Weitere Artikel dieser Ausgabe durch Wischen aufrufen
We use a panel data set that combines annual brand-level advertising expenditures for over three hundred brands with measures of brand awareness and perceived quality from a large-scale consumer survey to study the effect of advertising. Advertising is modeled as a dynamic investment in a brand’s stocks of awareness and perceived quality and we ask how such an investment changes brand awareness and quality perceptions. Our panel data allow us to control for unobserved heterogeneity across brands and to identify the effect of advertising from the time-series variation within brands. They also allow us to account for the endogeneity of advertising through recently developed dynamic panel data estimation techniques. We find that advertising has consistently a significant positive effect on brand awareness but no significant effect on perceived quality.
Bitte loggen Sie sich ein, um Zugang zu diesem Inhalt zu erhalten
Sie möchten Zugang zu diesem Inhalt erhalten? Dann informieren Sie sich jetzt über unsere Produkte:
Acemoglu, D., & Robinson, J. (2001). A theory of political transition. American Economic Review, 91(4), 938–963.
Ackerberg, D. (2001). Empirically distinguishing between informative and prestige effects of advertising. Rand Journal of Economics, 32(2), 316–333. CrossRef
Anand, B., & Shachar, R. (2004). Advertising the matchmaker. Working paper, Harvard University, Cambridge.
Arellano, M., & Bond, S. (1991). Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. Review of Economic Studies, 58, 277–297. CrossRef
Arellano, M., & Bover, O. (1995). Another look at instrumental variable estimation of error component models. Journal of Econometrics, 68, 29–52. CrossRef
Assmus, G., Farley, J., & Lehmann, D. (1984). How advertising affects sales: Meta analysis of econometric results. Journal of Marketing Research, 21(1), 65–74. CrossRef
Bass, F., Bruce, N., Majumdar, S., & Murthi, B. (2007). Wearout effects of different advertising themes: A dynamic Bayesian model of the advertising-sales relationship. Marketing Science, 26(2), 179–195. CrossRef
Blackburn, J., & Clancy, K. (1982). LITMUS: A new product planning model. In A. Zoltners (Ed.), Marketing planning models (pp. 43–62). North-Holland, Amsterdam.
Blattberg, R., & Golanty, J. (1978). Tracker: An early test market forecasting and diagnostic model for new product planning. Journal of Marketing Research, 15, 192–202. CrossRef
Blundell, R., & Bond, S. (1998). Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics, 87, 115–143. CrossRef
Bond, S. (2002). Dynamic panel data models: A guide to micro data methods and practice. Working paper CWP09/02, The Institute for Fiscal Studies, London.
Boyer, M., & Moreaux, M. (1999). Strategic underinvestment in informative advertising: The cases of substitutes and complements. Canadian Journal of Economics, 32(3), 654–672. CrossRef
Clarke, D. (1976). Econometric measurement of the duration of advertising effect on sales. Journal of Marketing Research, 13(4), 345–357. CrossRef
Doganoglu, T., & Klapper, D. (2006). Goodwill and dynamic advertising strategies. Quantitative Marketing and Economics, 4(1), 5–29. CrossRef
Doraszelski, U., & Markovich, S. (2007). Advertising dynamics and competitive advantage. Rand Journal of Economics, 38(3), 557–592.
Dube, J., Hitsch, G., & Manchanda, P. (2005). An empirical model of advertising dynamics. Quantitative Marketing and Economics, 3, 107–144. CrossRef
Durlauf, S., Johnson, P., & Temple, J. (2005). Growth econometrics. In P. Aghion, & S. Durlauf (Eds.), Handbook of econometric growth (Vol. 1A, pp. 555–677). North-Holland, Amsterdam.
Erdem, T., Keane, M., & Sun, B. (2008). The impact of advertising on consumer price sensitivity in experience goods markets. Quantitative Marketing and Economics, 6(2), 139–176. CrossRef
Fershtman, C., & Muller, E. (1993). The benefits of being small: Duopolistic competition with market segmentation. Review of Industrial Organization, 8, 101–111. CrossRef
Hayashi, F. (2000). Econometrics. Princeton: Princeton University Press.
