IMPACT OF ADVERTISING ON THE COMPANY MARKETING GROWTH
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IMPACT OF ADVERTISING ON THE COMPANY MARKETING GROWTH
ABSTRACT
The goal of this study is to determine the impact of advertising on Peacock Paint Limited’s marketing growth in Ekam, Akwa Ibom state. Lack of appropriate timing or context of message exposure, as well as an inability to select the appropriate media, were identified as issues during the course of this research.
The researcher utilised a survey research design; the data sources for this study were the employees of Peacock Paint Limited in Ikot Ekan and buyers of the company’s products in the same locations. Peacock Paint Limited has a staff of 120 and a client population of 500.
The study’s data was generated using a stratified sample approach and a questionnaire method, and a simple percentage was employed to test the hypothesis at a 5% significant level. The study’s key conclusions are that the peacock advertises and has a beneficial impact on the company’s marketing growth.
Based on this, it was concluded that advertising leads to increase of marketing growth at peacock paint limited Ikot Ekam. The following recommendations were given based on the finding adequate advertising budget showed to be appropriate for the company’s marketing growth and that peacock
paint limited should consider other functions of advertising like educating customers on the product information and creating awareness, which could result in increase of the company’s
Chapter One:
1.0 Introduction
In today’s era of information technology, the importance of advertising as a promotional tool cannot be overemphasised. Advertising, as a promotional instrument, is conceived all over the world and in the commercial environment as one of the vehicles for spreading, informing, and raising awareness about the existence of a product and its benefits.
Percy Rossites (1994:4) defines advertising as a somewhat indirect persuasion technique based on information about product benefits that is aimed to build a favourable mental impression that leads to a purchase decision.
According to Ezirim A. et al. (2006:11), advertising is a paid kind of non-personal sales presentation and promotion sent to a big number of potential buyers by a known sponsor. It includes mass media such as newspapers, television, radio, magazines, and billboards;
also, advertising is widely used in a variety of ways and has been defined as local manufacturer, consumer, retailer, industrial corporate, charitable, educational, and recruitment advertising.
Market growth is defined as the total number of products sold in all regions to all customers. In this situation, the only data required are the total sales figures for this company for the last several years, as well as the annual industry sales in the geographical area serviced by the firm.
According to Ezirim et al. (2006:3), marketing growth is measured in quantitative or volume terms. The situational analysis of advertising as it applies to Peakcockpaint Limited, Ikot Ikpene is provided under the following heading. Advertising objectives: Peackcock Paint uses advertising to achieve the following.
1. To raise awareness of the presence of peacock paint products.
2. To introduce a new product from Peacock Paint Limited.
3. Maintain brand loyalty for the peacock paint product.
4. To create a positive image.
5. To get dealer support.
1.1 Historical Background of the Company
Peacock Paint Limited was founded in November 1989 as a private limited liability business with the primary goal of producing and distributing paints and related products. It is located in Ekan, Asuna village, Etinan local government of Akwa Ibom state.
The primary sponsors of the investment trust company limited, S.D. group and company of Copenhagen, industrialization fund for developing nations (IFU) Denmark, and Nigerian businesspeople.
The company began production in 1984 and was officially commissioned in April 1986 by the late Corned Dan Patrick Arch Bong, with an established capacity of 3.0 million litres of paint per year.
Equipped with cutting-edge equipment and contemporary paint production facilities, as well as highly qualified and devoted technical and administrative staff. The company of peacock paint has eight key departments.
Each section is supervised by a manager, and peacock paint has been specified and utilised by many government agencies, the business sector, and individuals, including the company’s producer.
DECORATIVE PAINTINGS
Peacock Paint Limited offers two types of paints: premium qualified (high-quality products), Peacock helpful enamel, and Pealux global premier.
STANDARD QUALITIES:
These are standard-quality paints that are primarily recommended for use on the interior of buildings. The second is industrial protection and maritime paint, which is utilised by oil producers as well.
Thinners – Peacock Paints Limited produces a wide range of thinners for thinning the products foremation. These goods are manufactured in a variety of hues based on our colour palette and the colours chosen by clients.
BUDGET DECISION.
These are the challenges that are involved in budget decisions or peacock paint limitations in terms of advertising, the use of an affordable approach, and the percentage of sales.
MESSAGE DECISION
The organisation is concerned about the message generation and message components that have been issued. In this regard, the message has been appropriately generated, reviewed, and selected.
