The effects of a value-oriented advertising strategy on brand attitude

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Heribert Gierl / Sandra Praxmarer

The EfThe EfThe EfThe EfThe Effects of a Vfects of a Vfects of a Vfects of a Vfects of a Value-oriented Adveralue-oriented Adveralue-oriented Adveralue-oriented Adveralue-oriented AdvertisingtisingtisingtisingtisingStrategy on Brand AttitudeStrategy on Brand AttitudeStrategy on Brand AttitudeStrategy on Brand AttitudeStrategy on Brand Attitude

Abstract

Some advertisements refer to the product priceindirectly through a value proposition espoused inthe ad such as „Good value for money“. In the pre-sent paper the effects of a value-oriented (good deal)advertising strategy are described and tested acrossseveral product categories and brands. The empiri-cal findings presented here indicate that value-ori-ented advertising leads to a less favourable attitu-de toward the brand than emotional or informatio-nal advertising strategies. This negative effect iseven stronger if premium brands are advertised. Ho-wever, in advertisements for products which are cha-racterised by a frequent change in technology va-lue-oriented advertising can be seen to be partiallyeffective.

Keywords: value for money, value-oriented adver-tising, brand attitudes

1. Introduction

Previous research has categorised advertising aseither „price“ or „non-price“ (Kaul/Wittink 1995). Inprice advertising the product’s price is provided andemphasised whereas non-price advertising high-lights the product’s unique and favourable attribu-tes or intends to evoke positive emotions to affecta consumer’s attitude. Usually non-price advertisingis described as image building and long-term ori-ented whereas price advertising is often local, short-term, and retail-oriented (Lal/Matutes 1994; Kalra/Goodstein 1998). Producers usually cannot exactlydetermine the price of their products in the retailtrade. Thus, when manufacturers aim at stressingtheir product’s low price in advertisements they can-not provide the product price but refer to the priceindirectly through a value proposition like „goodvalue for money“ or „don’t waste your money, buy…“ (Kalra/Goodstein 1998). The effectiveness of avalue-oriented (good deal) advertising strategy is thetopic of interest in the present paper.

There is conceptual and empirical agreement thatprice advertising increases brand price sensitivity(Bemmaor/Mouchoux 1991), which is usually notintended by an advertiser. Furthermore, it was ob-served that price information leads to lower percei-ved product value and a less favourable attitudetoward the brand (Dodds/Monroe/Grewal 1991).However, the effectiveness of value-oriented adver-tising that does not provide the product price hasnot often been considered. If the effects of valuepropositions are comparable to the effects the pri-ce has, if provided in an ad, one might expect anegative impact of value-oriented advertisementson brand attitudes.

Kalra/Goodstein (1998) investigated the effects ofa value-oriented advertising strategy on consumers’willingness to pay for a brand and on the relative

Heribert Gierl, University of Augsburg, Germany, SandraPraxmarer, University of Wollongong, Australia. The authors wishto thank Annika Blecks, Iva Bogoeva, Xingli Li, Stefanie Nauderer,Valentin Rettenbacher, Christine Singer, Christine Taut, and NianZhang for assisting us in data collection.

Gierl/Praxmarer Brand Attitude

46. Jahrgang, Nr. 183, Seite 148 - 156

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importance of price compared to other product at-tributes. The product price was not provided in theiradvertisements but indirectly referred to through thevalue proposition espoused in the ads (e.g., „at aprice that won’t leave you broke“). The authors foundthat consumers’ willingness to pay for a brand waslower if the advertisements focused on the brand’svalue compared to ads based on other advertisingstrategies (e.g., unique attribute positioning, celeb-rity endorsers, meaningless attributes). As the priceconsumers are willing to pay for a brand is ofteninterpreted as an indicator of their attitude towardthe brand (Rao/Monroe 1996), a negative effect ofvalue-oriented advertising on brand attitude couldalso be expected. Surprisingly the authors reportedcomparatively positive brand attitudes if the goodvalue of the brand was stressed in the advertise-ments. Thus, they observed a positive effect of va-lue-oriented advertising on brand attitudes (p. 220).Unfortunately Kalra/Goodstein did not discuss orexplain this inconsistency.

Due to Kalra/Goodstein’s results it is interestingto investigate whether value-oriented advertisingreally leads to a favourable brand attitude. There-fore, the purpose of the present study was to exa-mine the effects of value-oriented advertising onconsumers’ brand attitudes. As it can be expectedthat the effectiveness of value-oriented advertisingdepends on the product type being advertised, pro-duct category was included as a moderating vari-able.

