Advertisements as in running ads on TV, billboards, newspapers, etc. increase exposure of a business to potentially new customers. The goal in that case is to attract those customers towards whatever it is u r trying to sell them. So if PIA was to do that...that's fair. I'm not arguing against running ads.
If a lawyer was to run ads in let's say a newspaper, I come across it...and call him when I'm in need of a lawyer...then that ad is doing its job. I see the ad --> I call the lawyer...and that's money well spent(on that ad).
If instead the lawyer had chosen to spend that ad money by putting a big beautiful banner in his office...then that's a stupid expense. It has zero contribution towards attracting new clients. The only clients who may see it are the ones that already were that lawyers clients.
This painting of Markhor logo would be akin to that lawyer putting that banner in his office...as in very little to no impact. I don't know about u...but I don't get to the airport...see a plane with a beautiful logo and cancel my already booked ticket just so I can book another one for the airline that has the most beautiful looking logo.
No one picks a certain airline over the others for their logo. Some of the most important factors considered are ticket prices/quality of service/comfort(or luxury).
I'm not saying that the Markhor logo doesn't look nice...it does indeed look awesome. All I'm saying is that PIA has a lot of other things that need attention...the money that it has(borrowed from gov) should be put to good use towards making it into a better service rather than making the tails of airplanes look pretty.