Topics in Business StudiesFranchise Business Structure: Types, Advantages and Disadvantages What is Corporation? Types, Advantages and Disadvantages of Corporations What is Limited Liability Company? Its Advantages and Disadvantages Partnership in Business: Types, Advantages and Disadvantages Business Studies: What is Business Studies and Business? Management: Elements of Management What is Management? Importance of Management Advantages and Disadvantages of Air Transport Advantages and Disadvantages of Rail Transport Methods of Payment: Cheque - What is a Cheque? Cheque: Types of Cheque Cheque: Characteristics of Cheque Advantages and Disadvantages of Cheque Advertising and Types of Advertising Advantages and Disadvantages of Road Transport Advantages and Disadvantages of Water Transport Consumer Protection - Agencies of Consumer Protection Consumer Right and Protection Methods of Payment: Credit Cards and Debit Cards Methods of Payment: Bank Notes and Coins | Characteristics of Legal Tender
Academic Questions in Business Studies
Which of the following is NOT a characteristics of business?
A. The buyer and seller must always come into a contract agreement
B. Risk from unforseen circumstances is involved
C. They are subject to policies made by the government
D. All business transaction is aimed at making profit
E. It requires a discontinuous transaction between the buyer and the seller
F. Investments are required to begin a business
Which of the following is not a Right of Consumer Protection?
Which of the following is NOT a government agency of consumer protection?
Define Consumer Protection.
In buying and selling, the retailer will usually operate from the stall while the wholesaler operates from the _____.
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Advertising is a core part of any successful business. For this reason, we see it in every part of our society; from the handbills to posters and throughout the entire media (radio, television and social media).
As a matter of fact, Google recorded the following revenues from advertising; as shown in the table below:
ADVERTISING REVENUE ($)
Advertising is defined as the act of making known or creating awareness to the end users and general public about goods, products or anything that is for sale; in addition to any services that can be offered.
The goal of advertising is to make people buy goods and require services rendered by the advertisers.
Note: Advertising can be achieved through a variety of means. Some of these means include physical communication, magazines, news papers, billboards, television, radio, social media and the internet at large.
Below is an explanation on the various types of advertising:
The goal of this type of advertising is to build relationship with the customers rather than make immediate sale.
For instance, some companies may offer free samples of their products to potential customers in order to get their phone numbers, email address and their physical address.
A typical example of relationship building advertising is seen when one buys a new SIM card. Such a person may be given some "mouth watering bonuses" on both calls and data (spanning for months).
The main goal of the network providers in the above example is to build a relationship with the customers over a long period of time.
Large companies indulge in brand advertising. Brand advertising will not normally result in an instant sale of a product; rather it shows the customers and general public the goodwill of the brand.
Such brand may sponsor educational competitions, sport games, festivals, musical shows, television and radio programmes and even a website.
Note: In Nigeria, production companies like Peak Milk, Milo, Bournvita and Cowbell are known for their brand advertising through the promotion of academic activities; especially at the primary and secondary level of education.
Informative advertising is a type of advertising that informs the prospective buyers about the availability of certain products.
Normally, informative advertising is done when a new product enters the market; or a new service has been made available.
For instance, a telecommunication company could make advertisement on a new package concerning calls and data tariffs. The goal is to inform their subscribers and non subscribers about the availability of these new tariffs.
Periodically, trade fair exhibitions are organized within different communities. During the exhibition, different producers, manufacturers and traders come along with their products in order to display and sell to the people.
The products sold in trade fair exhibition are quite cheaper and this makes it an excellent platform for marketing or advertising a new product from infant industries.
An example of a market in Nigeria where trade fairs and exhibitions are popularly carried out is the Trade Fair Complex along Lagos-Badagry road.
Note: We may also have an international trade fair exhibition where manufacturers, producers and traders from different countries converge for the purpose of marketing, promoting and selling their products.
The goal of persuasive advertising is to convince the consumers of a product or make them see reasons why a particular product or service is good for their consumption.
Note: A convincing trial from persuasive advertising may earn the company new customers.
From a personal experience, I have been persuaded by some marketers to give their product a trial. I initially declined but due to this nature of advertising, I was persuaded to buy the product even though I didn’t technically need it at that time.
Direct advertising is focused on a specific group of consumers. Google Adsense sometimes uses this kind of advertising.
For instance, when one reads an article about God on a web page, Google Adsense may pop up adverts on spiritual books, churches or other things that has to do with God.
Also, some companies achieve direct advertising by sending targeted email advertisements to certain people after their interest had been researched.
When we hear phrases like "smokers are liable to die young" and "not to be sold for persons below 18 years of age", such advertisements are direct and straightforward.
Outdoor advertising requires an open area to showcase or promote one or more products.
We see outdoor advertising in technologies like neon signs, electric displays and sky writing.
When large posters are plastered on cars, bus or trains, it should also be considered as outdoor advertising.
Outdoor advertising helps the advertiser to catch the attention of every class of people living and working around a neighborhood.
For instance, a very tall building (let's say a hotel) may utilize beautiful and attractive neon signs to display its standard and international delicacies.
A competitive advertising is done to show or tell the consumers that a product is better when compared to other similar products.
In this kind of advertising, a company may indirectly expose the weakness(es) of their competitors in order to give their products or services a competitive edge.
You may have listened to this kind of advertising on radio; or seen it on television.
The world we live in was once considered to be very big; but as it stands now, it is a global village; and all thanks to the internet and social media.
Social media advertising are used on a variety of social media platforms like facebook, twitter, whatsapp and instagram.
Companies and people display their products on their social media page in hope that a potential customer will click on it or contact them via their email or telephone number.
Nowadays, it is very common to see sponsored emails in our mail box. Often times, the word ads are written on these emails (so as to inform the user of its purpose).
On the flipside, unsolicited mails or spam mails may be sent to our mail box for the purpose of advertisement, phishing (a type of email that gets one to click a dubious link) or another kind of criminal activity.
Note: One has to be very careful when clicking links from email advertisements.
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Alfred Ajibola is a Medical Biochemist, a passionate Academician with over 7 years of experience, a Versatile Writer, a Web Developer, a Cisco Certified Network Associate and a Cisco CyberOps Associate.
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Amazing facts in Business Studies
The world's 💰💰💰100 richest people 💰💰💰 earned enough money in 2012 to end global poverty four times over
NOTABLE POINTS IN Business Studies
Consumer protection refers to the ways or methods through which consumers enjoy maximum satisfaction from the goods they buy and services rendered to them.
The agencies of consumer protection assists in protecting the consumer rights. These agencies may also be referred to as the organs of consumer protection. Basically, we have three of them, they are:
One of the responsibilities of the government of every nation is to set up agencies or organizations that will protect the interest of the consumers and invariably, the people.
Below are some of the Government Agencies of consumer protection
- National Drug Law Enforcement Agency (NDLEA)
- National Agency for Food, Drug Administration and Control (NAFDAC)
- Consumer Protection Council (CPC)
- Rent Tribunal
- Ministry of Health
- Ministry of Commerce
- Ministry of Transportation
- Ministry of Environment
- National Wages and Salaries Commission