By 2017,total advertising spending is expected to approach $136 billion, placing more pressure on management to demonstrate its impact on sales and stock prices.It's the age-old question of advertising effectiveness. While nearly every research study has found that advertising has a positive impact on sales, the results are mixed regarding its effectiveness on stock price, which can be seen as an indicator of future sales.
New research from professors at the Kelley School of Business at Indiana University,the McCombs School of Business at the University of Texas and the W. P. Carey School of Business at Arizona State University found the reason advertising boosts stock prices for some companies and not others.
They found that companies that set out to differentiate themselves through brand equity and thus create intangible firmvalue benefit more from advertising than firms that simply set out to become cost leaders.
"They're both very valid strategies. Different companies choose different approaches.They both can be very successful for companies," said Niket Jindal, an assistant professor of marketing at Kelley.
"Advertising can increase awareness; it can increase sales regardless," he added."But it's only for those companies that have a differentiation strategy where advertising's going to build up brand equity ... and shareholder value.
"That's not to say that it's wasteful spending for those cost leaders; there's still value in that it's increasing their sales. But those kinds of companies shouldn't expect to see an impact beyond the current year's sales."
The paper, "Advertising Effectiveness: The Moderating Effect of Firm Strategy," has been accepted for publication by the Journal of Marketing Research. Co-authors are Leigh McAlister and Raji Srinivasan, marketing professors at the McCombs School, and Albert Cannella Jr., a management professor at the Carey School.
1advertising
参考例句：
• Can you give me any advice on gettinginto advertising? 你能指点我如何涉足广告业吗?
• The advertising campaign is aimedprimarily at young people. 这个广告宣传运动主要是针对年轻人的。
2indicator
n.指标；指示物，指示者；指示器
参考例句：
• Gold prices are often seen as anindicator of inflation.黃金价格常常被看作是通货膨胀的指标。
• His left-hand indicator is flashing.他左手边的转向灯正在闪亮。
3 differentiate
vi.(between)区分；vt.区别；使不同
参考例句：
• You can differentiate between the housesby the shape of their chimneys.你可以凭借烟囱形状的不同来区分这两幢房子。
• He never learned to differentiate betweengood and evil.他从未学会分辨善恶。
4 equity
n.公正，公平，（无固定利息的）股票
参考例句：
• They shared the work of the house withequity.他们公平地分担家务。
• To capture his equity,Murphy must eithersell or refinance.要获得资产净值，墨菲必须出售或者重新融资。
5 valid
adj.有确实根据的；有效的；正当的，合法的
参考例句：
• His claim to own the house is valid.他主张对此屋的所有权有效。
• Do you have valid reasons for yourabsence?你的缺席有正当理由吗？
6marketing
n.行销，在市场的买卖，买东西
参考例句：
• They are developing marketing network.他们正在发展销售网络。
• He often goes marketing.他经常去市场做生意。
7awareness
n.意识，觉悟，懂事，明智
参考例句：
• There is a general awareness that smokingis harmful.人们普遍认识到吸烟有害健康。
• Environmental awareness has increasedover the years.这些年来人们的环境意识增强了。
8differentiation
n.区别，区分
参考例句：
• There can be no differentiation withoutcontrast. 有比较才有差别。
• The operation that is the inverse ofdifferentiation is called integration. 与微分相反的运算叫做积分。
9shareholder
n.股东，股票持有人
参考例句：
• The account department have prepare afinancial statement for the shareholder.财务部为股东准备了一份财务报表。
• A shareholder may transfer his shares inaccordance with the law.股东持有的股份可以依法转让。
10wasteful
adj.（造成）浪费的，挥霍的
参考例句：
• It is a shame to be so wasteful.这样浪费太可惜了。
• Duties have been reassigned to avoidwasteful duplication of work.为避免重复劳动浪费资源，任务已经重新分派。
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