Southern Rice Advertising Budget Essay - 846 Words

Southern Rice Advertising Budget†¨ In the case of Southern Rice, what particular type(s) of budgeting method would you consider? Why? When introducing a new product, it is imperative to have a marketing plan. The Southern Rice Company has well establish a recognizable brand and built a strong brand equity. â€Å"Good advertising can make a consumer want to try a product, but a repeat sale is typically influenced by the consumer’s product experiences.† (Arens, page 263) Customers are paying extra for the satisfying quality that Southern Rice provides in their products. Recently a new style of cooking rice, instant rice, has become a threat and opportunity for the company. Using our substantial advertising budget, our overall goal is to†¦show more content†¦Another budgeting strategy is the objective/task method. Objective/task â€Å"considers advertising to be a marketing tool to help generate sales.† (Arens, page 294) I feel this method is a well planned out proposition. The steps include defining the objectives, determining strategy and estimating cost. The objective here is to increase the awareness of Southern Rice Company’s instant rice. Next, we will research and determine which ads, television or print, and media outlets to use. Measuring the results from these campaigns will determine whether or not they need to be revised. Based on this information, we can estimate the overall cost and then allocate the money in the marketing budget into each specially designed task. If we cannot afford some of the tasks, we can devote more of our budget to a task that will work in the most effective way. Objective/task is more accurate and flexible when it comes to budget allocation. 2) Do you agree with Southern Rices test market program? How would you go about with the test market approach in determining advertising spending? I agree with the â€Å"test marketing program.† Southern Rice is introducing a new product in new unfamiliar locations . In the past, the company would market the territory south of the Mason-Dixon Line with some distribution in western states. Their new plan consist of expanding to untapped locations; Tampa/ St. Petterburg, Charlotte, and WashingtonShow MoreRelatedEssay on FP Gruppo - Gallo Rice3450 Words   |  14 PagesFP Gruppo - Gallo Rice Introduction FP Gruppo is a private firm specializing in the value-added rice industry that has been a family owned operation for five generations. FP Gruppo’s Gallo brand name and signature rooster logo is consistently utilized across all product lines and markets. FP Gruppo has extensive international operations and its products are sold throughout Europe and South America. Wholly owned subsidiaries and production facilities are located in Argentina, ItalyRead MoreSamuel Adams Beer Competitive Analysis5914 Words   |  24 Pagesnationally. 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