SIGNIFICANCE OF ADVERTISING IN THE MANAGEMENT OF BUSINESS ORGANIZATION
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SIGNIFICANCE OF ADVERTISING IN THE MANAGEMENT OF BUSINESS ORGANIZATION
ABSTRACT
The purpose of this research is to examine the role of advertising in business management using a sample of small businesses. The primary goal of this work is to identify and highlight the opportunities for advertising in small businesses in order to determine whether advertising increases product sales and how, as well as to identify advertising problems in small businesses and suggest potential solutions.
The research survey method was employed to collect data, and hypotheses were tested with the chi-square statistical tool. The study concluded, however, that tiny businesses are perceived to be so because they lack means of expansion, but by raising awareness, the business has the potential to grow and become greater in size.
As a result, advertising plays a vital role in small business management. It was recommended, among other things, that small business management use advertising at the early stage of the product life cycle or at the introductory stages of the business,
and that the product be good and presented to consumers in such a way that it can speak for itself, with only a few terms used in the advertisement to capture people’s attention and reduce advertising costs.
Chapter one
INTRODUCTION
1.1 Background of the Study
In the management of small business organisations, advertising appears to be one of the key strategies that management utilises to realise its aims and objectives.
The term advertising appears to be very popular among all professions due to the critical role that it plays in the achievement of organisational objectives.
Consumers and buyers in most cases aspire to learn about a product through advertisement, even if the advertiser believes it is necessary to punch product information into the market for awareness.
This is due to the fact that each participant in the exchange process is frequently confronted with the problem of finding a buyer. As a result, it is critical for the owner of a business to carefully consider how to get product information across to the ultimate consumers of such product.
Such information is provided in a variety of ways, including through advertising. When visibility is poor, most small businesses remain small. An increase in levels of awareness usually results in an increase in product sales.
Increased sales can lead to larger enterprises, which is the goal of the small business management. The importance of advertising in this respect cannot be overstated. This research will investigate the role of advertising in the management of small company organisations.
1.2 Statement of Problem
Advertising is one of the common promotional techniques that most organisations employ to achieve their objectives and goals. Advertising is primarily used to raise awareness, excite consumer interest in a product, boost overall patronage, and increase an organization’s sales volume.
Despite the numerous benefits of advertising, most small businesses show little or no concern for publicising their products. More specifically, the inability to promote has decimated many small company organisations throughout the years.
These research on the significance of advertising in the administration of small company organisations will be limited to addressing the following:
1.3 RESEARCH QUESTION.
i. Does advertising play a significant part in the administration of small company organisations?
ii. To what extent is advertising beneficial in the growth of a small business?
iii. Are small business owners eager to advertise about their strengths and weaknesses?
iv. What happens to a small business organisation if it is not advertised?
The aforementioned question will be used as a guiding rule to assist the researcher in designing tools to extract the necessary information to provide an answer to the reach question.
1.4 Object of Study
There are
i. Identify and highlight the opportunities for advertising in small-scale businesses.
ii. To determine whether advertising increases product sales and how
iii. To identify the issues of advertising in small-scale businesses and provide alternative solutions.
iv. To determine if the high expense of advertising does not favour small-scale bossiness from advertising.
v. to understand how advertising helps them reach their goals and objectives in a small business.
1.5 Research Hypothesis
Because the study tries to understand the role of advertising in the administration of small company organisations.
The hypothesis statement would be this:
i. Ho: advertising does not enhance sales of product.
ii. Hello: advertising increases sales of a product.
Ho: the high cost of advertising does not exclude small businesses from advertising.
iii. Ho: advertising doesn’t help small company organisations reach their goals and objectives.
Hello, advertising facilitates the attainment of aims and objectives of small business organisations.
1.6 Significance of the Study
The study is most relevant to business owners because it will expose them to the under attending of flow to communicate effectively with the public and at the same time help to increase the sales of their products. It will also help them to compete fevouraby with other business owners in the industry in which they operate.
The study is also significant to the general public because it will teach them how to identify, purchase, use, and store their acquired things.
Finally, this research project aims to discover a long-term solution to the problem of small-scale business advertising to help appreciate advertising in the industry.
1.7 SCOPE OF THE STUDY
This study was primarily chosen to investigate the relevance, importance, and significance of advertising in the administration of small company organisations. The focus was on issues and prospects of advertising in connection to small business organisations,
with Auchi serving as a case study. It will also discuss how to use advertising in small businesses to reach the target demographic more effectively and profitably. An attempt will be made to identify and indicate potential problems inside the organisation.
Finally, advertising decisions in small business organisations will be addressed in this study.
1.8 Limitations of the Study
This includes the researchers’ incapacity to study the entire population within the scope of the case study.
There was also the issue of not being able to immediately contact the respondents (small business owners/managers with the exception of a handful).
Of course, there was the issue of multiple responses on the administered questionnaire, which limited the researcher’s ability to provide a near-perfect analysis of the data acquired. Also, the difficulty of not being able to obtain good material from secondary sources was not overlooked during the execution process.
This research, however, was attributed to a subpar school library and bad networking at the local computer café nearby.
However, the research was meticulously conducted.
1.9 Operational Definition of Terms
ADVERTISING: This denotes any pad form of non-personal presentation and promotion of ideas for products or services by an identifiable sponsor (AMA 1960).
It is also used to describe a public marketing of some items or services by a known sponsor (web definition).
PUBLIC: People in general seen as a whole; a group or a body of people who share some common interest.
Source: According to the Oxford Advanced Learners Dictionary, a source is a place, person, or object from which you acquire anything.
It is the begging of the generator and initiator of a message through a channel to an audience, e.g., a salesperson who wishes to communicate a sales message to a people communication: it is seen as a process of passing information from one end to the other; it is a process of interaction between two or more people.
The dictionary also defines it as the action of the process of conveying ideas and feelings when giving others information, i.e. speech, which is the fastest mode of communication.
MEDIA: It appears to be one of the key methods that a huge number of people obtain information and enjoyment; it is the channels via which messages are communicated to a target audience, e.g., newspapers and magazines. Direct mail, radio, television, etc.
FINANCE: This term refers to the money utilised to operate a business, activity, or undertaking. It is the action of managing money and/or making money available to an individual, organisation, or country.
CAPITAL: This is the sum of money invested or used to start a firm.
FREQUENCY: it is used here to denote the relate which something happen and is repeated the reality of something happening often, i.e. the number of times that tonne advertisement is given through a specific medium.
IMPACT: the powerful influence that something has on something or something else. The effects of one objective on the other value in exposure through a certain medium.
Business is defined as a commercial activity carried out as a livelihood, such as a trade, profession, occupation, or a specific field of endeavour.
OBJECTIVE: Something that you seek to obtain.
ORGANISATION: According to the dictionary, an organisation is a group of people who create business clubs, etc., together to pursue a specific goal. It can also refer to the entire corporate enterprise, including facilities, martial money, and manpower. It can also be considered a creative procedure.
Risk is a measure of uncertainty regarding the outcome of an event.
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