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Impact of Advertisement on Consumer Brand Preference
Although the topic of advertising had been studied for centuries, it was not as significant then as it is today.
The reason for this is that economists spent the 19th century working to construct the idea of perfectly competitive markets, thesis writing service Manchester which was predicated on the assumption that there was perfect information available on the market and that consumers had set preferences for their homogeneous products.
Advertising on items was once considered a waste of resources and an increase in production costs because consumers were not likely to respond to that in any manner. The development of transportation and technology forced manufacturers to reconsider their decision to increase capacity and so guarantee publicity for their goods.
Following these events, advertising became into a crucial subject for economic research. A preliminary reflection was made by. Principles of Economics and Industry and Trade are two of his works. He identifies two functions that advertising serves.
According to his theory, an expense incurred by a company is modelled as a "selling cost" that spurs demand for a differentiated good. He depicts a market structure in his writings where a lot of enterprises are involved in the manufacture and sale of similar but different items.
In this market, advertising has the potential to both inform consumers about their needs and influence them to alter their preferences, claims (Chamberlin, 1933).
Consumers who are exposed to persuasive advertising will become brand loyalists, increasing the demand for a good's inelasticity, whereas customers who are exposed to informational advertising will be more responsive to price variations, increasing the elasticity of demand for a product.
Chamberlin went on to say that scale economies and the degree to which advertising is persuasive or informative should also be taken into account when determining the effects of advertising, especially in cases where a firm's demand curve is tangential to its U-shaped average cost of production and selling.
Following Chamberlin's epiphany, three perspectives on advertising—persuasive, informative, and complementary—were developed.
Advertising impacts one's demand and is capable of insuring brand loyalty, according to the persuasive theory created by Robinson and later advanced by (Braithwaite, and empirically validated by Bain and Comanor and Wilson.
According to this viewpoint, advertising makes a product's demand inelastic, which guarantees an increase in the product's price. However, this effect may be lessened by scale economies. The argument also notes that consumers are reluctant to test new goods, especially ones of questionable quality, which could prevent new producers from entering the market.
These academics concur that this theory of advertising will only be effective in scale economies.
According to Ozga's informative view of advertising, advertisements are meant to educate customers about a product.
They continue by saying that advertising raises a product's demand elasticity because, according to these academics, when information about a product is provided, it is perceived to be of good quality, which can even enhance demand for products.
The complementary perspective of advertising, created by Stigler and Becker in 1977, contends that advertising affects consumers by exerting a complementary influence on the utility function of the customer. These perspectives help us comprehend the various stages that advertising has undergone.
The Negative Impact
Around the start of the 19th century, debates over advertising had been going on for years under various pretexts. Although there was little initial interest, it later developed into a fruitful area of study at the turn of the 19th century (Sharma, 2009).
People lost interest because most improvements in production and sales, particularly of beauty items, had been attributed to other variables including taste, long-term use of products, and customers' refusal to switch products. As a result, the job of marketing was failing.
The challenge of this study was created by the many questions that the declining role raised.
Conclusion
The researcher's goal was to learn how and why graphic design companies continue to advertise their goods even when they are aware that other variables, not advertisements, are responsible for the rise in sales and product demand. King Products from Chris Graphics were taken into consideration because they meet the requirements for goods on which advertising is effective.
There are many cosmetics items on the market that differ but have the same function. In order to better understand how advertising affects customer purchasing decisions for graphic design products, specifically King Chris Graphics products, this study focused on its users.
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