The Impact Of Advertising On The Company Marketing Growth
The purpose of this study is the impact of advertising on the company’s marketing growth of peacock paint limited ikot Ekam Akwa ibom state. In carrying out this research lack of found inappriate timing or context of message exposure and inability to choose right media were problems. The researcher used survey research design; the sources data used in this study consist of the staff of peacock paint limited at Ikot Ekan and the customers of the company’s products in the same areas. Peacock paint limited has staff population of 120 and customer’s population of (500) respectively stratified sampling method and questionnaire method were used in generating data for the study simple percentage was used to test the hypothesis at 5% level of significance the major findings of the study is the peacock carries out advertising and has positive impact on the marketing growth of the company. Based on this , it was concluded that adverting leads to increase of marketing growth at peacock paint limited Ikot Ekam the following recommendations were given based on the finding adequate advertising budget showed be appropriate for the company’s marketing growth and that peacock paint limited should consider other functions of advertising like educating the customers on the product information and creating awareness which could result in increase of the company’s marketing growth in long run.
The present world of information technology the important of advertising as one of the promotional tool cannot be over emphasized. Advertising being one of the promotional tool is conceived all over the world as well as in marketing environment as one of the vehicle of spreading, informing and creating awareness about the availability of a product, product benefits.
Advertising according to Percy Rossites (1994:4) is a process of relatively indirect persuasion based on information about product benefits which is designed to create favorable mental impression that turn the mind towards purchase.
According to Ezirim A. et al (2006:11) advertising is a paid form of non personal sales presentation and promotion usually to a large number of potential customers by a an identified sponsor. It involves the mass media such as newspaper, television, radio magazines and bill board, moreso, advertising is widely use in many different ways and has been classified into local manufacturer, consumer, retailer industrial corporate, charity educational and recruitment advertising.
Market growth is the combination of sales of all products in all territories for all customers. In this case, the only data needed are total sales figure for this company over the past several years and the annual industry sales in the geographical market covered by the firm.
According to Ezirim et al (2006:3) marketing growth is express in quantitative or volume terms. The situational analysis of advertising us it is apply to peakcockpaint limited, Ikot Ikpene is given on the following heading. Advertising objectives, peackcock paint use advertising to achieve the following.
1. To create awareness about the existence of peacock paint product.
2. To introduce new product of peacock paint limited.
3. To maintain brand loyalty to the peacock paint product.
4. To build positive image
5. To obtain dealers support.
1.1 historical background of the company
Peacock paint limited was established in 1989 as a private limited liability company in November 1989 with the principles objectives of producing and marketing paints and allied products. It is located at that Ekan in Asuna community in Etinan local government of Akwa Ibom state. The principal sponsor of company investment trust company limited, S.D. group and company of copehagen, industrialization fund for developing countries (IFU) Demark and Nigeria businessmen.
Te company started production in 1984 and was officially commissioned in April 1986 by the late corned Dan Patrick Arch Bong of the than installed capacity of 3.0 million litres of paints per annual.
Armed with its state of the arts equipment and modern paint production facilities coupled with highly qualified and dedicated technical and administrative staff. There’re ten major department in the company of peacock paint. Each of the department is managed by manager peacock paint has been specified and used various government agencies and private sector and individuals, the company producer.
Peacock paint limited producer two grade of paints e.g. premium qualifies: these are top quality product
– Peacock useful enamet
– Pealux world premiers.
These are standard quality paints principally recommendations for use on interior of building. The second one is the industrial protective and marine paint that is used by oil comprises also producers. Thinners – peacock paints limited also producers a wide range of thinner for thinning the products foremation These products are manufacture in variety of colour as per our colour produced in customers choice colours.
These are the issues that involves in budget decision or peacock paint limited as it relate to advertising, affordable approarchl method is adopted, percentage on sales.
The choice of message generating and message components has been issued that brings concern to the organization. In this respect message has been properly generated, evaluated and selected.
Media choice is one of the important decision advertising. Peacock paint has put into consideration the following factors, the read, frequency, impact, special media vehicle and timing before selecting any media. In view of this the following media channels are for advertising peacock paints are radio, television, and prints bill board and newspaper.
