Advertising, Consumer Awareness & Choice: Evidence from U.S. Banking Industry, Maria Ana Vitorino





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Published on May 23, 2014

Maria Ana Vitorino, Assistant Professor of Marketing, Carlson School of Management, University of Minnesota

Does advertising serve to (i) increase consumer awareness of a product, (ii) increase the likelihood that a consumer carefully considers a product, or (iii) does it shift consumer utility conditional on consideration, i.e. increases the probability that a consumer purchases the product? We utilize a detailed data set on consumers' shopping behavior and choices over retail banks to investigate advertising's effect on product awareness, consideration, and choice. Our data set has information regarding the entire purchase funnel, i.e. we observe the set of retail banks that consumers are aware of, which banks they consider, and which banks they choose to open accounts with. We formulate a structural model that accounts for each of the three stages of the shopping process: awareness, consideration, and choice. Advertising is allowed to affect each of these separate stages of a consumer's decision-making process.

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