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Where should I place my ad? Obviously choose publications or mediums that you are sure will best reach your target market. If you are advertising a high class fashion shop then the free local newspaper will not be the best option for spending advertising dollars. Go for classy publications.
What kind of publications will your target market read? Find out and place your ads there, it should be obvious, common sense is a key factor here. Is your business local, city wide, county wide, or covering a larger demographic area? If it's only local then choose local or city wide publications.
If your business is on the south side of the city then a billboard ad on the north side will not be effective. You've spent a lot of time and money on ads so make sure you place them in a targeted publication.