ADVERTISING STRATEGY IN A COMPETITIVE BUSINESS ENVIRONMENT.
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It is important when discussing advertising to be fully aware of what advertising is all about. Advertising definition are as numerous as the number of advertisements available in the mass median but there is yet to be a universally accepted definition.
Advertisement is seen daily on television, newspapers, magazine, radio, posters e.t.c. It the question “What is advertisement? I asked, the common commercial seen or heard readily comes to mind. But there is much more to advertising that exists and experienced by every one.
It could mean different things to different people. To some, advertising is a profession, a business tool to many and a form of communication to almost every one. And like communication advertising is either good or bad. It is amusing, entertaining, useful, boring, wasteful deceptive an intrusion, silly, or a necessity.
There are as many perspectives to advertising as there are individuals.
For it is the gains or losses from it that shade individuals perception. These who gain from advertising would always control its virtues many definitions to be given while those who have nothing to gain from it would surely hold negative views about it. Advertising is much like electricity, it is greatly known and also the uses, but to define it successfully are not easy.
In a study “the consumer view of advertising” carried out in 1974 by the American Association of Advertising Agencies. For as more than half of the respondents described advertising as a channel of information from manufacturers to consumers.
More than a third of this representative sampling of consumers defied advertising as a form of salesmanship or persuasion. Some defines advertising as manipulation propaganda and misleading. Many scholars professional bodies sand association had given various definition of advertising with minor differences.
However, it is note worthy that each definitions is unique on its own. Hence we can say advertising is a complex field.
A more comprehensive definition was provided by the American Marketing Association (ASMA) which says advertising is any paid form of non personal presentation and promotion of goods services or ideals by identified sponsor. This definition is widely accepted. It is acceptable simple because of key element it provided.
- STATEMENT OF THE RESEACH PROBLEM
It the project work, answer will be provided to the following research problem.
- What is advertising?
- What are the reasons for advertising?
- What are the tools for advertising?
- What are the functions of advertising?
- How do we budget for advertising?
- What are the types of advertising?
- What are the methods and approaches of budgeting expenditure?
- What are the forms of advertising?
- What is competition?
We can also write the statement of the problem in this way.
The importance of stork in any organization can not be over emphasized. Control must be accorded a great attention so as to minimize some of the problems associated with advertising control, some of these problems are:
- Advertising valuation methods are many.
- There are improper record keepings.
- The supply of raw material is in effective.
- No policy regarding minimum and maximum stock levels determination.
- The company adapts manual advertising control
- The bi-annual stock taking is not enough for effective controls.
- OBJECTIVES OF THE STUDY
The objective of the study is to highlight the importance of many research works to various groups. What really brought about this topic is the challenge encounter during the course of study and gain there has not been a real precision in the study of advertising strategy in a competition business environment.
Like in a Nigeria Bottling Company PLC of the topic chosen will be of benefits to successful advertising planners and an effective advertising research in any business organization in the future.
The project will also serve as guide to the future students when embarking on a similar research. The business organization in the country could draw some facts in how a firm could design effective advertising strategy which is believed its will enable the business organization to achieve its goals and objectives. More so, to industrial companies this work will provide the guideline for designing effective advertising strategy between competitors.
- SIGNIFICANCE OF THE STUDY
Nigeria Bottling Company that engages in planning an advertising strategy through various methods will find the research very useful in planning their day-to-day operation. In a way the study is a crucial review of the role in advertising strategy in competitive business especially in the Bottling Industries.
Nigeria Bottling Company Management owns a duty of putting there houses in order all their advertising strategies.
This study has showed how the company task can be achieved, it is also discovered in the course if this research that advertising strategy is used in the increase of the sales. If product in both competitive oligopolistic and monopolistic markets.
Apart from the above important factors of students saddle with project similar to this study will also find the research useful. Effective and efficient advertising strategy will also help companies that experience keep competition among themselves to achieve its set out objective.
The research is equally significant to the researchers as it part of the requirement for the award of National Diploma (ND) Certificate in the polytechnic.