Is advertising for losers? An empirical study from a value creation and value capturing perspective

Does advertising lead to higher profits? This question has preoccupied company executives and academic researchers for many decades. Arguments have been put forth in both directions, and evidence is mixed at best. In this article, we re-examine the question from a value creation and value capturing perspective, which allows us to re-interpret and reconcile the different views and empirically validate the resulting hypotheses. Using a database of the top 500 brands of established companies during the 2008–2015 period, we find that advertising spending has no significant impact on profitability, while both brand value and research and development (R&D) spending have a clearly positive effect. In addition, we observe a positive interaction effect between advertising spending and R&D spending and a negative interaction between brand value and R&D spending on profitability. These findings corroborate the view that advertising in and of itself does not improve profitability; rather, its effect is positive only when it acts in support of customer value creation as a result of R&D.     

基于互联网环境下的企业网络广告投资策略研究

随着网络广告的日益普及,选择投放合适的网络广告已经成为决定广告投放成功的关键,企业在进行网络广告投资决策时,面临着选择投资门户网络广告和长尾网络广告的困境。然而,目前并没有针对投放门户网络广告和长尾网络广告的理论和方法,因此需要投放门户网络广告和长尾网络广告的理论、方法和模型以有效指导企业广告投放的运作管理,为企业创造更高的价值。本文引进柯布-道格拉斯销售函数 S（a,q）=α-βa^-γq^-δ,尝试应用博弈论方法构建基于门户网络广告和长尾网络广告的非合作静态Nash投资模型、合作静态Nash投资模型和Stackelberg主从博弈投资决策模型,并通过模型均衡分析求出广告的投资小收益大的条件。与非合作的纳什均衡情况相比,Stackelberg主从博弈模型中,优先投资的网络广告投资小收益大,次后投资的网络广告投资大收益小。但总的投资和收益关系不确定。同其他三种投资情况相比,基于合作的投资策略比非合作和Stackelberg先后投资策略所获得的收益要大。同时,文中运用一个数值算例进一步验证了结论的有效性。解决了企业面临投资门户网络广告和长尾网络广告决策的困境,研究结论为企业投资网络广告提供理论依据和决策方法。     

双寡头市场中品牌广告竞争和大类广告合作策略研究

利用微分对策理论研究了一强一弱双寡头垄断市场中的品牌广告竞争和大类广告合作策略,提出了一个Stackelberg博弈模型,采用汉密尔顿-雅可比-贝尔曼方程求得了模型的均衡品牌广告、大类广告和价值函数,给出了市场份额计算公式。研究发现:与非合作策略相比,大类广告合作策略下,无论强者还是弱者,他们的销售量都增加了,同时两个企业的品牌广告投入也增加了;通过大类广告合作策略,无论强者(领导者)还是弱者(追随者),他们的利润都得到了提高;强者、弱者和行业的大类广告投入分别高于非合作下强者、弱者和行业的大类广告投入。     

Value relevance of advertising expenditure: A review of the literature

This paper presents a review of the relevant empirical literature on advertising value relevance. The current dominant accounting practice is to treat advertising as a current period expense. There has been growing evidence, however, to suggest that advertising should be viewed as an investment in long‐term brand equity. While the primary focus is on the valuation studies of advertising expenditure, the paper also provides an overview of various other studies that relate advertising to profitability or sales of the firm or industry to investigate the effects of advertising expenditure. As a consequence, it is emphasized that there has been a recent shift to the use of valuation models in exploring the nature of advertising expenditure. Since market value captures both the current and future profitability effects of advertising, valuation models are often seen as a better alternative in exploring the intangible nature of advertising expenditure. It is found that the bulk of evidence on advertising value relevance comes from the US, where there has historically been greater disclosure of advertising expenditure. There appears to be little evidence on this matter in the UK, however. This may largely be attributed to the lack of advertising data availability in the UK.     

服务企业的报刊媒体评价研究

本文构建了广告投放与消费者电话反应之间的几何滞后分布的动态计量经济模型,并利用实测数据对不同报刊媒体的短期广告效果进行了评价.研究结果显示,所建立的模型可以较好地对同一类广告媒体进行评价和预测;消费者电话反应具有广告的短期刺激-反应特征,以报刊的发行量作为报刊选择的标准可能导致偏差;报刊广告的保留率很低,以报刊广告为主的企业可以考虑每天或隔天作为广告投放的频率.     

