Going beyond just advertising and its impact to sales turnover of a company

Project Abstract

Advertising has long been recognized as a key component of marketing strategies for companies aiming to increase sales turnover. However, recent studies have shown that simply focusing on advertising may not be enough to drive significant growth in sales. This research project delves into the various factors beyond advertising that can impact the sales turnover of a company. The study utilizes a mixed-methods approach, combining quantitative analysis of sales data with qualitative assessments of consumer behavior and market trends. Through in-depth interviews with marketing experts and industry professionals, as well as surveys of target consumers, the research aims to uncover the underlying factors that contribute to sales turnover beyond advertising efforts. Initial findings suggest that while advertising plays a crucial role in creating brand awareness and attracting customers, other factors such as product quality, pricing strategies, distribution channels, and customer service also significantly impact sales turnover. Companies that excel in these areas tend to outperform competitors, even with similar advertising budgets. Furthermore, the research explores the role of customer loyalty and word-of-mouth marketing in driving sales. Repeat customers and positive referrals can have a substantial impact on sales turnover, often more so than traditional advertising efforts. Building strong relationships with customers and providing exceptional experiences can lead to long-term loyalty and increased sales. Additionally, the study investigates the influence of external factors, such as economic conditions, industry trends, and competitive landscape, on sales turnover. Companies that are able to adapt to changing market dynamics and capitalize on emerging opportunities are better positioned to drive growth in sales, regardless of their advertising strategies. Overall, this research project aims to provide valuable insights for companies looking to enhance their sales turnover beyond just advertising. By understanding the multifaceted factors that contribute to sales performance, firms can develop more comprehensive marketing strategies that leverage a combination of advertising, product quality, pricing, customer service, and other critical elements to drive sustainable growth and profitability.

