in making an advertising program. They are mission, money, message, media, and measurement. Each of them is described below:

1. Mission: The marketers must have a clear mission regarding what they want to accomplish through advertising. Under this head, goals, mission, and objectives are set to evaluate what the company is going to do and what will be achieved through this particular act i.e. advertising.

2. Money: Budget is one of the important aspects while developing an advertising program. There are five factors that should be considered while setting the budget for advertising. They are market share and consumer base, stages present in the product life cycle, advertising frequency, competition and clutter, and product suitability.

3. Message: Message refers to the information, or idea that the company wants to convey to its target customers. The company should put its message in such a manner that arise interest among the customers. Appealing advertising wins the customers and persuades them to buy the product while irritating advertising creates an adverse impact.

4. Media: Choosing the right media vehicle to convey the advertising message plays a significant role in the success of any advertising. Every media vehicle has its own pros and cons with a different reach. The right media vehicle is selected depending on the customers that the company wants to target. So, the company has to be clear about the target customers for the same. Different media vehicles available are TV, internet, radio, direct mails and magazines.

5. Measurement: It is important for the company to measure the effectiveness of the advertisement and so it has formal measurement systems for the same. On the basis of the measurement system, the company evaluates the advertisements and decides whether it should continue the advertising campaign or should put an end to it.