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Advertising regulation
Advertising regulation refers to the body of laws related to the means and methods of communicating information about a product or service to the public. Advertising regulation are essential for regulation. Advertising laws differ from country to country.
Advertising regulation refers to the laws and rulesdefining the ways in which products can be advertisedin a particular region.
The link between advertising and free markets is strong and multifaceted. Some might say that the very idea of regulation of advertising is incompatible with the concept of a free market. In fact, I believe, the opposite is true. One of the fundamentals of a market economy is the free flow of information about goods and services offered for sale. The underlying theory is that the more fully consumers are informed, the better equipped they will be to make purchase decisions appropriate to their own needs. The phrase “appropriate to their own needs” expresses an important point. The appropriateness of a purchasing choice in a free-market economy depends on consumer preference, not governmental fiat. It is the exercise of informed choice by consumers that ensures that unwanted goods and services eventually will disappear from the market, and that prices that are too high to induce purchase ultimately will be lowered as selling firms seek to attract buyers.
Most of the time, advertising enhances market performance by providing useful information to consumers and by enabling firms to promote the attributes of their products and services and, thereby, to compete better with each other. On the other hand, advertising may adversely affect market performance when businesses use it to transmit deceptive or fraudulent messages on which reasonable consumers are induced to rely to their detriment. When this happens, we tend to refer to the result as “market failure.”
Even a well functioning market economy from time to time may suffer breakdowns, or limited failures, that require curative regulatory measures. Fraud or deception can inject into the market imperfect information that undermines consumers’ ability to exercise appropriate purchasing choices. For curative measures to succeed in restoring market forces, these measures must focus as narrowly as possible on eliminating the causes of the market failure. Regulatory “cures” that extend beyond simply correcting the problem may upset the balance of forces in the rest of the market and, ultimately, may harm consumers.
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