出租车新运营模式下的LED广告精准投放策略

出租车LED广告是出租车广告的重要形式,其广告效果与投放策略息息相关。出租车在传统运营模式下,出租车广告投放策略比较粗放,没有考虑消费者的差异化需求。随着打车软件应用的普及,出租车运营模式发生了根本性改变,特别是在新的运营模式下积累了大量的运行数据,为出租车广告投放策略的精细化设计和精准投放提供了必要条件。本文针对新的运营模式下的广告精准投放问题进行研究,构建了提取居民出行行为时间特征和空间特征以及出租车司机行为特征的方法,并针对居民出行行为规律和司机的行为模式和偏好,提出了出租车LED广告精准投放的三种策略,即时段定向投放策略,空间定向投放策略和时空定向投放策略。最后,利用某市实际的出租车轨迹数据进行实例分析。本文提出的出租车广告精准投放策略的设计思路和方法对于相关研究具有一定参考价值,提出的精准投放策略对出租车广告投放和管理相关部门的决策也具有实际参考价值。     

考虑溢出效应的互补品企业间广告决策模型研究

具有需求信息优势的企业常常将广告投入作为市场需求信号,有选择地向其互补品生产企业传递需求信息,以刺激其增加广告投入,通过溢出效应获取更大收益。针对这一问题,本文建立了考虑溢出效应的互补品企业间广告决策的信号博弈模型,得到了分离均衡和混同均衡的存在条件,分析了均衡状态下企业的最优广告决策和收益,讨论了企业的广告策略选择。结果表明,分离均衡下,具有信息优势的制造商无法利用广告投入信号刺激其互补品制造商增加广告投入。混同均衡下,只有当市场需求为低时,具有信息优势的制造商能够利用广告投入信号,刺激其互补品制造商增加广告投入,通过溢出效应获得更大收益。最后,通过一个数值算例验证了有关结论的有效性。     

Werbe-Management in jungen Wachstumsunternehmen

New ventures with above-average growth potential vary significantly with regard to their success and show on average high failure rates which may be traced back to their lack of reputation in the market. This study examines whether systematic advertising planning and control can exert a positive influence on new venture performance and whether these effects vary across life cycle stages. The research model is based upon the contingent resource-based view and has been tested with a sample of 181 new ventures with high growth potential. Findings indicate that, indeed, a large portion of new venture performance can be explained by targeted planning and control methods and tools. As regards advertising control, a moderating effect of life cycle stages emerges: While a negative relationship between advertising control and performance exists in early stages, this relationship becomes significantly positive in later stages.     

基于Vidale-Wolfe模型的多市场广告预算分配决策模型

广告决策问题很长时间以来都是营销经理和学者们关注的热点。随着社会经济发展,越来越多的企业面对多个市场。如何在多个市场、广告总预算固定的状况下,合理分配各个市场广告预算以收到最优广告效果,是一个企业关心的较为重要的问题。经过比较,选择Vidale-Wolfe模型作为广告反应模型,在此基础上建立了多市场广告预算分配决策模型。考虑到一些营销策略对某些市场有特殊销售速率要求,该模型分为无特殊销售速率维持要求的多市场广告预算分配决策模型和有特殊销售速率维持要求的多市场广告预算分配决策模型两类,后者探讨了销售速率变化与达到指定销售速率两种要求下的广告预算最优分配问题,构建了优化模型,提出了模型参数取值与模型求解方法,最后给出了一个算例。     

广告诉求与品牌个性感知差异对消费者购买意愿的影响研究

以汽车品牌为例,通过对比企业广告诉求和消费者品牌个性感知的差异,从品牌个性为消费者带来不同利益的角度探索这种差异对购买意愿的影响。实证结果表明,对于功能性和体验性品牌个性,广告诉求超出消费者品牌个性感知越多,购买意愿越低;反之亦然。对于象征性品牌个性,当消费者"圆熟"个性感知低于广告诉求时,广告诉求超出消费者感知越多,购买意愿越高。研究结论对企业的广告策略和品牌个性管理具有参考价值。     

