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Chapter 3 notes

by: Jocelyn Norfleet

Chapter 3 notes FCS 103

Jocelyn Norfleet
Management for Consumers
Donald Meyer

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Chapter 3 notes.
Management for Consumers
Donald Meyer
Class Notes
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This 3 page Class Notes was uploaded by Jocelyn Norfleet on Sunday September 13, 2015. The Class Notes belongs to FCS 103 at Illinois State University taught by Donald Meyer in Fall 2015. Since its upload, it has received 21 views.


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Date Created: 09/13/15
Management For Consumers FCS 103 Chapter 3 Advertising Advertising 0 Where are we exposed to advertising 0 Tv Newspapers Direct mail 0 Radio Yellow Pages Movies 0 Internet Magazines Sponsorships Estimated that companies spend 541personyr Super Bowl ads for 2015 45 million for 30 seconds 111 million viewerslviewer not including actors equipment ad agencies directors crew and other personnel 0 Total GLOBAL Advertising in 2013 510000 billion Generic Products Lacking a quotbrandquot name 0 From lei company or from quotname brandquot company on same prod line 0 Cost savings often because of absence of quotbrand taxquot advertising dollars 0 May be slight differences in gualityI taste etc if not from same company Persuasive Advertising Intended to associate speci c product with certain lifestyle in the mind of a consumer Generally little factual information Sometimes referred to as quotpufferyquot hot air 0 Because consumers are better informed advertisers are doing more quotmarket segmentation selective advertisements targeting speci c e lifestvle ethnic background Why do consumers buy quotBrandquot Namesquot 0 Not doing so may mean less in quality consumer con dence 0 May offer better warranty 0 May be more quotservicequot locations 0 Does quotstatusquot somehow factor into this Market Power Occurs when quotbrandquot lgyalty occurs on a wide scale Wouldn t exist in quotperfectquot competition consumers would respond to least price Informative Advertising 0 Self explanatory Advertisement informs consumer about product 0 May be to inform about quotlow pricequot 0 to inform about quotbrands quot they sell 0 about quotnew productsquot new and improvedquot 0 Sometimes advertising not in quotpublicquot sales representativequot sent to target client 0 Growth in quotlinkedquot advertising look at air travel auto rental or hotel links 0 Recent Growth in health care legal services accounting nancial services Comparative Advertising 0 Actually quotnamesquot competitor in its ads 0 Growth in recent years once perceived illegal Caution may not tell whole picture selective Defensive Advertising Intended to quotrebukequot claims made by competitors 0 No one company gets an edge with this type Deceptive Advertising 0 Federal Trade Commission FTC prohibit quotunfairquot or quotdeceptivequot acts or practices 0 Scienti cally untrue Lying to customers 0 Illegal billing practices Misrepresentation of costs 0 Deceptive Teak dining tables not the wood rather a company named quotTeakquot Deceptive quotif a reasonable consumer would be deceived by an adquot Management For Consumers FCS 103 Chapter 3 Advertising Bait and Switch 0 Selling technique 0 Advertising one product at an attractive price bait o informing consumer that product not available poor quality not what the consumer would want 0 Then comes the quotswitchquot to an alternative product 0 Most common FTC issue 0 Examples Contest but you need to buy something to win free If you buy another product at higher price substituting merchandise rebates That take too much time or hard to collect Counteradvertising One sanction that can be done by FTCFDA Sometimes called quotcorrectivequot advertising 0 Requiring same volumetype of ads that quotset the record strightquot Occasionally FTC will issue a quotcease and desistquot order to immediate stop a situation P vacy Consumers can 0 Turn off media don39t subscribe etc 0 Change channels 0 Listenwatchread noncommercial venues More dif cult to manage 0 Direct mail names commonly quotsoldquot to others 0 telemarketing Businesses now required to disclose your rights to the release of information How to stop unsolicited advertising 0 Subscription eguest in writing for no release Ask organization to remove your name meorm Contact quotdirect mail advertisi quot see text National quotdo not callquot registry Telemarketing rules Only call from8amme state that it is a sales call identify themselvesorganization Cannot seek payment before delivery 0 Must thoroughly explain any credit terms Comparison Shopping Acquiringcomparing information sellersproducts nd best price for quality desired 0 Sources 0 Consumer Reports 0 Consumers Research magazine 0 Many popular magazines do product reviews Kiplinger39s Personal nance 0 Money magazine Time Newsweek Better Homes and Gardens Woman39s Day OOOO


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