Optimal Media Selection for a Product in Segmented Market under Fuzzy Environment

Abstract

Media planning & allocation has been a major concern while advertising a product. Appropriate media selection involves choosing the media that are effective to the target segments of the potential market. Effectiveness of the media can be judged through the target audience responses to a specific media. Predicting future audience responses as well as human capability to understand & analyze past audiences is a complex problem. Hence the statistical data of audience response is bound to be uncertain or imprecise. An appropriate method to deal with imprecise judgment or uncertainties in data is fuzzy logic. So far the cited literature confines itself to an exact or certain statistical data of audience’s responses. In this paper, a model has been developed which deals with optimal allocation of advertising budget for a product which is advertised through different media in a segmented market under fuzzy predictions of the audience impact. The problem is formulated as a fuzzy multi objective problem and is solved using fuzzy goal programming technique to arrive to a compromised solution. A case study is presented to show the real life application of the model.