Prioritizing Risk Factors in Media Entrepreneurship on Social Networks: Hybrid Fuzzy Z-Number Approaches for Strategic Budget Allocation and Risk Management in Advertising Construction Campaigns

TL;DR

This paper introduces a hybrid fuzzy Z-number decision-making model to optimize media budget allocation and prioritize risk factors in social network advertising campaigns, enhancing strategic planning and risk management.

Contribution

It develops a novel decision-making framework combining Z-number theory with FMEA, Z-SWARA, and Z-WASPAS for media planning and risk prioritization.

Findings

Effective media budget distribution strategies identified.

Prioritized financial risk factors in media campaigns.

Improved decision-making accuracy in advertising planning.

Abstract

The proliferation of complex online media has accelerated the process of ideology formation, influenced by stakeholders through advertising channels. The media channels, which vary in cost and effectiveness, present a dilemma in prioritizing optimal fund allocation. There are technical challenges in describing the optimal budget allocation between channels over time, which involves defining the finite vector structure of controls on the chart. To enhance marketing productivity, it's crucial to determine how to distribute a budget across all channels to maximize business outcomes like revenue and ROI. Therefore, the strategy for media budget allocation is primarily an exercise focused on cost and achieving goals, by identifying a specific framework for a media program. Numerous researchers optimize the achievement and frequency of media selection models to aid superior planning decisions amid complexity and vast information availability. In this study, we present a planning model using the media mix model for advertising construction campaigns. Additionally, a decision-making strategy centered on FMEA identifies and prioritizes financial risk factors of the media system in companies. Despite some limitations, this research proposes a decision-making approach based on Z-number theory. To address the drawbacks of the RPN score, the suggested decision-making methodology integrates Z-SWARA and Z-WASPAS techniques with the FMEA method.