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Measuring Advertising Productivity

Sharan Jagpal

in Fusion for Profit: How Marketing and Finance Can Work Together to Create Value

This chapter begins by evaluating methods for determining how productive the firm's aggregate advertising spending is in both the short and long runs. Following this, it analyzes methods for ... More

This chapter begins by evaluating methods for determining how productive the firm's aggregate advertising spending is in both the short and long runs. Following this, it analyzes methods for determining the productivities of different media when the firm uses multiple media (including digital advertising); in particular, it focuses on the effects of measurement error. It shows how marketing-finance fusion allows privately and publicly held firms to allocate their advertising budgets between upfront and scatter advertising, based on their respective risk attitudes. Finally, it analyzes how recent changes in Internet marketing (e.g., the growth of electronic exchanges and the emergence of conquest advertising) are likely to affect the structure of the advertising industry.Less

Coordinating Advertising Strategy, Branding, and Positioning

Sharan Jagpal

in Fusion for Profit: How Marketing and Finance Can Work Together to Create Value

This chapter shows how the firm should coordinate its advertising message, branding, and product positioning strategies. It distinguishs between the short and long runs, single-product and ... More

This chapter shows how the firm should coordinate its advertising message, branding, and product positioning strategies. It distinguishs between the short and long runs, single-product and multiproduct firms, established and new products, durable and nondurable products, and whether the firm is a market leader or not.Less

How Marketing Policy Affects Consumer Well-Being and Social Welfare

Sharan Jagpal

in Fusion for Profit: How Marketing and Finance Can Work Together to Create Value

This chapter analyzes how the firm's marketing strategies affect consumers and society. The topics covered include the effects of: the firm's pricing policy for durables; volume-based pricing (e.g., ... More

This chapter analyzes how the firm's marketing strategies affect consumers and society. The topics covered include the effects of: the firm's pricing policy for durables; volume-based pricing (e.g., quantity discounts); the distribution of free samples; cost dynamics; demand dynamics; informative, persuasive, and mixed advertising; the product life cycle; bundling innovative and commoditized products; mixed bundling plans; sequential new product introduction over time; and secondhand markets for durables. In particular, it shows how the combined effect of the firm's marketing and finance strategies affect consumer well-being and social welfare.Less

Internet Marketing

Sharan Jagpal

in Fusion for Profit: How Marketing and Finance Can Work Together to Create Value

This chapter examines how the Internet affects the firm's marketing policies. It shows how the firm should choose its marketing strategies including pricing (distinguishing between the B to B and B ... More

This chapter examines how the Internet affects the firm's marketing policies. It shows how the firm should choose its marketing strategies including pricing (distinguishing between the B to B and B to C markets) and advertising messages. In addition, it shows how the firm should coordinate its Internet advertising and sales force policies, including redesigning its sales force compensation plans. It discusss the effects of ownership structure (whether the advertising firm is privately or publicly held) on the firm's Internet advertising strategy. In addition, it analyzes a number of structural changes brought about by Internet advertising, including the purchase of advertising space via auctions, behavioral targeting, and conquest advertising.Less

Conclusion: Technology and Fiction

Ellen Gruber Garvey

in The Adman in the Parlor: Magazines and the Gendering of Consumer Culture, 1880s to 1910s

This chapter begins with a discussion of how television commercials have continued to sprawl into written fiction in ways more familiar from the 1890s. It then describes how advertising, as a product ... More

This chapter begins with a discussion of how television commercials have continued to sprawl into written fiction in ways more familiar from the 1890s. It then describes how advertising, as a product of and promoter of new technologies, encouraged readers to see mass-produced products as not just compatible with, but even the material for, constructing their unique individuality. Manufacturers also learned to appropriate the technologies of fiction, as well as of transportation and mass manufacture, to sell more goods.Less

The Practice of Management—Marketing

John F. Wilson and Andrew Thomson

in The Making of Modern Management: British Management in Historical Perspective

Marketing is a key area for developing economies of scale and scope. This chapter focuses on the Coasian argument about the nature of transaction costs, with British industry tending to look to ... More

