adv205_exam1 - W hat makes an ad effective? Free market...

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What makes an ad effective? Free market economy 1. Self-Interest (ppl want more for less) greater product availability @ competitive prices 2. Complete Information: Access by buyers/sellers to all info about what products are available, quality, & price 3. Many buyers and sellers 4. Absence of externalities: Social costs may hurt other people who aren’t involved in transaction. EX) Tax Tobacco to rid compensate externalities Preindustrial advertising (beginning of recorded history start of nineteenth century) st paper mill 1440s Johannes Gutenberg invented the printing press in Germany -allowed facts to be established, substantiated, recorded, & transported -made possible the 1 st st mass medium (Newspaper) 1472 First ad in English appeared 1704 Boston Newsletter started carrying ads -Ben Franklin 1 st to use illustration in ads 1758 Samuel Johnson: observed advertisements were “negligently perused” &necessary to gain attention “by magnificence of promise” beginning of puffery Advertising and the great depression Late 1800’s advertising – patent medicine Volney Palmer Contracted with newspapers for large columes of advertising space to advertisers at a higher rate 1841 “profession” of advertising started Rosser Reeves Introduced idea that every ad must point out the product’s USP (unique selling proposition: features that would differentiate it from competitive products) David Ogilvy, Leo Burnett, Bill Bernbach (Industrial Age) built their agencies from scratch and forever changed the way advertising was planned
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This note was uploaded on 04/06/2011 for the course ADV 205 taught by Professor Bukovac during the Spring '08 term at Michigan State University.

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adv205_exam1 - W hat makes an ad effective? Free market...

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