The Principles of Free-Market Economics
1.Self-interest
2.Complete Information
3.Many buyers and sellers
4.Absence of externalities (social costs)
Functions & Effects of Advertising in a Free Economy
1.To identify products and their source and to differentiate them from others.
2.To communicate information of the product, its features and its location of sale.
3.To induce consumers to try new products and to suggest reuse.
4.To stimulate the distribution of a product.
5.To increase product use.
6.To build value, brand preference and loyalty.
7.To lower the cost of sales.
1.Self-interest
2.Complete Information
3.Many buyers and sellers
4.Absence of externalities (social costs)
Functions & Effects of Advertising in a Free Economy
1.To identify products and their source and to differentiate them from others.
2.To communicate information of the product, its features and its location of sale.
3.To induce consumers to try new products and to suggest reuse.
4.To stimulate the distribution of a product.
5.To increase product use.
6.To build value, brand preference and loyalty.
7.To lower the cost of sales.