MEDIA DECISION
One of the most crucial advertising decisions is which media to use. Before selecting any media, Peacock Paint considered the following factors: readability, frequency, impact, particular media vehicle, and timeliness. In light of this, the following media outlets are used to advertise peacock paints: radio, television, print, billboard, and newspaper.
PROBLEMS
The organization’s biggest issues with advertising include financing, media selection frequency, and message design.
1.2 Statement of the Problems
There are several variables that limit the organization’s advertising capabilities. One of the main challenges in advertising is a lack of funding.
2. Inappropriate timing or context for message disclosure.
3. Choosing the right media
4. Advertising did not add value to the product.
Based on the issues raised above, an organization’s management has become more concerned with how advertising affects the marketing growth of the company’s product. On this point, research has been performed to address some of the advertising concerns. Such issues suggest that advertising could lead to an increase in spotlight growth.
As a result, the topic influence of advertising or a company’s market growth is the increase in marketing growth of the product. On this point, a study was done to examine the impact of specific advertising challenges,
potential solutions to such problems, and how advertising could lead to an increase in marketing growth. As a result, the topic is the impact of advertising on a company’s marketing growth.
1.3 PURPOSE OF THE STUDY
The primary goal of this research is to determine the impact of advertising on Peacock Paints Limited’s marketing growth. The purpose of Ikot Ekan and ETinan is to assess the impact of advertising on marketing growth of Peacock Paints Limited. Ikot ekan.
ii. Identify the issues that Peacock Paints experiences while using advertising to promote their products.
iii. Determine the financial implications of adopting advertising vs alternative promotional tactics.
iii. Evaluate the total impact of advertising on the purchasing decisions of all Peacock Paints Limited consumers.
v. Suggest the ideal strategy of advertising for the organisation to assure enhanced marketing growth.
1.4 RESEARCH QUESTIONS
i. How does advertising effect the marketing growth of peacock paint products?
ii. What are the challenges that Peacock Paint faces when using advertising to promote their products?
iii. What is the total impact of advertising on the consumer’s purchasing decision for Peacock Paint Limited?
iv. Are there any costs associated with using advertising in comparison to other marketing in peacock paints?
1.5 Statement of Hypothesis
The study was based on the following hypothesis:- Advertising does not result in increased marketing growth for peacock paint products.
Ho: Advertising resulted in a boost in the marketing growth of the Peacock Paint product.
Ho2: Advertising has little influence on the purchasing decisions of peacock paint customers.
Ha2: Advertising influences the purchasing decisions of peacock paint customers.
1.6 Significance of the Study
The current research is relevant in several ways: –
The study might assist the peacock paint in utilising the most appropriate methods in promotional operations, and the research may provide the organisation with sufficient knowledge or how to boost her level of marketing growth.
This research would serve as a framework for future studies in the marketing department and other relevant disciplines that may undertake inquiries or research on similar area topics.
1.7 SCOPE OF THE STUDY
The study examines the impact of advertising on the marketing expansion of Peacock Paint Limited in Ikot Dkan, Akwa Ibom state, Nigeria.
1.8 Limitations of the Study
The main limitations of this study are listed below:- TIME: The allotted completion time is insufficient for other academic activity.
FINANCE: Another important constraint element to this study was a lack of funds to visit to many other higher institutions and public libraries outside of the researcher’s area to obtain additional books and information for a better research effort.
collaboration: Not all of those involved in the research procedure provided complete collaboration, which hampered the research’s effectiveness.
1.9 Definition of Terms
To be explanatory and avoid confusion with their normal language usage, the terminology used in this study should be defined and explained as follows: –
IMPACT: According to the Oxford Dictionary, impact is defined as the source’s powerful impression or influence on someone or something.
ADVERTISING: The promotion of a product, service, or message by an identified sponsor through paid media (Arowomole and Adeyemi 2004).
COMPANY: A business organisation that makes money by producing or selling goods and services (Oxford Dictionary).
MARKETING GROWTH: Sales performance expressed quantitatively, physically, or in volume terms.
ADVERTISING APPROPRIATION: This is the entire amount of money allocated externally for all aspects of the advertising mix.
MEDIA: A group of vehicles used to communicate new information and entertainment.
ADVERTISEMENT: According to I.K Boating and KA Boating (1982), advertisement is defined as all acts that involve providing a message to individuals about a product, service, or idea.
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