2. Theoretical Background

2.1 The Effects of a Value-orien-ted Advertising Strategy

A negative effect of value-oriented advertising onbrand attitude is expected even though the product’sprice is only referred to indirectly. This assumptioncan be explained as follows.

In value-oriented advertisements the relatively lowproduct price is emphasised. Therefore consumerscould use a value proposition as a signal of lowerproduct quality (Rao/Monroe 1988; Kirmani/Rao2000; Teas/Agarwal 2000).

Value-oriented advertising draws consumers’ at-tention to the fact that they have to spend moneyfor the advertised product (Kalra/Goodstein 1998).

Lal/Rao (1997) and Kalra/Goodstein (1998) showedthat price becomes more salient to consumers ifvalue propositions are used in advertisements. Evo-king the awareness that a monetary sacrifice, nomatter if high or low, has to be made if the consu-mer wants to buy the advertised product can resultin negative feelings (Dodds/Monroe/Grewal 1991;Teas/Agarwal 2000). These negative feelings can betransferred to the brand leading to a less favourab-le brand attitude (Lutz/MacKenzie/Belch 1983; Bur-ke/Edell 1989; Yoo/MacInnis 2005).

Price information is not meaningful and informati-ve if provided on its own (Nowlis/Simonson 1997).Therefore, value propositions in advertising canhardly be verified if the consumer does not haveprice knowledge regarding the product category.Thus, this type of information might be devalued.

Whereas in emotional or informative advertise-ments only the product’s favourable attributes areemphasised, value-oriented advertising can demandconsumers to compare the advertised brand withcompetitors’ brands, telling the consumer „if youare not stupid, buy …“. Therefore, value-orientedadvertisements usually provide very strong claims.Consumers might perceive such a strong and ag-gressive message as manipulative, resulting in over-correction and reactive behaviour (Meyers-Levy/Tybout 1997). Thus the following hypothesis is pro-posed:

H1: Value-oriented advertising leads to a less fa-vourable attitude toward the brand than othercommon advertising strategies.

However, differences or even exceptions regar-ding the hypothesised negative effect of a value-oriented advertising strategy on brand attitudesmight exist.

2.2 Product Type as a ModeratingVariable

When analysing the effects of value-oriented ad-vertising on consumers’ attitude, a distinctionbetween premium brands and value brands can beuseful (Huber/Holbrook/Kahn 1986). The negativeeffect of value-oriented advertising might be stron-ger if a premium brand instead of a value brand isadvertised. This assumption can be explained byschema congruency of the information provided (Lu-rigio/Carroll 1985). Value brands are usually bought



due to their good value regarding their price. Goodvalue is the main attraction of these brands andsaving money can provide an added attraction tocustomers. If a value brand is advertised, informati-on about the brand’s value orientation can confirmand strengthen consumers’ expectations and there-fore encourage a positive attitude toward this brand.Furthermore, a value-strategy promoting a valuebrand might be highly credible and therefore fosterthe advertisement’s persuasiveness. In contrast,premium brands usually are not bought or consu-med due to their price or the desire to save money.These brands can provide a variety of hedonic be-nefits (Okada 2005) and are often perceived as pres-tige goods. A value proposition in advertising for apremium brand is schema incongruent and mightnot be effective, because the information provideddoes not contribute to the reason why consumerstend to buy a premium brand. Shavitt (1990) foundthat message content that matches purchase moti-ves is more persuasive. Therefore, it is assumed:

H2: The negative effect of value-oriented adverti-sing on brand attitude is stronger if a premiumbrand is advertised.

Some product categories are characterised by afrequent change in technology and therefore bydeclining prices over time (e.g., computers, digitalcameras, etc.). In these product categories a posi-tive effect of value-oriented advertising on purchaseintentions is expected. This assumption can be ex-plained as follows. If consumers realise rapidly de-clining prices in a product category over time, theymight tend to wait for lower product prices.Purchases are delayed until the product price hasdropped and has reached a level at which consu-mers perceive to get an acceptable value for theirmoney (Anderson/Wilson 2003). Therefore, productprice is a main reason to buy or not to buy yet and avalue proposition can be relevant and positive in-formation in these product categories. Furthermo-re, value-oriented advertising that emphasises thatthe consumer gets good value for money now, forthe current product generation, can reduce consu-mers’ tendencies to wait for the next product gene-ration (Weiss 1994). Thus the following hypothesisis put forth:

H3: Value-oriented advertising is superior to othercommon strategies if brand attitude is to be ma-ximised and if the product category is charac-terised by a frequent change in technology anddeclining prices.

