Discuss about the Longitudinal Analysis of Leading Advertising.
The report is based on the different methods of business communication that is used by the organizations in order to attract more customers towards the products and services provided by them. Advertisements are the best method of communication that can be used by the companies as to attract different customers towards them (Kim et al., 2014).
The name of the company is Tower Insurance and it is located in New Zealand. The founder of Tower Insurance Company is founded in the year 1869 by Michael Stiassny. The organizational structure of Tower Insurance is shown as follows:
The organizational structure that is followed in Tower Insurance Company is a top down approach that is followed by the company.
The different products and services that are dealt in Tower Insurance Company, New Zealand are the different kinds of insurance related to different items including car are the products and services, Tower Insurance is dealing with in New Zealand (Nelson, Ham & Ahn, 2017).
The mission statement of the respective company is to be the first choice by properly delivering accessible and relevant insurance solutions to the customers (Khang et al., 2016). Regarding the first choice, Tower Insurance delivers the best offers in the competitive market based on the different advantages as well as benefits of the organization. Tower Insurance helps in ensuring that proper achievement helps in performing better in the competitive market as well. The mission is to be accessible in nature along with proper and competitive value of money. Lastly, the aim of the company is to offer as well as tailor combination of advice, service and protection (Greene, Tanner & Wright, 2015).
The vision of the Tower Insurance is to actively enhance and protect the lives of the people. The Tower Insurance Company plays a proactive as well as leading role in improving the lives of the people through providing insurance. The main aim of the respective company is to manage and mitigate different kinds of risk of institutions as well as individuals. The main vision of the company is to deeply care about the individuals who are the target customers of the respective company and create an impact on the quality of the lives of the different individuals (Park et al., 2015).
The business communication method that has been used by Tower Insurance is the Advertising technique as this will help the respective company in attracting customers around the world (Mueller, 2013). Advertising technique can help the company in gaining more response of the customers. The advertising technique will help Tower Insurance Company to expand in the entire competitive market along with increasing the entire sales of the company. This advertising technique will help the entire company in educating the different customers about the new product that has been introduced by the company regarding the insurances. Advertising technique is dynamic in nature and it makes the consumers familiarize about the diverse uses of the different kinds of insurances (Wang et al., 2016).
There can be different issues in the advertising technique that can be faced by Tower Insurance Company in New Zealand as it adds to the costs of the different products related to the insurance (Harris et al., 2017). The advertising technique will confuse the buyers as this will misguide them with different kinds of behavior and this will make the customers upset when the same thing that has been displayed by the company is not the same in the company (Lou, 2016). The problem that is faced by Tower Insurance is the increase in the cost of the expenditure and this can impact the sale of the other goods in the company and it is confusing the buyers of the company as well (Avant, Kim & Hayes, 2017).
The goal of the advertising method used by Tower Insurance Company is to get proper attention and promoting proper and immediate attention on the advertisement of the company as this will help the customers to get a proper brief about the product. The goal of the advertisement is to understand proper building of the sales and the profit in the organization. The goal of the advertisement is to build proper awareness about the different brands of the insurance among the different customers. The goal of the advertisement is to create long term communication among the customers and this will increase the sales of the company as well.
The advertising technique that is used by Tower Insurance Company are promotions, Bandwagon as well as Repetition as this will make the company gain more competitive advantage in the industry. Tower Insurance Company has to analyze the different techniques of advertising as this will be effective in nature to attract more customer base in the entire industry. Tower Insurance Company has to use the repetition technique as this is the most effective technique and this will help in attracting customers through television as it contains both sound and audio clips of the advertisements that are helping the respective company to attract the customers.
Similarly, bandwagon technique is effective and efficient in nature as well as this will help Tower Insurance Company in convincing the target customers in the entire competitive market by providing valued ideas and convincing advertisements as this will helps in connecting the individuals through the services that are provided by them.
The advertisement method is implemented by Tower Insurance Company with proper utilization of the advertising in making the public aware about the different services that are provided by the Tower Insurance Company in order to attract their attention towards their insurance services provided by them and not the other competitor companies in the competitive market. The advertising technique has to be properly applied by the company as this will help in developing proper strategy of marketing in the company as to attract the different customers. The implementation is successful in nature as the creativeness in the advertising technique will help them in making the customers aware of the different strategies implemented by them (Yoon & Oh, 2016).
It helped in bringing new products and services to the notice of the customers as well as providing proper advertising helps in marketing of the different services provided by the respective company. Advertising helps in gifting different ideas and this can help in making the advertisement more convenient in nature. This will help in increasing the volume of sales in the market as this will help Tower Insurance Company in generating huge revenues in the market as well. The advertising will help in increasing the morale of the employees in the company and it will help in developing proper trust among the public. Lastly, the advertisement technique will help in reducing the cost of product and services with proper merits of economies of scale as well as elimination of the middlemen.
