The Significance of Advertising and Integrated Marketing in the Creation of a Competitive Economic System
Justus, Douglas J.
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The purpose of this SIP is to examine the economic benefits of advertising and integrated marketing to the private and public betterment of society. This is done by analyzing the effectiveness of advertising and integrated marketing for firms which place much emphasis on advertisements. More specifically, an empirical analysis is performed to show the impact of advertising in either enhancing the monopoly power of a firm or stimulating competitiveness among firms. The conclusion that is revealed is that advertising does in fact create more competitiveness and to such an extent it does contribute to furthering the general public interest (consumers). The modern view of advertising maintains a strong belief that the value of advertising and integrated marketing is conducive to the economic benefits of enhanced consumer welfare and competition. As an advocate of this modern view of advertising, the argument will be made in support of the competitive process with the vast economic implications in the function of a free market system.