Marketing is a key area for developing economies of scale and scope. This chapter focuses on the Coasian argument about the nature of transaction costs, with British industry tending to look to externalization rather than internalization and the development of a corps of marketing managers. Due to the relatively small scale nature of most firms, it paid entrepreneurs to operate their market relationships through intermediaries in a system generally known as merchanting, rather than have a direct relationship with the market. Moreover, anti-competitive practices were rife until the 1960s, so that there was no strong requirement for sophisticated competitive marketing. A further aspect was the outsourcing of key marketing functions, mainly to advertising agencies. These features resulted in a lack of substantial central offices for coordination and resource allocation, which would have been desirable for effective strategic marketing.Less

British Sport Transformed: Sport, Business, and the Media since 1960

Dilwyn Porter

in Business in Britain in the Twentieth Century: Decline and Renaissance?

Sport in Britain, especially elite sport, has been transformed over the period since 1960, increasingly taking on the appearance and attributes of big business. This chapter discusses three important ... More

Sport in Britain, especially elite sport, has been transformed over the period since 1960, increasingly taking on the appearance and attributes of big business. This chapter discusses three important aspects of this transformation. Firstly, the institutions governing British sport, most of them dating from the era of amateur hegemony, which began in the mid 19th century, were subject to a long drawn-out process of modernization, starting in the early 1960s when the distinction between ‘gentlemen’ and ‘players’ was abandoned in English cricket and ending with the arrival of ‘open’ rugby union in 1995. Secondly, as the constraints on commercialism dating from the amateur era were progressively abandoned, sport and business became more closely related as companies began to view sports sponsorship as a cost-effective way of raising consumer awareness of the goods and services that they offered. It is argued that the demands of building relationships with sponsors helped to change the way that sports businesses were run, as the stadium gradually made way for the ‘tradium’. Thirdly, it is clear that business sponsorship, the effectiveness of which was determined by the level of television exposure, helped to push sport into an ever-closer relationship with the media, especially television. The part played by the media, especially BSkyB, in bringing about structural changes in English football and rugby league since the 1990s are explored against this backdrop.Less

The Gods of Risk

Witham Larry

in Marketplace of the Gods: How Economics Explains Religion

Religion is a form of risk management in human lives and in religious groups. Pascal’s Wager famously illustrates the calculation of loss and benefit in religious belief. But there are other economic ... More

Religion is a form of risk management in human lives and in religious groups. Pascal’s Wager famously illustrates the calculation of loss and benefit in religious belief. But there are other economic models for how religion deals with uncertainty, and this chapter looks at three. First is insurance against risk, with its byproduct of “moral hazard. Second is the need to verify the reliability of religious “goods,” which economists call “credence goods.” Religions, like businesses, seek to assure consumers of reliability. Finally, consumers search for reliable information, which in religion means explanations about the gods, the afterlife, and ultimate religious consequences, such as hell. Typically, monotheistic faiths are deemed “high risk” religions because of their belief in ultimate consequences. But all religions have this feature to some extent, speaking to the human incentive to avoid risk.Less

The Millian Epistemological Argument for Autonomy Rights

William J. Talbott

in Human Rights and Human Well-Being

This chapter applies the Millian epistemology to ground a robust, inalienable right to freedom of expression and to ground the other autonomy rights, as necessary for the process of the social ... More

This chapter applies the Millian epistemology to ground a robust, inalienable right to freedom of expression and to ground the other autonomy rights, as necessary for the process of the social process of the free give-and-take of opinion. The chapter considers a variety of exceptions to freedom of expression, including product advertising and political advertising. He uses the examples of Google and Wikipedia to provide empirical confirmation for Mill’s claims about the social process of the free give-and-take of opinion. He also shows how the Millian case for freedom of propositional expression can be extended to cover nonpropositional expression in art and literature. The chapter shows that the Millian argument does not limit freedom of expression to reasonable views. The chapter argues that the distinction between reasonable and unreasonable comprehensive views, which plays a large role in Rawls’s theory and in contemporary discussions of human rights, cannot support the weight that it is intended to bear. This leads to an extended discussion of intolerant subversive advocacy, in which the chapter argues that neither Habermas’s nor Rawls’s theory can explain why the decision of the U.S. Supreme Court upholding the Smith Act (which made membership in the Communist Party illegal) in Dennis v. U.S. was erroneous. The chapter also explains why Mill’s social process epistemology does not undermine his political philosophy. The author concludes by explaining why the main principle would endorse a human right to freedom of expression.Less

