By W. Duncan. Reekie
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Extra info for Advertising: Its Place in Political and Managerial Economics
Probably the truth is that advertising can, and does, do both. Certainly advertisements influence consumers. Nevertheless it could be argued that if a product proves unsatisfactory it will not be purchased again, no matter how appealing is its advertising. In the final analysis, advertising can only sell goods which at least approach what the consumer 'really wants'. Then again it could be argued that advertising encourages consumption of goods which in the short run the consumer 'wants' but which in the long term may be positively harmful.
Certainly, one apparent advantage is that the approach sets a definite ceiling on what will be spent. The ceiling, of course, may be well above the profit-maximising level. Conversely, it is not inconceivable that the ceiling may be below the optimal level. Profitable market openings might be present in forthcoming periods for which past profit levels are insufficiently high to Decisions of Advertising Management 39 support an optimal advertising budget. ' (iii) The Competitive-Parity Approach This method again has the attraction of apparent security.
The use of future sales as the base from which to calculate the percentage has at least some rationale. ) The same cannot be said for the use of past sales. Advertising is meant to cause sales in the future, not be the result of sales in the past. Yet this is the implication when budgets are set at some percentage of past sales. (ii) The all-you-can-afford Approach Here the firm spends on advertising up to the limits of its cash resources. The reasoning behind this approach bears a strong similarity to newer theories of the firm in microeconomics.