Chapter2 - Chapter 2 Outline The Evolution of Advertising...

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Chapter  2 Outline The Evolution of Advertising  Explains about the Principles of Free-Market Economics, Functions and Effects of Advertising. Chapter  2 Objectives 1. Explain the role of competition in free-market economics 2. Discuss the functions advertising performs in a free market 3. Identify milestones in advertising history 4. Discuss how the role of advertising has changed 5. Explore advertising’s past, present, and future impacts on society Principles of Free-Market Economics Self-interest –  o people want more  for less o Open competition leads to greater product availability  Complete information o access to all prices, availability leads to greater competition Many buyers and Sellers o provides choices that enable a fair market Absence of Externalities o way to reduce social costs through taxation and regulation Functions and Effects of Advertising Communicate Product Features and Availability Stimulate Product Distribution Increase Product Use
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This note was uploaded on 04/16/2008 for the course ADV 305 taught by Professor Yeokim during the Spring '07 term at University of Texas at Austin.

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Chapter2 - Chapter 2 Outline The Evolution of Advertising...

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