Advertising and Economic Development by Oyin Oludipe

ADVERTISING AND ECONOMIC DEVELOPMENT: A Brief Discussion

By Oyin Oludipe

Content

1. Background2. The Start of Nigerian Advertising3. Advert and the Economy4. Conclusion

Did You Know?

18.2 of the 126.7 million

jobs in 1999 America

came from advertising

and has been rising ever

since.

Did You Also Know?The Advertising Industry

makes up 2.5% of the $14t GNP of the

American Society.

“Advertising is a powerful tool of

competition… It keeps prices low and

facilitates the entry of news products and new firms into the market.”

- Dr. Lawrence Klein, Nobel Laureate, Economics

1859: HOW IT BEGAN WITH US

• In 1859, "Iwe Iroyin Fun Awon Egba" was established in Abeokuta by Reverend Henry Townsend. It was used to advertise good and services of natives. This began the life of modern advertising in Nigeria.

Advert and the Economy

Expand awareness

and demand of products

Boost supply and

production of products

Industrialize the

economy and provide jobs

Spur sectorial activities of

manufacturing

INFORMATION• Creates awareness

about product features, benefits and prices.

MATERIAL UTILITIES• Generates a net

gain on direct sales and jobs due to the promotion of industries’ output.

PRODUCTION/CONSUMPTION• Generates indirect sales

and jobs among suppliers, media channels and other levels of economic activity.

RIPPLES OF SOCIO-ECONOMIC WELFARE

Advertising Functions

Product Promotion

Process Stimulation (Industrialization)

Outcome Evaluation (Consumer options and choices)

Impact Evaluations (GNP)

Assessing Influence

Conclusion: Measuring Impact:

Progressive

THANK YOU