ADVERTISING: AN EFFECTIVE PROMOTIONAL TOOL FOR MARKETING NEW PRODUCT
1.0 BACKGROUND OF THE STUDY
In our contemporary world, advertising serves as one of the media vehicle through which any organization or potential buyers of goods and services and to form direct communication of persuasion nature to existing customers or the generality of the populate. In communication system (through whatever means can deliver its message to recipient or receiver in a way and manner that the receiver will receive and perceive the message. The word advertising is derived from the Latin word advertero and meaning it turn literally, it means to turn people’s attention to specific thing”. Nothing definite can be said to how ad is the method of advertisement. It was originally used to warn public against something either drive or attract the public from something bad or good. It is presumed that the first advertisement was sometime in the form of stenciled. Inscription which were found on earthen bricks prepared by the Babylonians above three thousand years before Christ In the olden days, the advertisements were more passive and extremely limited in scope. The earliest forms where signboards and writing on the walls of prominent buildings. The art of printing further aided in the technique of advertising through hand bills magazines and newspapers pamphlets and hand book. In a free or capitalist economics, promotions play an important rule. This is creating awareness for new product. This fact has been established by marketing experts. As a tool, promotion can be used for not only creating product awareness but also in estimating demand through a variety of techniques. The techniques are advertising, personal selling, publicity and sales promotion. Firms can use any of these or a combination of one or more to achieve their promotional goals, depending on the nature of the product, the firm financial strength etc. Due to springing up of soap manufacturing industries in recent years, with existing of the imperfect competition and different brands in the soap market there is the need for effective advertising strategy which will not only informs and persuade, but also remind the customers to maintain the brand. In the present day competitive environment in our business set up especially in toilet soap industries in Nigeria, it is absolutely imperative for the strategy resembles and immeasurable investment to the organization in which a return is expected. The NASCO Marketing company limited should find it necessary to design advertising campaign in such a way that will attract the attention of customers invariably this will end and the strength of its product line and sales. This research is therefore intended to analysis the extent to which NASCO marketing company limited is using advertising strategy to market its new product beauty soap in the face of its competitors offering the same toilet soap, it also intended to highlight any constructive alternative or suggestion for over coming any advertising bottle neck that might arises.
1.1 STATEMENT OF PROBLEM
The basic problem for research is to justify the effectiveness or impact of advertising to adopt make sales especially during the introductory stage and why is it that during introductory stage of the product life cycle a new product dies not reaching the growth or maturity stage. What method(s) of advertising are to and whether those methods are actually effective enough to achieve the desired goals. Over the years, many organization in Nigeria seems to believe that once goods or services are produced, there is ready market for such goods and services. As they do not seem to recognize or appreciate the place or role of advertising towards achievement of their organizational profit or sales objectives.
1.2 OBJECTIVES OF THE STUDY.
In the kind of adventure, there must be a study to ascertain its success. If that is a general and acceptance principle the researcher also has some reasons in going into the study under consideration. In view of fact, this study is carried to achieve the following objectives.
1 To examine the significant of advertisement as it effects the development introduction and growth of new product in the market place
2 To access the degree of the effect of advertising on new product performance in comprise with competitive product in the market place.
3. To determine the degree of association that exist between the advertising expenditure, and the annual turnover/profit.
1.3 SIGNIFICANT OF THE STUDY
This project will be of importance to the (NASCO)company limited in adopting a more effective way of advertising to take care of uncertainly in the future which is likely to occur in the industry especially in marketing new product entrance. The finding of the study will also be of immense benefit to other companies who may wish to carry out further research work on how advertising can be used when a new product is introduce into the market. The finding will be useful to the marketing department of Kaduna polytechnic who may be interested in researching further into advertising new product or services in Nigeria and final year student in particular who will graduate and go into business word to face problem in the advertising system of the organizations, the student may find themselves.
1.4 SCOPE OF STUDY
The study is concern with advertising as a promotional tool for marketing New product a case study of the NASCO marketing company in the advertisement of beauty toilet soap manufactured by NASCO beauty care division and would in addition be limited to the company’s area of operation due to the financial and time constraints
1.5 LIMITATION OF THE STUDY
The scope of the research is limited by factors inherent in our environment such as finance, time and attitude of respondents. The limitation encountered in the course of the investigation are listed below. It is evidently clear that things are very difficult in Nigeria these days. This problem becomes more apparent due to the high cost of transportation, a considerable increase in price of writing, typing and binding material at the time of writing this project due to the devaluation of Naira. The researcher had struggle in between lecture period and data collection. As a result of this, some places which were to be visited were abandoned.
The attitude of some consumers or customers who could not ,fill the questionnaire correctly and even some did not return the questionnaire at all. Also attitude of the administrative marketing manager of NASCO towards answering questions. There was the suspicion that information revealed could be used to the detriment of the company, or could be revealed to competitors despite the assurance from the researcher that all information provided will be treated with utmost secrecy.
1.6 STATEMENT OF HYPOTHESIS
For the purpose of this study the following hypothesis have been formulated H0: Advertising is insignificant in the new product development and marketing process especially in NASCO groups of companies, Jos. H1: Advertising is significant in the new product development and marketing process especially in NASCO groups of companies Jos.
1.7 DEFINITION OF TERMS.
1. Marketing the management process responsible for identifying, anticipating and satisfying customers requirement profitable.
2. Product. Product is anything that can be offered to market for attention, acquisition or consumption, it includes physical objects, services, personalities, places, organization and ideas.
3. Proportional tool. is are the various methods pf proportion that a company can adopt. Such as advertising, personal selling, sales promotion and publicity.
4. Advertising this is a form of paid public announcement intended to promote the sale of commodity or services or to bring about some other effects desired by adviser. It is essentially a form of communication through such diverse media as handbills, newspapers, letters and radio television broadcast.
5. Market share is a firm percentage of the industry’s total sales.
6. Invocation a new approach or concept in the, production cycle frequency involving the use of invention practiced task.
7. Product life cycle. Is an attempt to recognize district stages in the sales history of the marketing of a product that begins with commercialization and end with, removal from the market?
8. Modification Any adjustment of an existing product settle and color or model any product improvement or brand change.
9. Media mass communication channel through which a message is passed across to the audience for example, television, radio, magazine etc.
10. Personal selling. The process of making oral commercial representation during buying or selling interview or services.
11. Marketing strategy. This is the marketing logic by which the business units expect to achieve the marketing objectives. Sales promotion. It has been destined as a short term incentive to encourage purchase or sales of product or services.