Advertising is a tool of marketing that has numerous benefits to parties such as consumers, manufacturers and the society as a whole. Below are the benefits of advertising.
Brings A New Product Or Service To The Market
This comes as the first and most important advantage of advertising regarding marketing as it helps a new product to gain recognition in the market. This ensures that people are properly motivated to go out and try this product or service.
Advertising helps to expand and grasp his or her market. Essentially, advertising either looks for new markets or does its best to keep the existing market by making the new market aware of the existing products and reminding the existing market of the existence of this product.
The biggest goal of advertising other than creating awareness of a new or existing product is to ensure that sales continue to increase. There is some expense that is incurred in advertising, but this is usually recovered through a large increase in sales volumes which directly translates to increased revenue as well as profits.
In the world of business, many producers and manufacturers produce goods that are similar and could easily substitute each other. This means that competition is high. Every producer wants to make sure that they continue to penetrate the new markets. Advertising helps to fight this competition by creating more awareness about a product even to markets that have already been grasped by a different producer.
Helps to Educate Consumers About The Product
Advertising is also a tool of education because it helps to enlighten the consumers. It teaches them about the uses of a new product as well as familiarizing them with the uses of existing products.
Creates Employment Opportunities
Advertising has helped to bring about more employment opportunities to various people who are gifted in different ways and can add value to the process. Models and singers have become brand ambassadors for different companies. They are incorporated in advertising in this way. Photographers and artistes are among the lot that has benefitted a lot regarding employment when it comes to advertising.
Creates Higher Living Standards
Consumers want a better standard of living when they are exposed to new products and services that can make life easier for them. Variety and quality brought about by advertisement increase the standard of living especially in developing economies.