Decision Making on Advertisement Strategy Selection Based on Life Cycle of Products by Applying FAHP and TOPSIS GREY: Growth Stage Perspective; a Case about Food Industry in IRAN

• Published in: Inžinerinė ekonomika 2012-01, Vol.23 (5), p.471-484
• Main Authors: Zolfani, Sarfaraz Hashemkhani, Rezaeiniya, Nahid, Pourhossein, Morteza, Zavadskas, Kazimieras
• Format: Article
• Language: English
• Subjects: Advertising; Competitive products; Decision making; Food industry; Iran; Marketing; Product differentiation
• ISSN: 1392-2785; 2029-5839
• DOI: 10.5755/j01.ee.23.5.3134

In recent decades, Marketing management and Advertising have been major concepts in business fields. The main reason that attracts attention to them is growth of competition among companies. There are different ways to increase the competition in organizations such as improving productivity by acquiring information technology. In this paper hybrid MCDM methods are applied for selecting Advertising strategy by considering product life cycle of products. Growth stage is one of the critical situations for companies and advertising has an important role in this step. Hence Growth stage is selected as a case study for this research and the proposed model is implemented for most famous Iranian factory in food industry, Kalleh. Five criteria are selected as important criteria by studying in literature and experts decision include: Audience fit, Content, Impression rate, Monthly cost and Look and feel. In this article Fuzzy Analytic Hierarchy Process (FAHP) applied for calculating weight of each criterion and finally TOPSIS grey applied for selecting the best Advertising strategy among Television, Radio, Newspaper, Internet & SMS and Environmental advertising. The results of this research illustrated that monthly cost, content and educational level, are three important criteria in advertising strategy and also newspaper is the best way for advertising and after that television is next and radio, environmental advertising and internet & SMS are after those in this case in Growth step of Product Life Cycle. This research can be useful as a valuable framework for companies and different industries. Each company in different industry can apply this methodology and develop that due to their needs and priority.