Project Overview

<p> </p><p><strong>1.0</strong><strong>INTRODUCTION</strong></p><p><strong>1.1</strong><strong>BACKGROUND OF THE STUDY</strong></p><p>Advertising is any paid form of non-personal communication about an organization or its product to a target audience through a mass/broadcast medium by an identified sponsor. It should be observe that for any promotional activity to be called advertisement it must be paid for.</p><p>In the real sense it is the method used by companies for creating awareness of their products, as well as making new product, known to the new potential consumers.</p><p>This thesis however, centers on going beyond just advertising and its impact to sakes turnover of a company. This work will shed light on how advertising can really affect a consumer’s buying decision in growing economy like that of Nigeria and how successful advertising can keep business going even in the midst of a tough competition. More so, advertising as a promotional tool also tends to remind, reassure and influence the decision of the consumers because an advertisement itself enlightens, educates, and persuades consumers on their acceptability of the product offering.</p><p>Most companies use an outside agency to help create advertising campaigns and to select and purchase media. Today, advertising agencies are redefining themselves as communications companies &nbsp;that assist clients to improve their overall communication effectiveness by offering strategic and practical advice on many form of communication.</p><p>In developing an advertising program, marketing managers must always start by identifying the target market and buyers motives. Then they can make the five major decisions, known as “the five ms”. Mission what is the advertising objective? Money. How much can be spent? Message: what message should be sent? Media: what media should be used? Measurement: How should the result be evaluated? Kotler and Keller (2006)</p><p>Advertising in such a media as print (newspaper, magazines billboards, flyers) or broadcast (radio, television ) typically consist of pictures, headlines, information about the product and occasionally a response coupon. Broadcast advertising on the other hand consist of an audio or video narrative that can range from 15 seconds spots to longer segments as informercials, which generally last 30 to 60 minutes. Busari (2002)</p><p>Advertisement can also be seen on the seats of grocery carts, on the walls of airports, walkways, on the sides of buses, airplane and train. Advertisements are usually place anywhere an audience can easily and/or frequently access visual and/or video (Busari, 2002)</p><p><strong>1.2</strong><strong>STATEMENT OF THE PROBLEM.</strong></p><p>In a growing economy such as that of Nigeria, it is often very difficult to have a regular and consistent increase in sales volume of a company product because of the political and socio-economic instability in the country which directly affect the standard of living and the purchasing power of the consumers.</p><p>This thesis is based on to what extent has going beyond just advertising can have impact on the sales turnover of a company going in business.</p><p><strong>1.3</strong><strong>RESEARCH QUESTION</strong></p><p>Does going beyond just advertising have an impact to sale turnover of a company product and services?</p><p>To what extent does T.V advertising create a lasting impression in the mind of the prospect?</p><p>What is the best medium to be use in passing the advertisement message to the target market?</p><p>Why is the print media mostly used in communicating the advertisement message?</p><p><strong>1.4</strong><strong>RESEARCH HYPOTHESIS</strong></p><p>For the purpose of the study the hypothesis generated are as follows;</p><p>Ho: &nbsp; That advertising has no impact on the sales volume of a product.</p><p>Hi: &nbsp; &nbsp;That advertising have impact on the sales volume of the product.</p><p>Ho: &nbsp; That there is no significant relationship between advertising and sales volume</p><p>Hi: &nbsp; &nbsp;That there is a significant relationship between advertising and sales volume.</p><p><strong>1.5</strong><strong>PURPOSE OF THE STUDY</strong></p><p>In order not to deviate from the original intention and motive, the following will therefore outline the purposes which the thesis intends to achieve. They are as follows:</p><p>i. &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;To access the extent to which an advertising programme reflects on the sales volume of a product</p><p>ii. &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;To identify the major merits and demerits of advertising.</p><p>iii. &nbsp; &nbsp; &nbsp; &nbsp;To get to know the concepts of advertising and its various forms.</p><p><strong>1.6</strong><strong>SCOPE OF STUDY</strong></p><p>This research will cover how the elements of advertising can be manipulated to design an effective advertising campaign, and also strictly viewing advertising as a promotional tool using promassidor Nigeria Ltd as a case study</p><p><strong>1.7</strong><strong>SIGNIFICANCE OF THE STUDY.</strong></p><p>The significance of this study will be addressed under the following sub-headings</p><p>i. &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<strong>Organization under study:-</strong>&nbsp;This research work will be of great significance to promassidor Nigeria Ltd in the sense that it will assist them on adopting a better advertising campaign, towards the attainment of goal/objectives. Secondly, it will help it to evaluate the roles of advertising in relation to increase in the company product and services and to create awareness of it existence.</p><p>ii. &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<strong>Customers:-</strong>&nbsp;It will be of great relevance to both existing and potential customers, for them to know to what extent advertising can change there perception about a product or service.</p><p>iii. &nbsp; &nbsp; &nbsp; &nbsp;<strong>Government:</strong>&nbsp;It will also be of great significance to government to know what and what are happening in the dynamic business world.</p><p>iv. &nbsp; &nbsp; &nbsp; &nbsp; Future Researchers:- Of great importance it is to intending student, who are going to carry-out similar research work on this thesis this project itself is in partial fulfillment of the requirement for the award of higher national diploma (H.N.D) in marketing.</p><p><strong>1.8</strong><strong>LIMITATION OF THE STUDY.</strong></p><p>This research study was constrained by inadequate data and information, release and the location of the company used as a case study. These factors research may have somehow limited the outcome of this research work.</p><p>This research work was designed to examine going beyond advertising and its impact to sales turn over of a company, but the data was restricted to information collected from the management.</p><p><strong>1.9</strong><strong>OPERATIONAL DEFINITION OF TERMS</strong></p><p><strong>Advertising: </strong>This is any paid form of non-personal presentation of idea, goods and services by an identified sponsor</p><p><strong>Advertising Agencies: </strong>These are usually independent business organizations comprised of creative and business personnel, who develop, prepare and place adverts for organizations so as to attract and influence consumers’ behavior toward a product or service.</p><p><strong>Consumer:</strong>&nbsp;This is the person(s) to which the advertisement and product/services are directed. Here they are also known as buyers of company’s product.</p><p><strong>Outdoor Media:</strong>&nbsp;These cover the use of billboards, sign post, posters, handbills etc in communicating the advertising message to the consumers.</p><p><strong>Electronic Media: </strong>These include radio, television, the internet, etc and can be either local or international</p><p><strong>Market:</strong>&nbsp;This is usually the strategic location or place where the company’s consumer/buyers are situated or where they go to buy the products/services of their choice. The market place offers different products/services to different consumers.</p><p><strong>Producer:</strong>&nbsp;This is the organization or firm that provides a product or that delivers services for consumer consumption.</p><p><strong>Sales volume: </strong>This is to measure the amount, usually in cartoon/craters etc, of the product being sold at a given point in time. This is commonly used as well with products but it could be as used within a service company.</p><p><strong>Transit Advertisement:</strong>&nbsp;A relatively minor volume of the advertisement placed in or on public buses, taxis, cars and other commercial vehicles.</p><p><strong>Product:</strong>&nbsp;This can represent anything a consumer acquires or might acquire to meet a perceived need. The need not necessarily not to be satisfactory some product might not satisfy their needs.</p><p><strong>Sales: </strong>This is a process of selling something such as a product, ideas or services sold at a given point in time (Arowomole, 2001, 17-25)</p> <br><p></p>