In the early 1980’s just as serious health effects were being noted about sugar consumption, Kellogg’s changed the name of Sugar Pops to Corn Pops (the sugar content did not change) and the name of Sugar Frosted Flakes to Frosted Flakes (still sugar content remained the same) while Tony the Tiger still touted the product; General Mills produces two cereals (Total and Wheaties) that are identical in content yet markets them as two different cereals (one for the healthy and one for the athletic) with different prices to different consumers. Most car ads tout the speed of the car (yet tell you not to drive that fast), stack champagne glasses on the hood of the car (does anyone you know drive that way?) and shows SUV’s driving through the mud and woods, yet most people use them for commuting on highways. This begs the question about the role of advertising in markets. While economists freely admit that advertising can earn millions for firms, economists often view advertising as wasteful since it does very little to inform consumers.
Identify an ad you have seen recently (in the last two weeks) from TV, radio, print, internet. Do not trawl YouTube, etc. looking for ads or recall ads from the days of yore, for then you miss one of the central points of the discussion (paying attention to what is going on around you today) and discuss the role of the advertising in the marketplace. Specifically, what determinants of demand was the advertising attempting to deal with in order to impact sales? Please include an image or link to the advertisement with your post.
Please make sure it is a recent advertisement
Advertising plays a multifaceted role in the marketplace, and its objectives extend beyond merely informing consumers. While informing consumers about a product’s features and benefits is one aspect of advertising, its primary goal is often to shape perceptions, create brand awareness, and ultimately drive consumer behavior. Here are some key determinants of demand that advertising can influence:
Product Differentiation: Many products in the market are similar in terms of functionality and quality. Advertising helps distinguish one brand or product from another by emphasizing unique features, attributes, or benefits. For example, an advertisement for a smartphone might highlight its camera quality or battery life to attract consumers who value these features.
Brand Image and Loyalty: Successful advertising campaigns can build strong brand identities and foster consumer loyalty. By creating emotional connections and resonating with target audiences, advertising can influence consumer preferences. A well-known example is Coca-Cola, which has built a timeless brand image through decades of advertising.
Perceived Value: Advertising can affect consumers’ perception of a product’s value. Through storytelling and persuasive messaging, advertisers can make consumers believe that a product is worth its price, even if it’s more expensive than alternatives.
Creating Demand: In some cases, advertising creates new demand by highlighting problems or needs consumers didn’t know they had and presenting the product as the solution. Infomercials, for instance, often demonstrate how a product can solve common everyday problems.
Timing and Urgency: Advertising can create a sense of urgency by promoting limited-time offers, discounts, or special promotions. This can lead to immediate spikes in demand.
Target Audience Segmentation: Advertisers use data and market research to tailor their messages to specific demographics, behaviors, and preferences. This ensures that the right message reaches the right audience, increasing the likelihood of sales.
Social and Cultural Influences: Advertisers often tap into current social and cultural trends to make their products more appealing. This can involve addressing issues like sustainability, diversity, or health-consciousness, which are important to today’s consumers.
Regarding the recent advertisement you asked about, it would be helpful to analyze it in the context of these determinants of demand. Consider how the ad aims to influence consumer behavior, whether it focuses on product features, brand loyalty, perceived value, or any other factors mentioned above. Additionally, understanding the target audience and the emotional appeal of the advertisement can shed light on its effectiveness in driving sales.
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