ADVERTISING AS A POWER TOOL FOR BUSINESS GROWTH
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ADVERTISING AS A POWER TOOL FOR BUSINESS GROWTH
Chapter one
1.1 Background of Study
Almost all economic actions are designed to ensure that the appropriate goods and services are created and delivered to customers. This requires a procedure known as marketing.
Marketing decisions are focused on consumer requirements, therefore they strive to lead or achieve an organization’s goal of consumer satisfaction and corporate profitability.
The marketing mix is created in order to direct the flow of products and services to meet the needs of customers while making a profit.
The marketing mix observes that the marketing manager has a limited number of ingredients (marketing elements) at his disposal, but, like a master chef, he can combine these into an almost limitless number of recipes to achieve the organization’s goal of maximising profit and remaining in operation.
The marketing mix is made up of four ‘P’s. They are:
(i) Product.
(ii) Price.
(iii) Place.
(iv) Promotion.
A product refers to a company’s need-satisfying offering, which might be a physical object, a service, or a combination of the two. For example, nails (physical product), legal counsel (service), and home delivery of Tantalizers’ birthday cake (a combination of the two).
Price refers to the amount charged for a product or service. Pricing selections are extremely important since they influence both the number of sales and the amount of money a company earns.
Place ensures that goods and services are available in sufficient quantities, locations, and at the times that customers require them. It is pointless to create a product or service that is not available to clients.
Promotion is the process of sharing information between a seller and a potential buyer or others in the channel in order to change attitudes and behaviours.
Promotional efforts are now heard and seen almost every day as part of the overall communication strategy mix. Organisations, particularly those engaged in the distribution and merchandising of consumer goods and other personal products with a high purchase frequency, employ a variety of promotional strategies.
Promotional activities are largely directed towards:
(i) acquiring a competitive advantage,
(ii) resulting in increased sales volume and business growth.
It accomplishes this by notifying potential buyers that the correct product is accessible in the right location and at the right price.
There are five promotional methods:
(i) Personal selling.
(ii) Sales promotion.
iii) Publicity
(iv) Public relations.
(v) Advertising.
Personal selling is the direct spoken conversation (face-to-face) between salespeople and potential customers. It delivers immediate input but can be too expensive.
Sales promotions are activities other than advertising, publicity, and personal selling that pique the curiosity, trial, or purchase of end users or others in the channel. Compared to other promotion strategies, they can be adopted swiftly and produce benefits faster.
Publicity is any unpaid, non-personal presentation of ideas, goods, or services. Publicity professionals are employed to draw attention to the company and its offerings without incurring media fees. This is what makes it different from advertising.
Marketers’ public relations activities are aimed at developing and sustaining positive relationships with specific audiences, such as consumers, as well as the general public.
Advertising is any paid, non-personal presentation of ideas, goods, or services by a specific sponsor.
The focus of this research is on advertising as a powerful instrument for corporate expansion.
There is so much power in information, and when it is repeated, it makes an effect. Individual customers are often thought to lack the time, inclination, or capabilities to actively seek out and assess relevant information while making purchasing decisions. Advertising readily solves this difficulty because it is the primary means of telling the public about a product’s availability.
Advertising is focused with inspiring people, so it can tap into human desires and solve the problem of what to buy – and keep buying.
1.2 Problem Definition
We are amazed and fascinated by the incredible advertising inventiveness that exists everywhere. Blinking lights in various commercial centres at night, gigantic outdoor posters,
television and radio commercials, magazines and newspapers full with vivid advertisements, have made it possible to admit that advertising has become an essential component of the marketing economy.
Most large corporations rely heavily on advertising, which can cost millions of dollars. In this study, the Nigerian Bottling Company PLC, a soft drink production and distribution company, makes extensive use of commercials as a promotional strategy, despite the fact that its brand is well-known. How come? It’s not because they have a lot of money to throw around.
So the research raises the following questions:
(i) Do advertisements stimulate demand?
(ii) Do advertisements offset the actions of competitors?
(iii) Do advertisements impact sales volume?
(iv) Can advertising expenditure be justified in order to make a greater contribution to corporate growth?
1.3 OBJECTIVE OF STUDY
The goal of this study is to provide a reason for advertising activities while also answering the research problem’s questions.
They are:
(i) To justify that advertisements generate main demand.
(ii) Determine the degree to which commercials increase insistence or preference.
(iii) To examine whether advertising activities have a favourable impact on sales volume.
(iv) To demonstrate that even “big” names advertise in the face of competition to achieve the organization’s immediate and long-term goals.
1.4 Significance of the Study
The value of every study is determined by its contribution to previous, immediate, and ongoing efforts to provide answers to a problem.
Businessmen and business professors in emerging countries are gradually realising that in order for their economies to expand, people must constantly buy and consume growing amounts of commodities.
However, as businessmen strive for higher sales, they face increased competition. Competition should not be permitted; hence, a competitive market entails a competitive advertising strategy.
The purpose of this study is to demonstrate how advertising investment can be justified in order to achieve a greater than typical contribution to business growth for both new and established organisations.
1.5 Scope of Study
Because of the difficulties involved in acquiring relevant information for the entire NBC group, this study is confined to the impact of advertisements on the business growth of the Nigerian Bottling Company Plc, with a focus on the Benin Plant.
1.6 Research Methodology
The research methodology describes the processes and procedures used to analyse relevant data in order to obtain a specific outcome.
The purpose of this study is to look into the role of advertising in the commercial growth of Nigerian Bottling Company Plc’s Benin plant.
Primary data relevant to this study will be gathered through personal interviews and questionnaire administration.
Secondary data will also be employed, which will include library research, data compilation from government sources, and the internet.
The sampling design’s target population will be Coca-Cola consumers and distributors in Benin City.
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