An Advertisement That Never Changed

Edwin L. Battistella

in Do You Make These Mistakes in English?: The Story of Sherwin Cody's Famous Language School

This chapter introduces the main subjects of the book — Sherwin Cody and his famous home study course on the English language. The chapter sets the context of the book and introduces the long‐running ... More

This chapter introduces the main subjects of the book — Sherwin Cody and his famous home study course on the English language. The chapter sets the context of the book and introduces the long‐running advertising campaign begun by Cody and Maxwell Sackheim.Less

From Literature to Business

Edwin L. Battistella

in Do You Make These Mistakes in English?: The Story of Sherwin Cody's Famous Language School

Cody's early years are recounted, from his being orphaned in the Midwest to his studying at Amherst College and attempting at a literary career. We follow him as he blends his classical education ... More

Cody's early years are recounted, from his being orphaned in the Midwest to his studying at Amherst College and attempting at a literary career. We follow him as he blends his classical education with growing experience in the world as a practical writer and entrepreneur.Less

What You Want and Where to Get It

Edwin L. Battistella

in Do You Make These Mistakes in English?: The Story of Sherwin Cody's Famous Language School

This chapter describes the emergence of the modern advertising industry and Cody's connection with legendary copywriters Maxwell Sackheim and Victor Schwab as he developed a commercially‐viable ... More

This chapter describes the emergence of the modern advertising industry and Cody's connection with legendary copywriters Maxwell Sackheim and Victor Schwab as he developed a commercially‐viable correspondence course, an advertising campaign and a marketing strategy.Less

The 100% Self‐correcting Course in English Language

Edwin L. Battistella

in Do You Make These Mistakes in English?: The Story of Sherwin Cody's Famous Language School

Beginning with Cody advertising prospectus, this chapter examine the self‐correcting courses and its major themes—practical speaking, spelling and pronunciation, and punctuation. Included are some ... More

Beginning with Cody advertising prospectus, this chapter examine the self‐correcting courses and its major themes—practical speaking, spelling and pronunciation, and punctuation. Included are some samples of Cody's lessons.Less

Every Day People Judge You

Edwin L. Battistella

in Do You Make These Mistakes in English?: The Story of Sherwin Cody's Famous Language School

Chapter Eight begins a survey of other popular self‐improvements products that drew on the same advertising themes and social anxieties as Cody's course.

Just 15 Minutes a Day

Edwin L. Battistella

in Do You Make These Mistakes in English?: The Story of Sherwin Cody's Famous Language School

Chapter 9 looks at the advertising and cultural positioning of mail‐order book culture, focusing on the Harvard Classics and the Book‐of‐the Month Club.

Applications

Michael Suk-Young Chwe

in Rational Ritual: Culture, Coordination, and Common Knowledge

This chapter begins by considering the question of how cultural practices such as rituals and ceremonies constitute power. It then discusses how rituals work; generating common knowledge through eye ... More

This chapter begins by considering the question of how cultural practices such as rituals and ceremonies constitute power. It then discusses how rituals work; generating common knowledge through eye contact or, for larger groups, facing each other in a circle to enable each person to see that everyone else is paying attention; and understanding advertising in terms of common knowledge generation. The chapter then offers quantitative evidence by looking at 119 brands advertised on three U.S. networks in October 1988, February 1989, and July 1989. The data suggests that social goods are advertised on more popular shows and that advertisers goods are willing to pay more per viewer to do so. More popular shows generate common knowledge and hence are better at solving coordination problems.Less