Which of the following is NOT one of the five steps in the advertising supply chain?

The advertising supply chain consists of a series of steps that are critical for executing and managing advertising campaigns effectively. The key stages typically include aspects such as creative delivery, campaign delivery and optimization, and billing and collection, which are integral to the overall process.

Creative delivery refers to the actual production and distribution of the advertising content. Campaign delivery and optimization involve the execution of the advertising campaigns and ongoing adjustments to improve performance based on analytics and feedback. Billing and collections are crucial steps for managing the financial transactions and ensuring that all parties are compensated appropriately for their contributions and services.

The option that is not part of this specific chain is market research analysis. While market research is important in the broader context of advertising and strategy formulation, it does not directly fit into the operational steps involved in executing and managing the advertising supply chain. Market research typically occurs before the campaign phases and informs decisions, but it is not one of the sequential steps in the actual execution process of the advertising supply chain.