EFFECT OF MEDIA ADVERTISEMENT ON SALES OF CONSUMER GOODS IN SOME SELECTED MARKETING FIRMS IN LAGOS
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EFFECT OF MEDIA ADVERTISEMENT ON SALES OF CONSUMER GOODS IN SOME SELECTED MARKETING FIRMS IN LAGOS
Chapter one
INTRODUCTION
1.1 Background of the Study
Demographics and product qualities are the most commonly utilised variables for market segmentation, with demographic categories used to match segments to media profiles, owing to the fact that most media describe their viewers based on demographics.
Despite current studies identifying new bases for segmentation, such as lifestyles and perks, media profiling of target groups has remained relatively unchanged. Media reach and pricing are still focused on target demographics,
therefore demographics continue to play an important role. However, despite the fact that the demographic profile of customers in many markets has changed significantly over time, research into demographic aspects appears to have declined in favour of more ‘exotic’ characteristics (Kauhanen, 2005).
According to Kavassalis, Ntina, Dimitris, Evangelos, Gregory, and Antonis (2003), customers are exposed to a range of advertising pitches during their daily lives. These appeals are intended to influence the customer’s attitude towards a variety of items and services.
They reach out to a broad number of people from diverse cultural and ethnic backgrounds via television, radio, and the Internet. However, it remains to be explored how well these appeals might impact consumers from various demographic profiles. An investigation of the literature revealed some intriguing imbalances.
The majority of studies on demographic factors in advertising focused on gender, with only a handful considering other demographic characteristics.
All company organisations recognise the need of improving their sales performance. To achieve this, a company’s target market must be aware of its products or services. This is only possible when an organisation advertises (Leppäniemi and Heikki, 2005).
In today’s ever-changing and fiercely competitive business world, it is often held that a corporate organisation that does not advertise is equivalent to a man winking in a dark room full of other people. Only he understands what he is doing; the others do not.
Organisations today confront comparable challenges: improve price performance, raise satisfaction and retention, boost productivity and efficiency, streamline business processes, and drive bottom-line development; all of these are critical to delivering exceptional performance.
The task of achieving exceptional performance has become more complicated. It is becoming increasingly important to develop management structures and control systems that drive strategic transformation.
Capitalise on fresh opportunities while minimising risk, all without limiting the company’s flexibility and inventiveness. It is no longer enough for the top executive in charge of performance and competitive positioning to explain previous results.
They must now grasp how to communicate, implement, and control corporate and business-unit strategy using metrics and dashboards to demonstrate results and performance accomplishments.
Organisations, large or small, should engage in one sort of advertising or another in order to improve sales success.
1.2 Statement of Research Problem
It has always been difficult to determine whether or not advertising has any relevance or influence on corporate success. Also, most people ask if the amount spent or budgeted for advertising each year directly translates to everything that is required to declare a company accomplished.
The focus will be on a series of business performance analyses in terms of top-line and bottom-line growth, i.e. revenue and profit compared to advertising costs over multiple years (minimum of 5 years).
This might also be used to dig down on the performance of multiple product brands over the same time period as mentioned above. Corporate success is critical to the organization’s continued survival.
Technological improvement in the economy has changed the preferences of some passengers. The challenge then arises from the requirement to educate the target market and make them aware of the current and sophisticated status of the products and services.
This study attempts to measure the influence or effect of media advertising on consumer goods sales.
1.3 Objectives of the Study
The primary goal of this research is to investigate the impact of an advertising campaign on consumer product sales. The precise objectives listed below will serve as our guidance in achieving this goal.
· Investigate how media advertising affects consumer purchasing behaviour.
· Assess media advertising’s impact on consumer behaviour and consumption patterns.
· Determine whether media advertisements increase consumer loyalty.
1.4 RESEARCH QUESTIONS.
These research questions were created to examine the study’s aims.
Is media advertising effective in increasing consumer product sales?
To what extent do media advertisements increase consumer patronage?
Does media advertising increase client loyalty?
1.5 Hypotheses.
The following hypotheses will be tested throughout the duration of this investigation.
There is no significant link between media advertising and consumer product sales.
