Why do firms spend money and time to advertise?

Why do firms spend money and time to advertise have a lot reasons. But a simple few can be:
1. Knowledge. Advertisement can bring information of a certain or set of products a firm or company is selling.
2. Priming. Advertisements also have a psychological effect on its customers. Priming is one psychological construct that influences ones unconscious behavior.
3. Salesman in Print. According to Kennedy, advertising is like a salesman in print because it introduces and entices one customer to avail the product.

Answered by taskmasters | 2024-06-10

Firms spend money and time on advertising to inform or persuade customers about the uniqueness of their products, which can lead to increased inelasticity in demand or higher overall demand. This results in greater profits and a stronger brand reputation. Effective advertising also contributes to long-term competitiveness by fostering brand loyalty. ;

Answered by MerylStreep | 2024-06-18

Firms invest in advertising to inform consumers about their products, build brand awareness, influence purchasing behavior, and compete effectively in the market. Advertising also helps promote new products and foster long-term customer relationships. Overall, it plays a crucial role in a business's growth and success.
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Answered by taskmasters | 2024-10-14