Advertising Importance
Why advertising is important for businesses, consumers, and society as a whole
Advertising is a big part of both business and social life. It has been doing great in the area of distribution as a powerful way to boost sales. There are five ways to look at advertising’s role: from the point of view of the manufacturer, the middleman, the sales force, the customer, and society as a whole.
Why advertising is important for manufacturers:
All manufacturers and producers who want to sell their goods for a profit use advertising to get the word out about their goods and services.
Manufacturers can get the following benefits: (a) More sales; even the best product can’t sell itself if no one knows about it. In today’s very sensitive and competitive market, a company can’t make the most money unless it increases the number of sales it makes. Regular and frequent advertising helps the producer reach this goal.
- b) Helps keep existing customers and look for new ones: Any company that is looking to the future wants to keep its current position without losing sight of its goals. A company’s success can be seen in how it keeps its current position and plans to grow in the future. In this case, advertising helps the company keep up with the competition.
- Helps keep the price of the product in check: Advertising can help keep the price of a product in check, especially in stores. Stores that are greedy often charge customers more than they should. The company that makes the packages can help them by putting the price on them.
Why advertising is important for middlemen:
Middlemen are very important because they connect producers and consumers.
Advertising helps middlemen in the following ways:
- a) Quick Sale: Each store has stock from a different producer. Customers are more likely to buy something when they see it advertised. This helps stores sell their stock quickly.
- b) Sell things: Advertising has been called “salesmanship in print,” which is a good way to put it. Advertising does the work of travelling salespeople for the least amount of money. This is the main reason why most stores don’t hire a lot of travelling salespeople. Instead, they spend money on ads that bring people into the stores, where counter salespeople meet their needs.
Why advertising is important for consumers:
The main goal of all marketing is to meet the needs of the customer by giving them what they want.
Because of the following, advertising is important for consumers:
In today’s competitive world, the market is full of different kinds of products that meet people’s needs and wants. This helps them make decisions quickly and saves them time. Every maker says that their product is the best. In this case, advertising helps the buyer compare the product’s features, price, usefulness, quality, and other factors so they can choose the best one.
- b) Better Quality Product at a Reasonable Price: Good quality products are advertised so that people will think of them when they need them. Bad goods are taken off the market this way. In addition, it makes the market more competitive, which helps customers get goods at fair prices.
Why advertising is important for society: advertising is good for everyone, not just the advertiser, the retailer, and the customer.
Advertising has many benefits for society, some of which are:
- a) Raise the standard of living: Advertising has made it possible for most people to use things that used to be considered expensive. Advertising makes people buy more, which leads to more production at lower costs. This raises the society’s income and, by extension, its standard of living.
- b) Opens up job opportunities: Advertising opens up both direct and indirect job opportunities. It directly creates jobs for painters, artists, photographers, technicians, and other people. Indirectly, it creates jobs by supporting industries like paper, colour, electronics, and others that make things that are used in advertising.
Why advertising is important as a business, marketing, and promotion tool
Advertising is important for a business because it helps them promote themselves and sell their products. It’s still important for the economy as a business activity.
As a form of advertising, the following things could happen:
- To get people to know about the product.
- To give the customer information about the product.
- To make people change their minds.
- To get people to try out the product.
- To take direct action to buy.
In different markets, advertising has different effects. A “less expensive frequently purchased product” may be bought after seeing the same ad over and over again. In the event that the trial experience goes well, the product will likely be bought in the end. For routine or habitual purchases, like buying glucose biscuits, seeing an ad is likely to lead to a direct purchase.
For buying a product like an automobile, on the other hand, advertising is mostly used to make people aware of the product and teach them about it. Because the buyer has to think about their choice more, it is less likely that their attitude will change just because of advertising. But using the same ad over and over again, like in the Surf Excel ads, gives people peace of mind and helps them make their choice.
As a Marketing Activity: Advertising is important for making choices about other marketing tools as well as making choices about product, price, and place. The mix of different marketing tools in a given situation determines the type and reach of advertising for a product.
The product is at the centre of an advertising campaign. For the campaign to be successful, you need to know about the product’s features and where it fits in the market. Other important parts of good advertising are the product’s taste, colour, texture, smell, style, and design, as well as its packaging and trademark.
It is looked at how these features might affect sales of the product before they are used in the advertising. Advertising doesn’t add any value to the product itself, but it does help sell the product by letting people know about it. One of the most important parts of building a brand is advertising.
Advertising that comes with a price tag can also help you compare different brands. If not, the choice of media, the content of the message, and the way it is delivered in an ad do give the consumer an idea of the price of the product. Some people think that there is a positive link between the price of a product and how much advertising it gets.
People think that brands that spend more on advertising than their competitors do charge more, and brands that spend less on advertising than their competitors do charge less. At each stage of a product’s life cycle, the price strategy is linked to the amount and type of advertising it gets. It is thought that the link between high relative advertising and price level will be stronger for products that are further along in the PLC process. This is especially true for products that are at the top of the market and those that are cheap.
The amount of advertising exposure is linked to the goals and plans for distribution. It’s possible for product distribution to be intense, selective, or exclusive. Advertising as a form of mass communication makes it easier to get a lot of products to a lot of people. It makes people want to buy the product by acting as a pull factor in the market. If a product has a selective or exclusive distribution strategy, advertising is mostly used to let people know that the product is available.
People often think of advertising as “salesmanship in print” that makes it easy for salespeople to talk to the target audience about the product. Advertising makes it easier for different types of sales promotion to work in the market. A lot of the time, marketers use tools like gifts, coupons, discounts, and more to boost sales right away when they see that sales are going down or to counter a competitor’s strategy.
Advertising makes people aware of these tools and creates the right conditions for success in the form of more product sales. In the same way, advertising is a good way to get people to know about PR and publicity campaigns so they can work.
To sum up, advertising seems to be just one way that marketers are trying to get their message across to customers. A look at how decisions about advertising affect choices about product design, price, and the choice of dealer. So, advertising choices can help an organisation reach its goals, but only if they work well with other choices and are coordinated with them.
When decisions in other parts of the marketing mix get better, decisions about advertising get better too. At every stage of marketing, there is some kind of communication going on, and the main and most important communication happens when the product is finished.
As a whole, though, advertising usually takes the lead when it comes to how an organisation markets and promotes itself. So, the real goal of advertising is not to “sell,” but to get people to try the product or service being advertised and to get them ready to be happy with it by “pre-sampling” it.
Over the years, the advertising industry has grown by more than 15% every year, which shows that the Indian economy is doing well. The stock market’s growth, price cuts across all categories, and the real estate and entertainment industries’ meteoric rise have all given advertisers new places to reach people.
Along with the telecom and auto industries, the advertising industry is growing mostly because of ads for new types of products, such as mutual funds, initial public offerings (IPOs), and aeroplanes. Ads are also being spent more on rural and low-cost markets. Incoming traffic went up by 45.5%, and the company made Rs 8,274 crores more in 2005 than it did in 2003.