A review of the trade and popular press over the past few years quickly reveals the interest in and growth of bus exterior advertising(EBA) and it is getting attention from corporate managers, advertising agencies, and measurement firms attempting to achieve high reach and frequency of exposure to target audiences and cover a wide range of audiences such as commuters, driving traffic, and pedestrians in terms of cost efficiency. However, despite this interest, increasing popularity, and revenue growth, EBA remains one of the underresearched whereas there are many misnomers and nebulous ideas of EBA in compared to any advertising medium. To address this important knowledge lacuna, the extant literature surrounding EBA was reviewed and 14 in-depth interview were conducted across top marketing, advertising, and media companies in Seoul, Korea. A grounded theory approach was utilized as an interpretive methodology. Findings identified six underpinning dimensions and in the context of these dimensions, twenty propositions are posited concerning the effective formulation and management of EBA strategies. From these findings, this study suggests recommendations for how advertising practitioners and policy makers should plan, use, and evaluate EBA for improving the effectiveness and fairness of EBA practices. In addition to its important contributions and implications, this research has surfaced some issues that merit future research.