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Evaluation of advertising effectiveness is an important part of advertising campaign. Based on different viewpoint, scholars put forward many evaluation models of advertising effectiveness. Through literature review, the paper constructs evaluation model of advertising effectiveness based on Web2.0. An evaluation scale consisting of six evaluation factors, which are attention, interest, information search, credibility, purchasing behavior and information sharing is designed. Take college students as a sample, 300 questionnaires are given out while 238 copies of the questionnaires are valid. The internal logical relationship and operation mechanism are proved by the structural equation modeling (SEM).