In this paper, a dynamic multi-objective linear integer programming model is proposed to optimally distribute a firm’s advertising budget among multiple products and media in a segmented market. To make the media plan responsive to the changes in the market, the distribution is carried out dynamically by dividing the planning horizon into smaller periods. The model incorporates the effect of the previous period advertising reach on the current period (taken through retention factor), and it also considers cross- product effect of simultaneously advertising different products. An application of the model is presented for an insurance firm that markets five different products, using goal programming approach.