From the above diagram, it can be analyzed the percentage of the advertisements in the world has been increasing in the last few years and this has been in huge demand by the customers, however there are customers who do not prefer proper advertising technique as according to them, advertising is the technique that misleads them and this can affect the expectations of the customers they are having regarding the services provided by the company (Avant, 2014).
The advertising rate has been in huge demand by the customers in the competitive market in the current years as this is the best technique that is used by the companies in order to attract the customers and help them in deciding from different options available to them.
This is an artificial living in the competitive market as the advertisement technique encourages wasteful consumption as well as the advertisements that are used by the companies are misleading in nature as this can misguide the different customers in the competitive market. Advertisement is the wasteful technique and unethical resources as the advertising can offend the sentiments of the public in general and this can hamper the brand of the respective company. Lastly, the advertisement technique used by the companies is of higher prices as this will lead to increase in the cost of distribution in the company.
Conclusion
Therefore, it can be concluded that advertising is essential in the company as this will help in making proper decisions relating to the different advertisements of the goods and services in the organization. In Tower Insurance Company, proper advertising technique has been applied as this will make the company aware of different techniques that can attract customers in the competitive market and this can help them gain proper competitive advantage. Advertising technique has few disadvantages wherein it is one of the misleading techniques of attracting the customers as this will mislead the customers regarding the different services provided by the respective company.
Lastly, it can be concluded that advertising is a positive technique in order to make proper efforts in attracting more customers in the competitive market. The company needs to be attractive and effective in nature as this will help in making proper use of the techniques in making the customers understand about the services that are provided by them is better in nature than the competitors in the competitive market.
References
Avant, J. A. (2014). In “Trends in Advertising Research: A Longitudinal Analysis of Leading Advertising, Marketing, and Communication Journals, 1980 to 2010” by Kyongseok Kim, Jameson L. Hayes, J. Adam Avant, and Leonard N. Reid, published in Journal of Advertising, 43 (3), pp. 296–316, doi: 10.1080/00913367.2013. 857620, the affiliation for J. Adam Avant and Leonard N. Reid was incorrect. The correct affiliation follows. Journal of Advertising, 43(4), 417.
Avant, J. A., Kim, K., & Hayes, J. L. (2017). Thirty Years of Advertising Research in Leading Communication and Marketing Journals: Learning From the Parent Disciplines. Journal of Current Issues & Research in Advertising, 38(1), 44-64.
Greene, S. G., Tanner, J. R., & Wright, P. (2015). An Analysis of the Impact of the Motor Carrier Act of 1980 on the Use of Advertising by General Motor Freight Carriers. In Proceedings of the 1986 Academy of Marketing Science (AMS) Annual Conference (pp. 246-250). Springer, Cham.
Harris, M. L., Musgrove, C. F., Ernstberger, K. W., Cox, K. C., & Choi, P. (2017). Differential Effects of Marketing Messages in Online Advertising for an MBA Program. International Journal of Technology and Educational Marketing (IJTEM), 7(1), 15-25.
Khang, H., Han, S., Shin, S., Jung, A. R., & Kim, M. J. (2016). A retrospective on the state of international advertising research in advertising, communication, and marketing journals: 1963–2014. International Journal of Advertising, 35(3), 540-568.
Kim, K., Hayes, J. L., Avant, J. A., & Reid, L. N. (2014). Trends in advertising research: A longitudinal analysis of leading advertising, marketing, and communication journals, 1980 to 2010. Journal of advertising, 43(3), 296-316.
Lou, D. (2016). When firms increase advertising spending, their stock prices climb in tandem. LSE Business Review.
Mueller, B. (2013). JMS 460: Principles of Advertising.
Nelson, M. R., Ham, C. D., & Ahn, R. (2017). Knowledge Flows Between Advertising and Other Disciplines: A Social Exchange Perspective. Journal of Advertising, 46(2), 309-332.
Park, J. H., Venger, O., Park, D. Y., & Reid, L. N. (2015). Replication in Advertising Research, 1980–2012: A Longitudinal Analysis of Leading Advertising Journals. Journal of Current Issues & Research in Advertising, 36(2), 115-135.
Wang, Y., Rodgers, S., Wang, Z., & Thorson, E. (2016). A seventeen-year study of graduate student authorship in advertising journals. Journalism & Mass Communication Educator, 71(1), 69-83.
Yoon, S., & Oh, S. (2016). Introduction to the special issue on social and environmental issues in advertising.
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