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Sales Drive Advertising Expenditures: Evidence for Consumer Packaged and Durable Goods in Germany
2014
International Journal of Marketing Studies
The relation between sales and advertising is both complex and diverse. Whether advertising activities drive or follow sales is still unclear. We uncover this relation distinguishing between consumer packaged goods (CPG) and durable consumer goods (DCG) industries. We fit vector autoregressive models to sales and advertising expenditures of four CPG and three DCG industries in Germany from 1991 q1 to 2009 q4. Findings reveal that advertising expenditures do not increase total sales of
doi:10.5539/ijms.v6n1p31
fatcat:v4zxqiok2rajjnfeyn254dxkle