Social, Cultural, economic impact of Advertising
Critics say good and bad things about advertising in their own unique ways. There are many good things about advertising as well as bad things. John O’Toole, President of the American Association of Advertising Agencies, has said that advertising is not the same thing as other things. It has nothing to do with studies, but it teaches. It’s not a news source, but it has all the facts. And it’s not a device for entertainment, but it makes everyone happy.
What advertising does for society:
There are both good and bad things about advertising on the social ground. Here are some of them.
Deception in Advertising: The relationship between buyers and sellers stays strong as long as buyers are happy with the product they bought and what they thought it would be like. If a seller advertises a product with a false or misleading picture and a picture that is too big, then the relationship between the seller and the buyer can’t be healthy. These issues can be fixed if the seller keeps their ads clean and shows the correct picture of the item.
The main goal of subliminal advertising is to get people to think about what the ads are saying. People don’t even realise that the ads have changed their minds, which makes them buy things they don’t need. “All ads don’t impress all consumers at all times,” though, since most people buy things based on price and need.
What this means for our values:
Advertisers use emotional appeals, puffery, and endorsements from famous people to make their ads so strong that people buy their products like they’re prey.
People who are poor buy things they can’t afford because of these ads. People also start bad habits like smoking and drinking because their favourite actor backed that product. This makes everything more expensive for everyone and makes us lose our own values.
Offensiveness: Some ads are so offensive that people won’t even look at them. For instance, ads for denim jeans showed girls with very little on and making a sexy pose. These kinds of ads have nothing to do with the product itself. But then there are some ads that teach too, and people now accept them. Ads that told people about birth control pills used to be seen as offensive, but now they’re seen as educational and important.
- In the end, though, there are some great things that help.
- How society and technology have changed over time
- Employment
- Giving buyers choices is in their own best interest.
- is open to healthy competition
- Raising the standard of living.
- Tell people about problems in health, the economy, and society.
Advertising’s role in the economy
Value of Goods: The goods that are advertised aren’t always the best ones on the market. There are also some good products that aren’t advertised. But advertising helps raise the value of goods by showing a good side of them, which in turn makes people more likely to buy them. People learn more about how to use a product through advertising, which makes the product seem more valuable to them. One example is cell phones. In the past, they were seen as necessities, but now they have a lot of features that make them more useful to people.
Effect on Prices: Some products that are advertised do cost more than products that aren’t advertised, but the other way around is also true. But if there is more competition in the market for those goods, like juices in a can from different brands, the prices have to go down. So, professionals like doctors and chartered accountants aren’t allowed to put up ads.
However, some products don’t need much advertising and even charge high prices, but they still have a strong brand name and are at the top of the market. like Porsche cars
What happens to consumer choices and demand?
It’s not a given that more people will want or consume a product just because it’s heavily advertised. The product has to be unique, have better quality, and come in more types than others. One example is Kellogg’s cornflakes, which come in a number of flavours and price ranges to suit people of all ages and now even those who want to lose weight. This gives customers a choice of what to buy.
Effects on the business cycle: There’s no doubt that advertising helps hire more people. It brings in more money for people who work in this field. It helps sellers get more money, which they can then use to make their products and services better. There are, however, some bad effects of ads on the business cycle. There are times when people may like a foreign product more than a national brand. It’s clear that this will have an effect on production, which could then have an effect on the country’s GDP.
The economic aspects are supported by the Abundance Principle, which says that more goods and services should be produced than are consumed. This helps keep consumers informed about their choices and allows sellers to play in a healthy and competitive environment in their own best interests.