For advertising Dubai is a place that holds the most prominent name. Companies here gives resources to advertisement and consider this element of running the business as the one which is tantamount to other activities of the business like outbound logistics, inbound logistics, material and store handling, firm structure and culture, procurement, after sales services, the whole manufacturing process. The expenses related to advertisement costs are included in the advertisement expenses which in turn is included in administrative expenses in the income statement section of the financial statements of a company. The form of advertisement can vary depending upon the type of audience that is intended to attract. Like in case of mass marketing, a single product is produced for the whole market without considering the marketing mix. Such product may include standardized items like electricity, cement etc but for those companies who in various market segment of the company, have to spare a large slice of their revenue to be spent on advertisement and related expenses. Advertisement related work can be done in house or it can be outsourced to an independent company. The latter case is normally followed except in case where a company is following and pursuing the mass marketing approach. In this type of approach the basis by which a market is segmented in to various sub sects are identified on the basis of age, culture, race, gender, level of income etc and then the purchasing power and purchasing habits of customers are analyzed by taking into account the past experience. There are also some ways through which market research companies can analyze the growth in a market and this can be done by obtaining information of the market, the competitors, products and their prices by conducting a market research. Again this work can be done in house or by external research agencies. Whatever the approach is followed one particular aspect that is given due dependence is to maintain the level of confidentiality of the information that is received and the authenticity of it. The analysis to be made from the information shall be by applying various criteria like linear regression model, probability index and such other relevant techniques. Conducting a market research has an associated cost which varies in line with the level of accuracy in market information that is required. Accuracy of information and the cost of conducting market research are directly related. This means that if a particular company wants totally accurate market information then the cost of acquiring it will be high and vice versa. Normally companies who want to launch a new product in the market require accurate and confirmed information from the market. Conducting market research has many benefits including the fact that it reduces the risks which are involved in the process of decision making. Marketers are experts in their field who collect, analyze information and produce processed information for the top level management to make decisions. If you search for a list of companies in media city Dubai you are most likely to find our company in top 10 advertising agency ratings.
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ABOUT THE AUTHOR
Ashley Joseph is creative writer and media agency representative in Alqudrah Advertising. She is specialist in writing on list of companies in media city Dubai and market research companies. She has vast experience of advertising companies in UAE.