ADPR3100 Kleppner Ch 24 - ADPR3100 Kleppners Book Chapter...

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ADPR3100 Kleppner’s Book Chapter 24 Ad Criticism (historical) 1. Era of Exaggerated Claims (1865-1900) a. “buyer beware” any claim allowed b. PM=big influence on ad and media (one of 1 st and most consistently advertised product categories) c. Supported media expansion d. Eroded confidence in ad. 2. Era of Public Awareness (1900-1965) a. Pure Food and Drug Act (1906) i. Reject laissez faire unregulated econ system ii. Est. Food and Drug Admin. iii. Patent medicines… food and drug safety, proper labeling, Rx (safe before marketing) b. Federal trade commission (1914): response to big monopolies i. Consumer advertising ii. Deception iii. Needs substantiation of cease ad 3. Era of Social responsibility (1965- now) a. Consumer protection, balance, more than truth Role of Corporate Responsibility - Social org v. profit making org - The Wealth of Nations : free market, “invisible hand”, self-interest leads to societal improvement o Efficient use of resources, public welfare- by product - Profit seeking corporations: constrained and buttressed by moderate govt. regulation /spending - Increase world welfare Advertising as economic and social institution - Buyers support companies with good citizen reps - Economic role of ad.: 1 st role- communication o Persuasive v. informative Biases Ad functions in both roles o Top of mind awareness o Economists: ad = detriment to market entry by provided little information
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ADPR3100 Kleppner Ch 24 - ADPR3100 Kleppners Book Chapter...

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