Advertising is one thing which has become a necessity for everybody in today’s day to day life, be it the producer, the traders, or the customer because it plays a very important role in today’s age of competition.
Today, we are going to look at how and where advertising is regarded as being very important.
Some of the basic importance of advertising include the following:
1. Advertising is important for the customers
Just imagine television or a newspaper or a radio channel without an advertisement! Advertising plays a very important role in customers life because customers are the people who buy the product only after they are made aware of the products available in the market.
If the product is not advertised, no customer will come to know what products are available and will not buy the product even if the product was for their benefit. One more thing is that advertising helps people find the best products for themselves, their kids, and their family.
When they come to know about the range of products, they are able to compare the products and buy so that they get what they desire after spending their valuable money. Therefore, advertising is important for the customers.
2. Advertising is important for the seller and companies producing the products
Yes, advertising plays very important role for the producers and the sellers of the products, because of the following reasons:
- Advertising helps increasing sales.
- Advertising helps producers or the companies to know their competitors and plan accordingly to meet up the level of competition.
- If any company wants to introduce or launch a new product in the market, advertising will make a ground for the product.
- Advertising helps making people aware of the new product so that the consumers come and try the product.
- Advertising helps creating goodwill for the company and gains customer loyalty after reaching a mature age.
- The demand for the product keeps on coming with the help of advertising and demand and supply become a never-ending process.
3. Advertising is important for the society
Advertising helps educating people. There are some social issues also which advertising deals with like child labor, liquor consumption, girl child killing, smoking, family planning education, etc. thus, advertising plays a very important role in society.
4. Increases sales
Advertising spark an interest of advertised products and services in the masses. Interest creates demand in the market. The growing demand soon results in higher sales. Eventually, the advertiser fulfills his main goal of investing in an advertisement.
However, to continue with such a growth in sales, the advertiser or merchant must also maintain a good price-quality ratio along with regularly running his ad campaigns.
5. Maximizes profit
Advertising helps in increasing sales and control the cost borne by the advertiser. It helps to widen the gap between his sales and incurred cost. With maximizing sales and lowering cost, the profit of an advertiser grows.
Thus, it aids in maximizing the profit of its advertiser.
6. Consumer awareness
Advertising creates awareness by informing consumers.
- Awareness: It creates an awareness among consumers about the availability of any particular product or service in the market. It attempts to convey them why an advertised product or service is better than other alternatives currently available in the market.
- Information: It informs a consumer, mainly about; various features, benefits, price and use of an advertised product or service. It also gives information about the brand name or trademark used, the address of a manufacturer or a service provider, and other relevant details to the consumer.
While creating awareness and supplying relevant information, it ultimately helps a consumer to make a right choice in his or her purchase.
7. Educate the society
Advertising has a remarkable ability to reach masses and educate the society. Therefore, many Governments and even Non-Governmental Organizations (NGO) often take help of advertisements to reach and educate people on important social issues.
Creative ads released in the public interest teach people about:
- Family planning,
- AIDS awareness,
- Saving water and electricity,
- Giving children compulsory education,
- Providing a right kind of nutrition to the mother and her new-born infant,
- Abolishing child labor, etc.
The significance of advertising in business:
- Crucial for a launch or announcement,
- Source of revenue for publishers,
- Promotes goods, services, ideas, and events,
- Helps in increasing the sales,
- Maximize the profit of an advertiser,
- Creates consumer awareness,
- Educate the society,
- Is Art, Science, and Profession,
- Demands creativity,
- Marketing mix element,
- Target oriented,
- Use persuasion for results,
- Demands monitoring of demand and supply,
- Builds brand’s image, and
- Generates employment.
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