3. Empirical Study

3.1 Study Design and Measures

In this study the effectiveness of value-orientedadvertising with the effectiveness of other commonadvertising strategies is compared. Emotional andinformational advertising formats were chosen as areference, because these strategies are prevalentand widely-used (Aaker 1991; Johar/Sirgy 1991; Lie-bermann/Flint-Goor 1996; Albers-Miller/Stafford1999; Yoo/MacInnis 2005). Three experiments wereconducted to test the proposed hypotheses. Datacollection was carried out in Germany and the par-ticipants were all students (age 20-24 years). Ho-wever, as a theory is tested student samples areacceptable (Calder/Phillips/Tybout 1981).

In the first experiment advertisements promotingcoffee, tooth paste, vacation trips, and sunglasseswere used as test stimuli. Based on the findings ofa pre-test (N = 20 students) two brands in each pro-duct category were selected representing either apremium or a value brand. Thus, the experimentaldesign was a 3 (appeals) x 2 (product type) between-subjects design. For each brand five print ads weredeveloped containing three versions of emotional,picture-dominated ads, one version illustrating theproduct without emotional pictures (informationalads), and one version highlighting the product’s goodvalue (e.g. by illustrating a piggy bank) and a head-line appropriate to this strategy (e.g. „It can be funto save money“). Overall 360 students participatedin this experiment. Each respondent had contactwith four ads but only with one ad of each productcategory. Measures were taken after each ad.

The second study was designed very similarly. Twofurther product categories were added to the pro-duct sample (digital cameras and mineral water). Asconsumers are often interested in the technical de-tails of digital cameras and the ingredients of mine-ral water, more information compared to the infor-mational ads in study 1 was provided. A premiumand a value brand were identified on the basis ofpre-test results (N = 30 students). A further 180 stu-dents were requested to participate in the experi-ment. Each respondent evaluated a digital cameraas well as a brand of mineral water. In order to testthe hypothesis H3 a digital camera was chosen re-presenting the product that is affected by a frequentchange in technology and a price decline over time(i.e., „price-decline“ product).


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Fig. 2: Examples of informative advertisements used in the experiments

Fig. 1: Examples of value-oriented advertisements used in the experiments

Fig. 3: Examples of emotional advertisements used in the experiments



In the third study ads created for a running shoe,a watch and a digital camera were used. As in stu-dy 1 and 2 the value-oriented advertisements con-tained a headline espousing the brands’ good va-lue. In the informational ads an important productattribute was emphasised (e.g. the running shoe’scushioning). The emotional ads showed weak eroticelements. Respondents were 90 students who weresplit into three sub-samples. Note that all brandsincluded in the three experiments are well-knownamong German consumers. As the present studyfocuses on the relative effectiveness of a value-ori-ented advertising strategy compared to other stra-tegies, a control group was not included (respon-dents who did not have contact to any test ads inthe experiments). Examples of the ads representingthe value-oriented strategy are shown in figure 1.Examples of ads representing the informational andthe emotional strategy are shown in figure 2 andfigure 3. As the study was conducted in Germanythe headlines provided in the ads were written inGerman. They can be translated as follows (Mallor-

ca Weekend Special: (with offers) like this it is fun tosave money, Apollo Optic: optimal protection for afair price, Blend-a-med toothpaste: dental care thatsaves your pocket, Ja! Coffee: Good taste for a goodprice).

In the first study seven statements measuring at-titude toward the brand were applied (attractive, li-kable, interesting, high-quality, worth its price, theright choice, would buy). Respondents used a 6-point agree-disagree scale to express their attitude(Alpha = .907). As internal consistency is very highwe decided not to separate the items in brand atti-tude vs. brand belief components. In the secondstudy the items attractive, likable, good/bad, inte-resting, high-quality, and would buy were used (7-point scale, Alpha = .906). In the third experimentrespondents expressed their attitude toward thebrand by means of eight statements (high quality,attractive, interesting, likable, reliable, appealing,would buy, would recommend; 6-point scale, Alpha= .945).

Tab. 1: Results of the three experiments


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3.2 Findings

Table 1 shows the mean values of the attitude to-ward the brands depending on the advertising po-sitioning (emotional, informational, and value posi-tioning). Note that for the digital camera only theitem measuring purchase intension was used (i.e.would buy) because for „price-decline“ productsadvertisements are expected to influence brand at-titudes as well as the purchase date. If consumerswait for lower prices, they may not buy the productyet although they already have a positive brand at-titude.