Kadiyali, V. (1996). Entry, its deterrence, and its accommodaton: A study of the U.S. photographic film industry. Rand Journal of Economics, 27(3), 452–478. CrossRef
Kirmani, A. (1990). The effect of perceived advertising costs on brand perceptions. Journal of Consumer Research, 17(2), 160–171. CrossRef
Kirmani, A., & Wright, P. (1989). Money talks: Perceived advertising expense and expected product quality. Journal of Consumer Research, 16(1), 344–353. CrossRef
Little, J. (1975). Brandaid: A marketing mix model, part 1-structure. Operations Research, 23, 628–655. CrossRef
Lodish, L., Abraham, M., Kalmenson, S., Livelsberger, J., Lubetkin, B., Richardson, B., et al. (1995). How advertising works: A meta-analysis of 389 real world split cable TV advertising experiments. Journal of Marketing Research, 32, 125–139. CrossRef
Milgrom, P., & Roberts, J. (1986). Price and advertising signals of product quality. Journal of Political Economy, 94(4), 796–821. CrossRef
Mitra, A., & Lynch, J. (1995). Toward a reconciliation of market power and information theories of advertising effects on price elasticity. Journal of Consumer Research, 21(4), 644–649. CrossRef
Moorthy, S., & Hawkins, S. (2005). Advertising repetition and quality perception. Journal of Business Research, 58(3), 354–360. CrossRef
Moorthy, S., & Zhao, H. (2000). Advertising spending and perceived quality. Marketing Letters, 11(3), 221–233. CrossRef
Naik, P., Mantrala, M., & Sawyer, A. (1998). Planning media schedules in the presence of dynamic advertising quality. Marketing Science, 17(3), 214–235. CrossRef
Narayanan, S., & Manchanda, P. (2009). Heterogeneous learning and the targeting of marketing communication for new products. Marketing Science (in press).
Narayanan, S., Manchanda, P., & Chintagunta, P. (2005). Temporal differences in the role of marketing communicating for new product categories. Journal of Marketing Research, 42, 278–291. CrossRef
Nedungadi, P. (1990). Recall and consumer consideration sets: Influencing choice without altering brand evaluations. Journal of Consumer Research, 17(3), 263–276. CrossRef
Nelson, P. (1970). Advertising and consumer behavior. Journal of Political Economy, 78(2), 311–329. CrossRef
Nelson, P. (1974). Advertising as information. Journal of Political Economy, 82(4), 729–754. CrossRef
Nerlove, M., & Arrow, K. (1962). Optimal advertising policy under dynamic considerations. Economica, 29(114), 129–142. CrossRef
Roodman, D. (2007). How to do xtabond2: An introduction to “difference” and “system” GMM in Stata. Working paper no. 103, Center for Global Development, Washington.
Shachar, R., & Anand, B. (1998). The effectiveness and targeting of television advertising. Journal of Economics and Management Strategy, 7, 363–396. CrossRef
Sovinsky Goeree, M. (2008). Limited information and advertising in the US personal computer industry. Econometrica, 76(5), 1017–1074. CrossRef
Stigler, G. (1961). The economics of information. Quarterly Journal of Economics, 69(3), 213–225.
Sutton, J. (1991). Sunk costs and market structure. Cambridge: MIT.
Tellis, G., & Fornell, C. (1988). Relationship between advertising and product quality over the product life cycle: A contingency theory. Journal of Marketing Research, 25(1), 64–71. CrossRef
Telser, L. (1964). Advertising and competition. Journal of Political Economy, 72(6), 537–562. CrossRef
Vidale, M., & Wolfe, H. (1957). An operations research study of sales response to advertising. Operations Research, 5(3), 370–381. CrossRef
Windmeijer, F. (2005). A finite sample correction for the variance of linear efficient two-step GMM estimators. Journal of Econometrics, 126(1), 25–51. CrossRef
Wooldridge, J. (2002). Econometric analysis of cross section and panel data. Cambridge: MIT.
Zajonc, R. (1968). Attitudinal effects of mere exposure. Journal of Personality and Social Psychology, 9(2), 1–27. CrossRef
Zhang, J., & Li, H. (2007). Do high birth rates hamper economic growth? Review of Economics and Statistics, 89(1), 110–117. CrossRef
- The effect of advertising on brand awareness and perceived quality: An empirical investigation using panel data
C. Robert Clark
- Springer US