Answer to Question #213570 in Management for GOG

Question

SUBJECT : ADVERTISING AND SALES MANAGEMENT

Discuss some of the recent changes (elaborate any 5 changes ) and issues (elaborate any 7 issues ) of importance in advertising sector?

Answer 1

Changes in Advertising Sector

1.     Cookieless Advertising-Cookies are very useful for advertisers, but they have a major drawback for users: they track so much of a user's data that it's deemed a privacy violation.

2.     Trends in Programmatic Advertising- Artificial intelligence is used to automate the ad-buying process in programmatic advertising. Although it is not a new concept in advertising, more and more organizations are beginning to reap the benefits of the simplified procedure. Brands have the ability to select their target market, define their budget and objectives, and engage with publishers. Publishers use a supply-side platform to insert a brand's advertisement in an ad spot.

3.     Trends in Connected TV and Video Advertising- Connected TV refers to any movie, show, or video streamed over the internet. As more households cut the cord, it quickly becomes the dominant source of video advertising for advertisers.

4.     Trends in Social Media Advertising and Social Commerce- People are not going to as many stores or attending as many brand launches as they were in prior years. Customers are instead going through social media and communicating with people they know and trust.

5.     Omnichannel marketing is a multi-channel advertising strategy that reaches your customers wherever they are in the decision-making process. Customers are not spending as much time in stores as they used to, and they are spending more time online than ever before, according to prior patterns.

Importance Issues in Advertising Sector

1.     New customers are attracted by advertising since the market is continuously changing and new consumers move into and out of the location.

2.     Advertising encourages repeat business– With so many options available to consumers, many once devoted customers have wandered from past firms to pursue new opportunities.

3.     Advertising aids your company's competitiveness– There are only so many customers willing to buy your product at any given time. Advertising is the process of persuading customers that you are the best option.

4.     Advertising generates continual business–Advertising ensures that customers know that if they have a need, your company will be there to assist them. The first step to increasing sales is to have a steady stream of customers come into your store.

5.     Advertising keeps your company in front of your customers' minds– Advertising keeps your company in front of customers' minds, reminding them of why they should choose you.

6.     When a new product or event is about to launch, advertising allows your customers to be informed and aware of the facts. Rather than forcing your customer to find the information on their own, advertising does it for them.

7.     Advertising generates revenue for your business–Customers are attracted to your business via advertising, which leads to an increase in sales. Consumers are more eager to buy and choose your business when they see great and positive marketing. Invest in your company's advertising, and you'll see it grow and flourish.