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The overall budget and rationale will be examined in this section. It would include the costs of traditional advertising media and online media. Our choice of traditional media will be explained as follows.
Choice of Traditional Media: Newspapers, Magazines, Broadcast Television and Direct Mail
Annual Advertisement Volume, 2001-2005:
Out of Home
TOTAL ALL MEDIA
Source: Newspaper Association of America, http://www.naa.org/TrendsandNumbers/Advertising-Expenditures.aspx, accessed 3rd July 2010
From the given table above, we have decided to use the top few advertising mediums for the campaign in Singapore, with the exception of magazines. Traditional advertising mediums employed in this campaign would include advertisements in newspapers and magazines and commercials in broadcast television.
Advertisements in Newspaper and Magazines
Top American newspaper by circulation:
Wall Street Journal
New York Times
Los Angeles Times
Source: Huffington Post, http://www.huffingtonpost.com/2010/04/26/top-25-newspapers-by-circ_n_552051.html#s84771; The PaperBoy, http://www.thepaperboy.com/usa-top-100-newspapers.cfm, accessed 3rd July 2010
The campaign would be marketed on the Wall Street Journal, which targets affluent consumers and has a circulation of about 1.7 million. Advertisements would also be placed in U.S.A Today and The New York Times, also popular local newspapers, with a circulation of 1.6 million and 1 million respectively.
To entice potential tourists, we would be using a full or half-spread colored advertisement in the local U.S. advertisements. Various attractions and highlights of Singapore would be placed in picture forms for a vivid representation of the country.
Cost of Advertising in Different Newspapers
Compiled costs of 3 selected newspapers:
Half-Spread (1/2 page)
Wall Street Journal (National Edition)
$189,400 and $231,000 (Fridays)
$123,300 and $150,500 (Fridays)
New York Times
1,004 and 1,024 (Sundays) + color premiums of 36,100 and 41,200 NOT SURE
Advertising and promotion on popular travel magazines
List of popular travel magazines:
National Geographic Traveler
Travel and Leisure
Source: Top 10 Travel Magazines, http://www.allyoucanread.com/top-10-travel-magazines/; Travel Magazines, http://www.world-newspapers.com/travel.html, accessed 3rd July 2010
The National Geographic features an adult readership of 5,327,000 readers, which makes it the largest travel magazine. National Geographic Traveler also has more adult readers aged 18-35 than any other major travel magazines (Source: TRAVELLER @ nationalgeographic.com, http://www.nationalgeographic.com/traveler/advertise.html). Advertising in this magazine would suit our marketing campaign well because the target audience would be young adults from America. Also, the average household income for the magazine subscribers averages at about U.S$78,385(Source: MRI Spring 2004), which is beneficial to our campaign as a more affluent audience would be more likely to travel overseas.
Top 5 ranks on effectiveness of a magazine advertisement:
Three single-page ads following each other on the right side
Two-single page ads in different sections of the same magazine on the right side
Single-page ads on the right
Single-page ads on the left with a strip on the right
Source: Magazine Ad Effectiveness, http://www.kristofcreative.com/learning/advertising/magazine-ad-effectivness.shtml; accessed 6th July 2010
For advertisement on National Geographic Traveler, we have chosen to do four colored, full page and 1/3 page advertisements. The reasons behind the choices are that a four-color page advertisement has a 45% higher effectiveness rating than a black and white page(http://www.kristofcreative.com/learning/advertising/magazine-ad-effectivness.shtml). A single-page advertisement is also one of the top few most effective forms of advertisement, according to Starch Research. A 1/3 page advertisement also has a high reader action rate (62%) as compared to a spread which only garners a 57% rate of action from readers (Magazine Handbook, 2010) .
Four Color advertising Rates in National Geographic Traveler:
Source: TRAVELER @ nationalgeographic.com, http://www.nationalgeographic.com/traveler/rates.html; accessed 6th July 2010
The advertisement in National Geographic would be placed 24 times, which would be an advertisement with every monthly issue. This builds up audience's trust due to familiarity of seeing the advertisement in every issue. The total cost for having both full and 1/3 page advertisements 24 times annually would be a total of US$69,295.
Broadcast television advertisements
(http://tvbythenumbers.com/2010/06/29/tv-ratings-top-25-americas-got-talent-wipeout-hells-kitchen-crowd-the-top-of-weeks-ratings/55620#more-55620, June 2010; http://www.newslink.org/nett.html --> Discovery Channel?)
Cost: http://www.gaebler.com/Television-Advertising-Costs.htm, July 3rd, 2010; http://tvbythenumbers.com/2010/05/20/broadcast-tv-ad-rate-increases-likely-to-just-balance-audience-losses/51948, 20th May 2010 HAS GRAPHS ON VIEWERSHIP)
As we all know, Facebook is currently the top social networking website in the United States. Our group decided that advertising on Facebook would be a better choice as it allows us to reach over 400 million active users and at the same time, help to increase their awareness on the various attractions of Singapore. According to the chart below, Facebook managed to beat ex-networking giant, MySpace, with a distinct 54.90% in the US market share of visits.
"Facebook" was also the top-searched term in the US in 2009, accounting for 0.67% of all internet searches,Â according toÂ an analysis of the year's top 300 search terms byÂ Experian Hitwise, (http://press.experian.com/). This year marks the first year that Facebook has captured the number one spot. Back in 2008, MySpace held the number one slot.
By advertising on Facebook, we will be able to reach 4,708,640 people between the ages of 20 and 35 years old. The cost of advertising on Facebook depends on the number of clicks the advertisement receives. With a daily budget of $1,500, a click would cost us approximately $0.36, with a total of 4,200 clicks per day.
In addition, a fan page can be created on Facebook and users can become a fan of Singapore. At the same time, they are allowed share information about Singapore with people around them. Users can interact directly with the fan page by adding reviews, writing on that Wall, uploading photos, "liking" it, etc. These actions could appear in users' Mini-Feed and News Feed that allow users to share information more efficiently with their friends. Furthermore, by being a fan or "liking" Singapore's fan page, the user will be entitled to discounts to various attractions in Singapore. Most importantly, creating a fan page does not cost a single cent.
With the advancement in technology, the internet has played an important role in our daily lives. The best part about blogs is how accessible they are toÂ everyone and they are either free or inexpensive
One of the world's top travel blogs that our group settled for was Gadling, written and edited by various passionate travelers. Gadling has been the premier source of travel information and tips, ranging from countries like Maldives to Egypt, budget to luxury travels - and for everything in between.
By advertising on a popular blog like Gadling, we will then be able to reach out to millions of readers out there and receive wide notice within a short period of time. In return, with visual aids like videos and photographs, this would stimulate interest in readers.
COST OF ADVERTISING
Analysis of U.S. International Travel Market
Promotional Campaign Plans
Implementation and Evaluation
Sample Promotion Materials