What is the best way to market a product using advertising media channels?

It depends on the product and its stage in the lifecycle.

Mass media (TV, Print, Radio) are generally useful for building awareness but the cost per customer may be challenging to justify.

Leveraging cheaper techniques such as digital, e-mail or social can be better for providing specific promotions to targeted segments - especially if the customer set is familiar with your product.  These techniques are also easier to measure.

Few critical points are good to keep in mind:

* For a normal consumer advertising is an intrusion into their private entertainment / news time. So the message content needs to draw attention speaking the target consumer's priorities / language

* Engagement with Digital Media through smartphones is much more through the day  Globally than with Mass Media like Television / Radio. It is also easier to ascertain the effectiveness of advertising reach in Digital Media like payment basis 'cost per click' etc.