EFFECT OF ADVERTISING ON A company PRODUCT
EFFECT OF ADVERTISING ON A COMPANY PRODUCT
The project's objective is to investigate the effect of advertising on a company's product. The goal of the initiative is to shed more light on the value of advertising on a company's goods.
During the preparation of this project, a main source of data collection was used, and questionnaires were distributed in the organisational method for data from the study.
It was discovered, among other things, that the company under investigation does not use it. In conclusion, it was observed that advertising is significant, however most companies are rarely involved in advertising done by the manufacturers of such goods.
1.1 Background for the Study
Advertising can be defined as the process of drawing the public's (audience) attention to a specific product, service, or idea in promotion, which includes the activities of preparing sales displays, trade fares, training seminars, and working free samples
all of which are for effective marketing advertising, which is the oral or written words, illustrations, and pictures that convey the intention and message of advertising.
Nigeria is branded as a developing nation by implication in all of its human endeavours, which has yet to experience development and has not reached an acceptable degree of economic process and sustainability.
However, the commercial sector of the Nigerian economy, which has the most diverse characteristics, contributes in a minor way to the level of growth, economy, and overall development experienced thus far.
Advertising methods, which enhance the number of sales of manufactured consumer products, have been increasingly crucial in the expansion of the commercial sector as mass media sophistication and public awareness have grown.
Consumer goods manufacturers and distributors alike are in the advertising ocean, making all necessary efforts to sell their goods to the population.
This may be why manufacturers and distributors alike are found using such business strategies as loffery branding premium bonuses and contest sponsorship of programmes, among other things, to popularise their product for regular patronage. Perhaps an attempt will be made to answer this nagging topic in the core field of this research.
1.2 statement of Problem
The consequence of economic depression on most enterprises is a decline in sales; in other situations, there are no sales for an extended period of time, resulting in the company's closure or liquidation.
Consumers are either unaware of the company's product offering or have developed a strong habit of using a specific product, resulting in the death of a close substitute in the market. The significance of advertising is then lost.
As a result, the task presented in this paper is to find out:
How often is advertising utilised as a marketing tool?
ii. How advertising can attract marginal clients or consumers.
iii. How effective is advertising as a marketing strategy?
iv To assess the level of satisfaction with marketing initiatives in Nigeria.
v The impact of advertising on marketing products.
1.3 Research Questions
Is advertising considered as a technique for motivating consumers/customers' tastes?
ii. How often is advertising utilised as a marketing tool?
iv Are Nigerian businesses utilising advertising as a marketing strategy?
Iv Does advertising aid in the introduction of a new product to the market?
1.4 Object of the Study
Given the stated problem, the study's objectives include:
(i) Determine how advertising affects a company's sales success.
(ii) To identify potential methods of enticing consumers through advertising.
(iii) Advertising to raise awareness of a new product and increase sales volume for the company.
(iv) Evaluate the effectiveness of advertising on marketing activities and provide recommendations as needed.
(1) Advertising is not a significant promotional method used to raise awareness about a company's goods.
(2) The advertising budget has no effect on the consumption patterns of the advertised product.
(3) That the message's content influences a logical buyer's decision.
1.6 Scope of the Study
This study does not indicate that advertising is the sole marketing approach that a firm can utilise to enhance its sales volume. The study focuses solely on the successful application of sales promotion by consumer-oriented organisations as a means of accomplishing their company's goals and objectives.
Due to restricted resources and time constraints, the study will be conducted using the staff of Coca-Cola Bottling Company Plc in Benin and consumers from the Ugbowo Uniben campus as case studies.
1.7 Significance of the Study
Advertising is critical to the development of corporate organisations in particular, as well as the overall economic development of a nation. The role of advertising in an organisation will improve the effectiveness of company management, as well as improved coordination and control by government organisations in charge of organising the commercial sector.
Advertising serves as a short-term incentive for new products. A young entrepreneur may utilise this to test market acceptability of their new product. The initiative is vital for retail business organisations, particularly those looking to grow sales, raise awareness, and persuade customers to purchase products and return for repeat business.
1.8 Limitations of the Study
As with most research of this sort undertaken in Nigeria, time restrictions and a lack of suitable financial resources and logistics created certain limitations to this study.
Respondent bias and a lack of interest by staff and some consumers who claimed to have always provided assistance and answered questionnaires previously administered to them by various researchers without being provided with the results of such studies are significant limitations that should be mentioned here. Despite the aforementioned shortcomings, the study was eye-opening in terms of the benefits of advertising to consumer-oriented organisations.
1.9 Operational Definitions of Terms
According to the American Marketing Association (AMA), advertising is any paid type of non-personal representation and promotion of goods, services, or ideas by an identifiable sponsor.
A product is something that can be provided to a market in order to attract attention and possibly satisfy a want or need.
Price is the amount of money charged for a service or product.
Place: The geographic area via which the targeted customers are reached.
Promotion entails engaging with buyers about the goods being given. It entails a sophisticated communication system with the general public, including customers and middlemen.
Sales promotion refers to marketing tactics other than personal selling, advertising, and publicity that increase consumer purchasing and dealer effectiveness. These events include presentations, exhibitions, demonstrations, and other extraordinary sales efforts.