Final answer:
The goals of spending millions on marketing include creating brand awareness and building consumer loyalty. Large advertising budgets also serve as barriers to entry for new competitors by establishing a brand's dominance in the market.
Step-by-step explanation:
The goal behind companies spending millions on promotion, advertising, and other marketing efforts is to achieve multiple objectives. One key objective is to create more brand awareness, ensuring that consumers are familiar with the brand's name and products, which often involves pervasive advertising across various media platforms and can even influence the competitive landscape. Another is to build consumer loyalty, which entails establishing a trust and preference for the brand that results in repeat purchases and loyalty over time. Additionally, large advertising budgets can act as a barrier to entry for competitors, as the high costs of marketing can discourage new firms from entering the market. This is because a strongly established brand presence through intense advertising complicates efforts for new entrants to gain significant market share.