Media advertising does not increase consumer patronage.
o There is no clear link between media advertising and customer loyalty.
1.6 Significance of the Study
The study focuses on the impact of media advertising on consumer product sales in Lagos. The significance of the study is various, thus some of them are mentioned below:
The research helps organisations understand the impact of their media advertisements and allows consumers to engage in a fast changing world in which work and other activities are increasingly being transformed and transforming the workforce.
It is believed that the study would shed information on the extent to which media advertising is used in the marketing industry. The study investigates the changing interaction between media advertisements and marketing development with the goal of identifying potential future trends in the marketing industry.
Thus, the study’s findings make a significant contribution to the current research on the subject. It also promotes future research that extends beyond the topic of this study.
This study proposes methods for developing an effective media advertisement strategy, as well as its position as a tool for increasing organisational productivity in the marketing business, and the study’s findings will be used by members of society as a whole.
They include investors, suppliers, policymakers, distributors, and other businesses in the country. They are all interested in the quality and consistency of media advertisements in order to make sound decisions.
Overall, it is hoped that this study and its conclusions will serve as a useful guide and aid in the formulation and development of a successful advertising campaign for a target market. Furthermore, some of the proposed solutions and recommendations will be valuable because they reveal the nature of the markets’ complicated and dynamic state.
1.7 Scope of the Study
The study only looks at the impact of media advertising on consumer goods sales in a few select marketing firms in Lagos. This research study examines the impact of advertising on sales performance and how it has influenced the company’s overall success.
1.8 Limitations of the Study
Every research study or undertaking has its own limitations or flaws. There is no exemption in this study. Thus, the level of accuracy in this study is related to the amount of information provided by the respondents. There is also a question about whether the information provided is objective.
As a result, the information acquired may contain inaccuracies, affecting the generalizability of the study’s conclusions. However, it should be noted that this limitation is not exclusive to this study,
but applies to all previous studies that use the survey approach. Furthermore, the study is limited to selected marketing firms in Lagos, narrowing the scope of the study and thus reducing its generalizability.
1.9 Operational Definition of terms
Consumers are sometimes referred to as users. They are also persons, organisations, or parts of organisations that use or consume goods and services.
Fixed costs are those incurred by a business at any level of output and include equipment maintenance, rates, labour, and general upkeep.
Manufacturer: The company that creates goods and services.
The market is defined as all possible customers who have a specific need or want and are willing and able to engage in an exchange to meet that need or want.
Marketing is the social managerial process by which individuals and groups produce and exchange products and values to meet their needs and desires.
Marketing mix: It is an effect on consumer behaviour that represents the combination of some marketing strategies known as the four Ps (price, product, place, and promotion) used to bring about a change in market behaviour in a planned manner.
Promotion: Any marketing activity that raises awareness of and attempts to solicit support for purchasing and using a product or service that is being advertised.
Advertising: It is a term that distinguishes advertising from advertisement because the two are not synonymous.
Advertisement: This is a strategy employed by advertising to reach their intended audience.
The term “media” refers to the means of communication used to communicate commercial messages.
Communication is a process in which the sender sends a message in such a way that the receivers understand what the sender intended.
1.10 Plan of the Study
This research study is organised into five chapters.
Chapter One: This chapter, titled “introduction,” discussed the study’s background, problem statement, study objectives, research questions, hypotheses, study scope, significance, term definitions, and limits.
Chapter Two: It includes a survey of important literature on the issue. In it, we will look at the topic of “media advertising and consumer goods sales.” The definitions of some subject-related words will be provided. The chapter also discusses how technology innovation might improve customer service performance.
Chapter Three: The third chapter of the study will cover research technique. The term “research methodology” simply refers to the approach used to conduct the research.
To make things easier, the chapter will be divided into seven sub-headings: restatement of research questions, restatement of the hypothesis, research design, sample design and procedure, data collection instruments, procedure for administering the questionnaires, and questionnaire administration constraints.
Chapter four, titled “data presentation and analysis,” will statistically portray obtained data in a simple manner, utilising tables and percentages. An attempt will also be made to analyse the data as supplied for our better comprehension.
Chapter five: The final chapter of the study will give a summary of the research findings, conclusions, and research recommendations.
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