ROLE OF ADVERTISING IN ENTREPRENEURSHIP TONNIE EGUN WHAT

ROLE OF ADVERTISING IN ENTREPRENEURSHIP TONNIE EGUN

WHAT IS ADVERTISING Advertising is a form of communication intended to persuade an audience (viewers, readers or listeners) to take some action. It includes the name of a product or service and how that product or service could benefit the consumer, to persuade potential customers to purchase or to consume that particular brand.

WHAT IS ADVERTISING Modern advertising developed with the rise of mass production in the late 19 th and the early 20 th centuries. Commercial advertisers often seek to generate increased consumption of their products or services through banding, which involves the repetition of an image or product name in an effort to associate related qualities with the brand in the minds of consumers.

MEDIA Different types of media can be used to deliver these messages, including traditional media such as newspapers, magazines, television, radio, out door or direct mail; or new media such as websites and text messages. Advertising may be placed by an advertising agency on behalf of a company or other organization.

ADVERTISERS Non commercial advertisers that spend money to advertise items other than a consumer product or service include political parties, interest groups, religious organizations and governmental agencies.

ADVERTISERS Non profit organizations may rely on free mode of persuasion, such as a public service announcement.

COMPETITION

COMPETITION In the current fragmented market, the marketers are facing tough competition from their competitors. Each marketer has to prove himself to be better than his competitors.

COMPETITION The cut throat competitive market environment has made the advertising field very experimental and hence advertisers are adopting different measures to attract the attention of their target customers.

COMPETITION They try to present their advertisements in such a way that catches instant customer attention. For this, they use a blend of message appeals like rational, emotional, ethical, etc. to make a positive impact on the target audience.

THE TARGET PUBLICS

MEANS OF REACHING THE TARGET Aspirations, comfort, convenience, economy, efficiency, fear, love, nostalgia, pride, health, luxury, patriotism, sex and safety are some of the ideas that engage the minds and touch the hearts of the target audience, and ultimately motivate a response.

CORPORATE RESPONSIBILITY Being business entities, sometimes companies are carried away with their profit motives. They forget that as they are a part of the society, they have a responsibility towards the society, as well.

CORPORATE RESPONSIBILITY Any activity of the company should not have an adverse effect on the society. The same stands true in respect of advertising also.

CORPORATE RESPONSIBILITY With the growth in the reach and frequency of mass media, the advertising industry has also grown by leaps and bounds. It implies that the persons exposed to advertising are also growing with the growth of mass media and the advertising industry.

CORPORATE RESPONSIBILITY On the one hand, it is a good sign for the marketers as they can now reach a larger audience by using mass media but on the other hand, it has increased their role towards the society.

CORPORATE RESPONSIBILITY Now marketers have to be more socially responsible while making and presenting their advertisements as the presentation of advertisements can have a positive as well as a negative impact on the society.

TOP 10 ROLE OF ADVERTISING IN PROMOTION OF A PRODUCT 1. Awareness 2. Information 6. Brand Loyalty 7. Brand Image 3. Persuasion 8. Counter Competitors’ Claims 4. Attitudes 9. Expansion of Markets 5. Reminder 10. Educating the Customers

1. AWARENESS: One of the important roles of advertising is to create awareness of the product or services such as brand name and price. The awareness of the product or services can be created through highlighting the unique features of the brand.

1. AWARENESS: Nowadays, due to intense competition it is not just enough to create awareness, but top of mind awareness is needed.

2. INFORMATION: Advertising helps to inform the target audience about the product. Providing information is closely related to creating awareness of the product. Potential customers must know about a product, such as product features and uses.

2. INFORMATION: Product information is very much required, especially when the product is introduced in the market, or when product modification is undertaken. Proper product information can help the consumers in their purchase decision.

3. PERSUASION: When business firms offer similar products, the firm must not only inform the customers about the product’s availability, but also persuade them to buy it. Through persuasive messages, the marketers try to provide reasons regarding the superiority of their products as compared to others available in the market.

3. PERSUASION: Persuasion can be undertaken through creative advertising messages, product demonstration at trade fairs, offering free gifts, premium offers and organizing contests.

4. ATTITUDES: Promotion is required to build or reinforce attitudes in the minds of target audience. The marketers expect the target audience to develop a favourable attitude towards their brands. Positive attitude towards the brand helps to increase its sales.

4. ATTITUDES: Through promotional techniques like advertising, the mar keter can correct negative attitude towards the product, if any. Negative attitude can also be corrected through public relations and advertising.

5. REMINDER: If target customers already have a positive attitude towards a firm’s product or service, then a reminder objective may be necessary. The reminder objective is necessary because the satisfied customers can be targets for competitors’ appeals.

5. REMINDER: Well established brands need to remind the customers about their presence in the market.

6. BRAND LOYALTY: Advertising helps to develop brand loyalty. Brand loyalty results in repeat purchases and favourable recommendations to others by existing customers.

6. BRAND LOYALTY: Sales promotion, effective personal selling, timely and efficient direct marketing, and other techniques help to develop brand loyalty.

7. BRAND IMAGE An advertiser helps to develop a good image of the brand in the minds of target audience. There are several factors that can be of help to audience.

7. BRAND IMAGE There are several factors, such as: The character of the personality that endorses the brand, The content of the advertising message, The nature and type of pack aging and The type of programmes or events sponsored, that can help to develop brand image in the minds of target audience.

8. COUNTER COMPETITORS’ CLAIMS: The marketer may counter the claims made by the major competitors. For instance, competitive advertising is undertaken to counter the claims made by competitors either directly or indirectly. With the help of creative advertising, the marketers can claim the superiority of their brand.

8. COUNTER COMPETITORS’ CLAIMS: The marketer may also undertake aggressive sales promotion to counter the competition in the market.

9. EXPANSION OF MARKETS: Successful ads results in expansion of the markets.

9. EXPANSION OF MARKETS: A marketer may intend to expand markets from the local level to the regional level, from the regional level to the national level, and from the national level to the international level. For this purpose, the marketer may undertake various techniques of promotion.

10. EDUCATING THE CUSTOMERS: Promotion may be undertaken to educate the customers. For instance, some of the advertising is undertaken to educate the audience regarding the use of the product, handling operations, and so on.

10. EDUCATING THE CUSTOMERS: Public awareness campaigns also educate the public regarding the negative effects of noise, air and dirt pollution, social evils, and so on.

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