ADVERTISING AN EFFECTIVE PROMOTIONAL TOOL FOR MARKETING NEW PRODUCT (A Case Study of NASCO Marketing Company)
Promotional mix variables differ in ineffectiveness in generating consumer interest and influencing purchase decisions. In this study, an attempt is made to evaluate the effectiveness of advertising, one of the promotional mix elements used by the NASCO group of companies, Jos.
Currently, NASCO household products are market leaders in most parts of the country. this study reveals the extent to which advertising is considered central in delivering the company’s corporate objectives. The population for this study consists of (1,000) out of which a sample size of one hundred and Ten (110) is chosen for this study.
In addition, the following hypothesis has been tested and proven in this project:Ho: Advertising is insignificant in the new product development and marketing process especially in the NASCO group of companies Jos. H1 Advertising is significant in the new product development and marketing process especially in the NASCO group of companies Jos.
Based on the test carried out using the chi-square techniques the calculated x2 hypothesis has a higher rating of 15.3 than the tabulated value, and thus H1 is accepted. The study further found that despite the important role of advertising in influencing customer purchase decisions on NASCO products, the overreliance on TV commercial advertising is not ultimate as other advertising media are also important in a competitive marketing environment like Nigeria.
It is thus, recommended that urgent steps must be taken to assess the media preferences of consumers with a view to adopting another effective media strategy for the company.