A Grey Relation-Based Model for Setting an Advertising Budget of Theme Parks

The issues of advertising (ad) budgeting have been extensively explored in both the academic and practical areas, but budget allocation regarding the multiproduct model with periodic ad policies has been seldom included in the discussions. This article aims to address the issues and proposes a new ad budgeting model with an application to theme parks. The objective of this model is to allocate a given ad budget among the media of TV stations so that the opportunity to see (OTS) the planning sections can be maximized. The grey relation analysis is used in this study to make an estimate of the model coefficients. To demonstrate the effectiveness of the model, a leisure industrial case is illustrated to outline the procedure for developing the model, including guidelines for estimating the key parameters of the model.