Role of advertising for marketplace

Reference no: EM1370561

In the early 1980's just as serious health effects were being noted regarding sugar consumption, Kellogg's changed the name of Sugar Pops to Corn Pops (the sugar content didn't change) and the name of Sugar Flakes to Frosted Flakes (still sugar content remained the same); General Mills produces two cereals (Total and Wheaties) that are identical in content as two different cereals (one for the healthy and one for the athletic) with different prices to different consumers. This begs the question about the role of advertising in markets. While economists freely admit that advertising that earn millions for firms, economists often view advertising as wasteful since it does very little to inform consumers. Think about that last 5 ads you have seen (TV, radio, internet, subway) and discuss EACH what was the role of the advertising for the marketplace.

Reference no: EM1370561

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