Advertising can be defined as any paid form of non-personal communication that is directed to customers or the target audience through various media in order to present and promote products, services, and ideas.
It is a branch of commerce that is used to create awareness of a particular product, and it must be paid for. Advertising informs, educates, and persuades people to buy the advertised goods and services.
Radio Advertising
Radio is a medium of advertising which is oral or verbal and has the widest reach of all the media in Nigeria. Radio signals(messages) are received virtually in all rural and urban areas in Nigeria. Broadcasting is done both in local languages and in English, and sometimes in the French language. Radio advertising uses various catchy phrases and slogans.
Advantages of Radio Advertising
- It is cheaper than television.
- It offers good target market selectivity; it is possible to select the required target market by sponsoring suitable programs
- It has a relatively low cost when compared with other media like the press and television.
Disadvantages of Radio Advertising
- It gives a short message which may be too brief to have any effect on the consumer.
- Radio advertising has only audio effects; it appeals to the ears only.
Cinema advertising
Cinema advertising employs theatrical films and at intervals, the cinema form of entertainment in Nigeria attracts large audiences of young adults and youths, and as such is good for reaching the market with services, soft drinks and cosmetics. It has the following characteristics: colour, sound, large screen, etc.
Advantages of Cinema Advertising
- Cinema makes it possible to see and hear information about the product at the same time.
- Advertisements in the cinema are more sensitive and captivating.
- Since youths constitute the audience, the advertisement can be directed to a target group.
- The advertisement appears in distinctive colours.
- The benefit of a large screen with magnified images makes the advertised message more real.
Disadvantages of Cinema Advertising
- There is low audience reach since many people do not attend the cinema houses.
- Photo tricks and exaggerations about products can also mislead the viewers.
- They are not common in rural areas.
Billboard Advertising
Form of outdoor advertising hoarding structure called 9peca/Afromediaerectsstructures and leases the space out to advertisers. This provides the advertiser with the largest colourful display.
Advantages of Hoarding
- It has good reach and frequency.
- There is geographical selectivity.
- It is good for creating awareness.
- It is effective for illiterates as large, colourful pictures can convey the message.
Disadvantages of Hoarding
- There is a limit to the message.
- There is a legal restriction.
- It is expensive.
It is not possible to get reliable data on the number of people reached by the advertisement.
Window Display advertising
The window display is a form of advertising in which goods are carefully arranged and displayed on window shelves in a shop. The goods displayed behind transparent glasses attract customers, which may lead to impulse buying.
Advantages of window display advertising
- It is appealing and persuasive.
- It can bring about impulse buying.
DisadvantagesofWindowDisplayAdvertising
- It is expensive.
- It has a limited reach.
Catalog Advertising
catalogue is in the form of a booklet that contains colour photographs, features, descriptions, and prices of goods produced by a particular company. It is a medium of advertising as it can be sent on request to buyers who will have to choose from different goods presented. The catalogue can be posted or delivered by hand to individual customers.
Advantages of Catalogue Advertising
- The colouration can appeal to the customers.
- It enables customers to know about such products.
- It is persuasive in nature.
Disadvantages of Catalogue Advertising
- It is limited in circulation.
- It is expensive to produce.
Fair Advertising
Exhibitions and trade fairs are avenues for displaying goods to promote sales. They can be held annually, and they normally attract national and international exhibitors. Different countries and firms display their goods there,e.g.Lagos International Trade Fair. They attract a very large audience and enable the product to be displayed, operated, tested, dismantled, and adjusted.
Advantages of Exhibition and Trade Fair Advertising
- It is good for industrial marketing.
- It attracts a very large audience.
Disadvantages of Exhibition and Trade Fair Advertising
- It is held occasionally.
- It is very expensive.
Free Sample Advertising A free sample is a medium of advertising in which the manufacturer distributes samples of its product to members of the public to test the product. This is the most effective way of advertising a new product, but it is very expensive.
Direct Mail Advertising
Direct mail advertising consists of any advertisement sent through the mail to specific people. It includes cards, letters, circulars, and booklets. Direct mail advertising becomes handy when the advertisement is to be directed to a limited number of people falling into a certain defined category. The cheapest medium is often the circular distributed by post.
Advantages of Direct Mail Advertising
- More information is conveyed to receive the message
- It is the most flexible of all the media of advertising.
- It is very effective as always, with asisalways4.higher percentage of response.
Disadvantages of Direct Mail Advertising
- It is sometimes viewed negatively.
- There may be a delay in delivery
Handbill/Flier Advertising
Handbills are printed leaflets containing information about a product which are distributed to different people at various locations like a marketplace, to draw their attention to the road, etc. in the product or services. This is good for introducing new products.
Methods or means of payment
All institutions accept cheques in the settlement of debts. Standing Order: A standing order is an order or instruction by an account holder of the bank to pay a certain sum of money on his behalf at regular intervals to a named person or organisation, e.g., an insurance premium. It can be paid weekly, monthly, or quarterly.
Bank Draft
A bank draft is a cheque drawn on a bank. It is a safe means of payment. The draft is a cheque drawn on a bank by itself or its agent. It is used by a debtor when his creditor is unwilling to accept a personal cheque. The debtor pays the bank for it at the time of issue.
Credit Transfer
Credit transfer is also a method of payment whereby a customer’s bank pays directly into the bank account of the creditor. He already has the name, account number, and address of the bank of the creditor. It can also be referred to as a payment made on instruction to a bank to credit a creditor in the same or another bank.
Travelers Cheque
A traveller’s cheque is an order drawn on a commercial bank that travellers and businessmen can use as a means of payment in the settlement of debts.
Certified Cheque
A certified cheque is a cheque that has been ratified by the bank on behalf of its customer to guarantee that the cheque will be paid. It is also a means of payment.
Direct Debit
Direct debit is a transfer system in which a creditor, by agreement with the debtor, gives instructions to the debtor’s bank to pay him a specified amount by debiting the account of the debtor and crediting his own account. This is good for products in which the quantity delivered is not a constant means of Payment provided by the Post Office.
Postage Stamps
The postage stamp is a means of payment by which small sums can be sent by post. Postage stamps are used in the settlement of small amounts of items being purchased, such as sending samples. The post office accepts commission for this service.
Postal Orders
Postal orders are a means of payment provided by the post office for the transfer of small sums of money. Postal orders of fixed denominations can be bought at post offices. A commission, known as poundage, is charged on postal orders purchased. The sender fills in the names of the person to be paid, and it can only be cashed by him. It is not negotiable. Money Orders: Money orders, as a means of payment, are issued for a larger amount of money than postal orders. Money orders are issued after completing a form at a post office. It is good for a person without a current account. The commission is also charged on the money order.
Telegraphic Money Order
A telegraphic money order is used when it is desired to remit a sum of money as fast as possible. The cost of dispatching the money ordered by telegram will be charged to the sender.
Postal Giro
Postal giro is a means of making monetary transfers through the post office. All accounts are kept in such a way that debts can be settled by transfer from one account to another or through giro cheques. Here, people open accounts with the post office.
Bill of exchange
A Bill of exchange is an unconditional order in writing, addressed by the seller to the buyer, requesting the person to whom it is addressed to pay on demand a certain sum of money at a particular time.
Owe You (IOU)
IOU is a written acknowledgement or undertaking of outstanding debt. IOU is not a legal document. It is a non-negotiable·4.evidence of debt consisting of a written account.
Promissory Note
A promissory note is an unconditional promise written and signed by a debtor to a creditor agreeing to pay on demand a certain sum of money to the creditor at a specified date. Read further on this page.
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