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The Art of Advertising and the Economics of Happiness – Term Paper – shubhamkgpian
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The Art of Advertising and the Economics of Happiness
Abstract
Advertising is one of the most important marketing tool used by all the companies. There are many aspects which a marketer keeps in mind while designing an ad campaign – product information, product images, impact of the ad on the people’s perception of the product etc. Of all the parameters considered, one of the most important, yet not discussed, parameter is the impact of the ad on the happiness meter of an individual. Ad campaigns of almost all successful brands have succeeded in increasing the happiness meter of the people while they watch the video, resulting in better brand recall and hence, sales. This research paper discusses how could/will the business of advertising use economics of happiness? And, how might parts of the economics of happiness evolve to serve the needs of advertising?

Keywords: Economics of Happiness, Advertising
1. Introduction
1.1. Economics of Happiness
The measurement of economic performance of a country has been steadily changing from monetary to non-monetary aspects – from increasing per capita incomes to broad-based GDP growth, human development, sustainable environment, gender equity, development in freedom and empowerment, poverty reduction, equity in opportunities, and more recently, happiness.

The ‘economics of happiness’ is an approach to assess subjective welfare which combines the techniques used by economists and psychologists. Though analyzing the economics of happiness combines the techniques of economists and psychologists, the amount of empirical data available these days has helped economists and psychologists to carry out researches regarding the possible factors of happiness.

It has been observed that up to a certain threshold, an increase in incomes results in increases in happiness, but beyond a certain level, further increases in incomes do not lead to higher levels of happiness. One of the recent findings is that income does not always have the expected relationship with well-being. This paradox is currently observed in China. China has observed unprecedented growth in past two decades. Both GDP per capita and household consumption increased fourfold during this period, yet the satisfaction levels decreased during this period. This phenomenon was observed by Richard Easterline and he estimated that the satisfaction level dropped by 5%. The finding was substantiated by the increase in the suicide and mental illness among Chinese during this period.

Though income is one of the most important parameters in assessing an individual’s happiness, other factors such gender, windfall, and impact of surroundings/environment also play a role in determining an individual’s happiness. One such factor is the happiness people derive while they shop. A research conducted in the University of Michigan has revealed that shopping spree can make people three times happier by overcoming sadness and sparking motivation. The research further argues that retail therapy should not be dismissed as it can help a person feel more in control of their environment. Quite intuitively, providing happiness through the multifarious products & services for which consumers pay forms the crux of the retail therapy and associated marketing initiatives, with advertising at its cynosure.

Firms, through their marketing initiatives, try to provide instant gratification to the consumers, leading to a possible increase in the consumers’ happiness. Advertising is one of the most commonly used medium by these firms. Advertising constantly demands our attention wherever we go and has always been criticized for its negative impact on the individuals and hence, society. Despite the negative impacts people talk about, advertising has a definite impact on the individual’s level of happiness.

1.2. Advertising – Evolution and Influence on Happiness
Advertising as a concept is very old as the oldest known written advertisement is a 3000-year-old Babylonian tablet requesting the return of a slave. The impact of advertising on the consumers’ mind improved significantly with the invention of printing by movable type. Both British newspaper and American newspaper, during the seventeenth century, started devoted ten out the sixteen newspaper columns to advertising.

Product used to be the main focus of advertising during this time period and the purpose of advertising was to educate the consumer the purpose of the product. This model was replaced in the 19th century by advertising that focused more on product imagery. As a result, people started viewing the product as an image and paying money for the image and not the utility. With the advent of sophisticated technologies, companies started coming with images that cater to

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(2015, 08). The Art of Advertising and the Economics of Happiness. EssaysForStudent.com. Retrieved 08, 2015, from
“The Art of Advertising and the Economics of Happiness” EssaysForStudent.com. 08 2015. 2015. 08 2015 < "The Art of Advertising and the Economics of Happiness." EssaysForStudent.com. EssaysForStudent.com, 08 2015. Web. 08 2015. < "The Art of Advertising and the Economics of Happiness." EssaysForStudent.com. 08, 2015. Accessed 08, 2015. Essay Preview By: shubhamkgpian Submitted: August 2, 2015 Essay Length: 3,224 Words / 13 Pages Paper type: Term Paper Views: 627 Report this essay Tweet Related Essays Burger King - Fast Food Advertising Report Burger King is a reliable burger company which has had its ups and downs. In 1974, it came out with a slogan of "Have it 1,642 Words  |  7 Pages Why Was There Economic Prosperity in American in the 1920's? Why was there economic prosperity in American in the 1920's? I know that America on it's surface was prosperous during the 1920's. I know this 1,062 Words  |  5 Pages The Art of Advertising: Selling Products Through Film The Art of Advertising: Selling Products through Film When thinking randomly about ads on television or at the theatres, as long as it is presented 359 Words  |  2 Pages The Economics of Happiness Introduction The economics of happiness is a unique approach to assessing the subjective-well-being of individuals within the context of economic theory. The economics of happiness 2,329 Words  |  10 Pages Similar Topics What economic and social factors should Fresh Fields managers watch Role Community Planning Have Economic Get Access to 89,000+ Essays and Term Papers Join 209,000+ Other Students High Quality Essays and Documents Sign up © 2008–2020 EssaysForStudent.comFree Essays, Book Reports, Term Papers and Research Papers Essays Sign up Sign in Contact us Site Map Privacy Policy Terms of Service Facebook Twitter