基于混合定向方式的移动定向广告投放策略研究

以移动广告为研究背景,研究地理定向和消费者产品偏好定向相结合的混合定向方式下企业的定向广告投放策略,同时通过对比企业投放定向广告与大众广告,研究企业的广告策略选择问题。研究发现,企业运用定向广告策略应针对不同的消费者群体提供差异化较大的营销策略:对属于企业近距离范围且偏好企业产品的优势市场,企业应加大广告投放力度并实行高价;为了争取部分远端劣势市场的收益,企业应向其投放一定力度的广告并实行低价;对属于双方的竞争市场,企业应选择中等程度的广告和价格。同时,通过与企业投放大众广告相比较,发现竞争企业使用定向广告策略反而不如使用大众广告策略。     

基于巴斯模型的消费者推荐奖励和广告投入动态定价决策

本文从新产品扩散的过程出发，构建了同时考虑口碑效应和广告效应的产品扩散模型，研究企业推荐奖励和广告投入的动态定价问题。利用汉密尔顿函数和最大值原理得到最优解，并结合多个关键参数对最优解进行了敏感性分析。研究发现：最优推荐奖励呈先减少后增加趋势，最优广告投入则是逐渐减少；对于高价值产品，企业应采取高价格高奖励的策略；企业的推荐奖励策略和广告投入策略会受到推荐奖励效率、广告效率、自发购买比率和传统口碑效的影响。本文的研究结论对企业的推荐奖励和广告策略设计有一定的理论指导意义。     

How to Use Technical Terms in Ads? An FCB Grid Perspective

Research on the optimal use of technical terms in advertising can help sponsors effectively communicate complex technical concepts to consumers. This study therefore examined how technical terms, and the extent to which they are explained, influence advertising effectiveness for four product types in the FCB grid. The sample comprised 436 college students. The analytical results of this study indicate that using two technical terms together with detailed explanation of the terms improves consumer attitudes towards the ad and consumer evaluation of the advertised product for thinking (products meeting consumer utilitarian needs) and high involvement products. For thinking and low involvement products, using two technical terms together with detailed/rough explanation improves consumer attitudes towards the ad and consumer evaluation of the advertised product. Moreover, using two unexplained technical terms improves consumer attitudes towards the ad for feeling (those providing consumer gratification, social acceptance and sensory satisfaction) and high involvement products. Using no technical terms improves consumer attitudes towards the ad for feeling and low involvement products. Finally, theoretical and managerial implications and future research directions are discussed.     

Public participation in life cycle assessment and risk assessment: a shared need.

Life cycle assessment (LCA) and risk assessment are operationally different but share the common purpose of supporting decisions about reducing threats to human welfare. Both analysis methods also involve a complex mixture of science and value judgments reflecting epistemological as well as moral and esthetic values. The inability of risk assessment and LCA to be "value free" has been a source of considerable controversy in both communities. Recognition of the contingent and social nature of human interpretation of the risks and environmental impacts created by public and private decisions has led to an increased appreciation of the importance of involving interested and affected parties in risk characterization. Comparison of the value-based nature of LCA and risk assessment demonstrates the need for participation in LCA. Although the need for participation by affected parties in decision-making processes is gaining acceptance, there is little agreement as to how participation should be structured. Risk assessment and LCA have a shared need for research examining the design and analysis of participation processes appropriate to a given decision context. A proposed framework recommends participation strategies designed to enhance the effectiveness of policy-driven analyses such as risk assessment and LCA based on the level of trust that interested and affected parties have for other policy participants.     

考虑延时效应的供应链动态合作广告策略研究

广告的延时效应是供应链广告过程中的普遍现象,对供应链合作广告策略的制定具有重要影响.文章研究当产品品牌信誉受广告延时效应影响时供应链的合作广告策略问题,建立了含有时间延迟的品牌信誉动态模型和考虑品牌信誉的产品销售量模型.运用极大值原理,得到了制造商和零售商在分散式决策和集中式决策下的最优广告投入、品牌信誉和利润,以及分散式决策下制造商的最优合作广告参与率.研究发现:在集中式决策下制造商和零售商的最优广告投入和产品销售量均高于分散式决策下的相应值;延迟时间存在一个阈值,当延迟时间低于该阈值时,集中式决策下的供应链利润较高,反之则分散式决策下的供应链利润较高.研究结果为供应链合作广告策略的制定及供应链决策机制的选择提供了一定的参考.最后,通过数值算例分析了广告延迟时间对供应链最优广告策略及决策机制的影响.     