The major problems faced by the organization are related to the advertisement are funding media selected frequency and message design.
1.2 STATEMENT OF THE PROBLEMS
There are factors that constraints the organization in the area of advertising. The statement of such problems are:-
1. Lack of fund: finance is one of the key factor affecting advertising.
2. Inappropriate timing or context of message exposure.
3. Choice of right media
4. Advertising not added value to the product.
Based on these stated problems above management of an organization has put more concern on how advertising affect the increase of marketing growth of the company’s product. It is on this note that the research has conducted to impact some of the advertising problems. Such problems how advertisement could head to increase in highlight growth.
Hence the topic impact of advertising or company’s market growth the increase of marketing growth of the company’s product. It is on this note that a research was conducted to impact some of the advertising problems possible ways of solving such problems and how advertisement could lead to increase in marketing growth. Hence the topic impact of advertising on company’s marketing growth.
1.3 OBJECTIVE OF THE STUDY
The major objectives of this study is the impact of advertising on the company’s marketing growth of peacock paints limited Ikot Ekan, ETinan, the objective are to:
i. Assess how advertising affects increase of marketing growth in peacock paints limited Ikot Ekan.
ii. Identify the problems peacock paints encounters with regards to the use of advertising in promoting their product.
iii. Identify the cost implication of using advertising as against other promo-tools.
iv. Asses the overall impact of advertising in influencing the purchase decision of all consumers of peacock paints limited.
v. Suggest the best method practicing advertising by the company to ensure increased marketing growth.
1.4 RESEARCH QUESTIONS
i. How does advertising affect increase in marketing growth of peacock paint product?
ii. What are the problem peacock paint encounters with regards to the use advertising in promoting their product?
iii. What is the overall impact of adverting in influencing the purchase decision of the consumer of peacock paint limited?
iv. Is there any cost implication of using advertising as against other promotions in peacock paints.
1.5 STATEMENT OF HYPOTHESIS
The following hypothesis formed the basis to the study:-
Ho: Advertising does not lead to increase in marketing growth of peacock paint product.
Hi: Advertising lead to increase in marketing growth of peacock paint product.
Ho2: Advertising does not influence purchase decision of peacock paint customers.
Ha2: Advertising influence purchase decision of peacock paint customers.
1.6 SIGNIFICANCE OF THE STUDY
The present studies is significant in various ways: –
The study could in some ways help the peacock paint in utilizing the most appropriate ways in promotional activities and the research to help furnished the organization with enough knowledge or how to increase her level of marketing growth.
This research work would serve as a frame work of reference to studies in marketing department and other related discipline who might conduct inquire or research into similar field topic.
1.7 SCOPE OF THE STUDY
Nature of the study covers the impact of advertising on the company’s marketing growth of the peacock paint limited Ikot Dkan, in Akwa Ibom state in Nigeria.
1.8 LIMITATION OF THE STUDY
The major limitations of this research are stated below:-
TIME: The time given for the completion of this work is not long enough considering other academic activities to be carried out.
FINANCE: The financial constrain was another major limitation factor to this study, there are no enough money to be used in traveling to many other higher institutions and public libraries outside the domain of the researcher to get more books and other information for a better research work.
COOPERATION: All the people concern in the process of carrying out the research did not give hundred percent cooperation and this posed a limitation to the effective carrying out of the research.
1.9 DEFINITION OF TERMS
In order to be explanatory and not to be confused the terms used in this study with their common language usage it is appropriate to define and explain the following: –
IMPACT: According to Oxford dictionary its defined as the sources strong impression or effect on somebody or something.
ADVERTISING: Promotion of a product, services or message an identified sponsor using paid form media (Arowomole and Adeyemi 2004).
COMPANY: A business organization that money by producing or selling goods and services (oxford dictionary)
MARKETING GROWTH: This is sales achievement expressed in quantitative, physical or volume terms.
ADVERTISING APPROPRIATION: This refers to the total sum of money set outside for all part of advertising mix.
MEDIA: Group of vehicles use to convey information new, entertainment.
ADVERTISEMENT: According to I.K Boating and KA boating (1982) defined advertisement as consist of all activities in presenting to people message regarding a product, services or idea.
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