To make any product or commodity or service available in the market we have to employ advertising so that the public is informed of them that are available in the market. With a large number of products available today and the increasing number of brands as well as the trend of brand consciousness, advertising and marketing assume an even more significant place in the world of business. It is only through advertising that people are enabled to make choices out of the variety of products and brands present in the market. As such, the world of production and marketing has become very competitive, with every brand and company trying to have an upper hand in the selling of their goods. Besides, the large number of options available enhances the area of choices of the customers due to which advertising once again plays a supreme role in deciding the stability and popularity of goods.
The Institute of Practitioners in Advertising (IPA) defines advertising as ‘the means of providing the most persuasive possible selling message to the right prospects at the lowest possible cost’. Thus, advertising as a means of marketing demands a lot of research and accuracy- in understanding the trends of the market as well as the prevalent tastes and preferences of the people. It is important to give adequate consideration to the needs of the public so that the product is capable of fulfilling those needs in the best possible way and at the most effective price. Besides, the advertisers must choose a cost-effective method of communication to reach the widest range of customers. No doubt, advertising is a major phase of overall product development and management.
Precisely because of this vital role that it plays in the world of business and marketing, a lot of importance is given in creating the perfect ‘ads’ to attract and rouse curiosity amongst its target audience. According to Small Business Administration, the marketing world must employ six basic ‘laws’ for the success of advertising. The first and foremost rule states the importance of the advertising message that must be easy and compelling, and always a single message. The flourishing diamond industry of D’Beers owes its success to that one-liner that became a cliché- ‘Diamonds are forever’. What follows the message is the importance of creating curiosity amongst its audience; if ads are colourful, credible and appeals to the audience either in terms of rationality or emotions it will quite obviously be eager to try out the particular product. Another basic rule that should be kept in mind is- every medium of advertisements like brochures, papers, boxes or websites must have the contact information of the company so that customers can easily contact in case problems arise with the product or service. These fundamentals acquire a huge significance in the vast world of marketing, and understanding these requisites help reap awards in the business of marketing.
It is a process of mutuality- advertising and business- for both sustain each other. Advertising is as much important to promote small-scale business enterprises as business enterprises to fully support the production of advertisements. When we talk about the tremendous investments made into the production of advertisements, it might appear that the business of marketing is rather whimsical. But on careful notice one comes to know of the pain-staking plans and executions behind this world of apparent glitz and glamour. The absolute first step in making a business decision of marketing is to lay down a budget and then setting realistic goals for the advertising initiatives. Simultaneous researches are conducted to study market trends as well the current tastes of the target audience as well as the best medium to promote the ad to be produced.
Which brings us to the next important topic of discussion- the large role played by media in the world of advertising. Of course we cannot separate the two, today. Be it newspapers, radio, television, Internet or the mobile phone, advertising has been gaining a larger hold and reaching even more people with the proliferation of the means of communication. There has been an interesting trend in the growth of online advertising today; and along with TV advertising it is increasingly assuming an important place in the business of marketing and advertising. Print and television continue to have a major share of Indian advertising at 700 to 900 million dollars annually. Infact, TV advertising had a rather slack beginning and only exploded when cable TV began to grow popular. It has been estimated that the average cost of producing a 30-second national TV commercial is nearly $350, 000. However, small-sized businesses cannot afford to invest huge amounts and if started with freelancers or small production agencies, decent commercials can be produced for as little as $1000. Although most entrepreneurs regard TV advertising as incredibly expensive, studies have showed that advertising on television is more economical than it is thought to be.