零售商竞争下的垂直合作广告模型

关于合作广告问题的研究目前主要集中在探讨单一制造商和单一零售商时的情况。本文则在此基础上,把研究扩展到单一制造商和多个竞争性的零售商的情况。零售商的商品需求量除了受到自己的广告投入影响还受到竞争者广告投入的影响。在这种情况下,合作广告不同于单一零售商时的情况。那么在新的情形下,零售商的广告投入策略如何?制造商针对不同的零售商怎样制定补贴策略?哪些因素影响以及如何影响对不同营销渠道的选择?这些问题是本文的主要研究内容。     

An Analysis of Manufacturer‐Retailer Supply Chain Coordination in Cooperative Advertising*

In the literature of cooperative (co‐op) advertising, the focus of the research is on a relationship in which a manufacturer is the leader and retailers are followers. This relationship implies the dominance of the manufacturer over retailers. Recent market trends have shown a shift in power from manufacturers to retailers. Retailers, as a result, may now possess equal or even greater power than a manufacturer in some instances when it comes to retailing. Based on this new market phenomenon, we intend to explore the role of co‐op advertising in a manufacturer‐retailer supply chain through brand name investments, local advertising expenditures, and sharing rules of advertising expenses. Two co‐op advertising models are developed and compared. The first co‐op advertising model is based on the traditional leader‐follower relationship of a manufacturer and a retailer. The second model incorporates partnership into co‐op advertising coordination. Business examples and managerial implications of the models have been discussed. A cooperative bargaining technique is utilized to implement the partnership co‐op advertising model.     

招聘服务供应链中合作广告博弈

本文研究求职者投递简历量不确定性的条件下由网站招聘服务商和用人企业组成的招聘服务供应链中的合作广告对招聘效用的影响。网站服务商首先确定招聘套餐价格和广告赠送率,用人企业根据套餐及广告,确定本企业对求职者提供的职位搜索价格。运用斯坦伯格博弈模型进行合作广告效用预测显示:(1)对于用人企业,广告效用增加,求职者对本单位的招聘职位搜索价格增加,企业期望简历量和期望效用增加。(2)对于网站服务商,固定广告赠送率可确定职位价格;固定职位价格可确定广告赠送率;提高广告赠送率可激励用人企业选择更高价位广告。将上述理论运用于企业与智联招聘、前程无忧和新安人才网三家网站建立招聘服务供应链时的斯坦伯格决策,可从企业、服务商和供应链三个角度综合做出决定-若企业在安徽省内招聘则优选新安,在全国招聘则优选智联,可保证企业招聘效果和服务供应链效用最优。上述方法为中小企业选择招聘服务商提供参考,也为人才管理理论研究拓展新方向。     

竞争中的参考价格效应及承诺

消费者的社会感知会影响其对产品和品牌的评价。当消费者进行购买选择时，经常会受到参考价格效应的影响。而广告和价格不仅是企业经常要考虑的重要决策，还会对参考价格产生重要影响。为此，一个值得研究的的问题是：在考虑参考价格效应的情况下，企业该怎样确定其动态广告和价格策略？
为了研究该问题，本文构建了一个广告和价格的动态模型，来研究一个双寡头市场环境下两个寡头企业的价格和广告决策，并以此分析参考价格效应的作用。具体而言，我们假定企业可以采用广告承诺和价格承诺中的一种，其中前者承诺其在一段时间内的广告投入量恒定不变，而后者确保价格不变。两种策略不仅会影响消费者的购买决策，也会影响竞争对手的选择。在上述假定下，我们探讨了两个寡头企业在都采用广告承诺、都采用价格承诺及一个企业采用广告承诺而另一个企业采用价格承诺等三种不同情形下的最优广告和价格决策，并以此分析了三种情形下参考价格效应对最优的广告投入及定价策略的影响。最后，通过数值分析，探讨了不同情形下企业的最优策略选择。     

针对企业虚假广告宣传的政府监管策略研究

虚假广告是指经营者利用广告虚构事实,造成消费者对其商品或服务的误解,从而获取利益的行为。本文考虑了政府、消费者在企业广告决策中的作用,建立两阶段模型,研究了企业利润最大化目标下政府监管力度、消费者负面口碑效应、产品生产成本等因素对广告策略选择的影响。基于企业在四类广告策略（不进行虚假广告、仅前期进行虚假广告、仅后期进行虚假广告和一直进行虚假广告）中的选择,本文着重分析了政府相应的监管策略。通过详实的数值分析,探究了在不同的市场环境下的企业利润和具体的政府监管策略,最终提出对策和建议来限制企业的虚假广告宣传、提高消费者效益并净化市场环境。