Hypothesis H1 predicted a less favourable brandattitude if value-oriented ads are presented to con-sumers. H1 is not tested for „price-decline“ productsas these products are viewed as an exception ofH1 (see H3). Study 1, which does not consider „pri-ce-decline“ products, supports H1. A significantmain effect of the advertising positioning (F = 36.3,p < .001) can be observed. Across different pro-ducts advertisements emphasising a brand’s valueorientation result in comparatively negative attitu-des toward the brand. According to a Scheffé testprocedure, based on the total product sample instudy 1, the mean values of the three advertisingstrategies (emotional = 3.53. informational = 3.39,and value = 3.09) differ significantly (p < .05). Theeffectiveness of the value-oriented ad is lower thanthe effectiveness of the two remaining strategies (p< .01). In general, the findings on product categorylevel support the overall results. However, there aresome deviations, but it can be assumed that theyoccurred due to the specific ad designs. In study 2the overall findings are not meaningful because thedigital camera represents a „price-decline“ productand therefore an effect opposite to the findings formineral water is expected. However, for the mineralwater only a tendency that a value-oriented adver-tising strategy is less effective than the other stra-tegies can be observed (F = 1.4, p > .10) providingno statistical support for H1. The results of study 3are in line with H1. The findings demonstrate thatthe informational as well as the emotional ads re-sult in a more positive brand attitude in the case ofthe running shoes and the watch. Furthermore,Scheffé tests show superiority of emotional or in-formative ads to value-oriented ads (p < .10). Thus,overall H1 is supported.

Findings from study 1 and study 2 can also beused to test hypothesis H2. Value-oriented adverti-sing is expected to be even worse if used to adver-

tise premium (and „non price-decline“) brands. ANO-VA results of study 1 reveal a significant interactioneffect between advertising positioning (emotional,informational, and value) and premium/value brand(F = 19.9, p < .001). If H2 is valid, the following tworelations have to be significant, too. First, value-ori-ented ads should even lead to less favourable atti-tudes than an emotional strategy if a premium brand,instead of a value brand, is advertised. The resultsdo not support this assumption (3.79 – 3.28 > 3.29– 2.89, t = 1.12, p > .10). Second, value-orientedads should even lead to less favourable attitudesthan an informational strategy if a premium brandinstead of a value brand is promoted. The findingsare in line with this prediction (3.93 – 3.28 > 2.86 –2.89, t = 5.92, p < .001). However, the findings ofstudy 2 (the two mineral waters) do not confirm H2.No significant interaction effect between advertisingpositioning and premium/value brand could be ob-served (F = 1.7, p > .10). Thus, only study 1 partiallysupports H2.

Finally hypothesis H3 is tested using the findingsabout the ads’ effects on the purchase intention forthe digital cameras as a „price-decline product“ (stu-dy 2 and study 3). It was expected that in this pro-duct category value-oriented advertisements arehighly effective and lead to a more favourablepurchase intention than the other two strategies.Findings of study 2 cannot show superiority of thevalue-oriented advertising strategy in the case ofthe Canon camera, but the results demonstrate theexpected tendency (5.03 > 4.83 and 5.03 > 4.90).The results regarding the Fuji camera do not showthe expected effect. In study 3 (the Casio camera) asignificant main effect of the advertising strategywas observed. The Scheffé test proves that value-oriented advertisements are more effective than theemotional and informational ads (p < .05) suppor-ting H3. Overall H3 is at least partially supported.

4. Discussion

4.1 Summary and Recommendati-ons

The study examined the relative impact of an ex-plicit value-oriented advertising claim with emotio-nal and informational claims for premium versusvalue-priced products. The study examined suchads for a variety of products with German studentrespondents. The study expected a negative relati-



onship between explicit value-oriented claim andfavourability of the brand. The negative impact wasexpected to be higher for premium products. On thecontrary, we expected a positive effect of value-ori-ented advertising if price-decline products are ad-vertised.

On the whole this investigation shows that value-oriented advertising which refers to the price indi-rectly leads to a less favourable brand attitude thanother common advertising strategies (i.e. emotionaland informational advertisements). Thus, referringto the inconsistent findings of Kalra/Goodstein(1998, p. 220) the present research supports thatvalue-oriented advertising does not only result in lesswillingness to pay but also in a deterioration of brandattitude. This effect was observed across severalproduct categories including more or less expensi-ve products (running shoes versus coffee) as wellas hedonic and utilitarian products (sunglasses ver-sus tooth paste).

The negative impact of a value-oriented adverti-sing strategy on brand attitude was explained by itspossible function as a signal of lower product qua-lity, by negative feelings resulting from activatingthoughts of monetary sacrifice, and by their mes-sage strength evoking consumers’ reactive beha-viour. Thus, although quite common, value-orien-ted advertising does not seem to be the best me-thod to achieve a more favourable brand attitude.The present research showed at least that value-oriented ads are inferior to emotional or informatio-nal advertisements. However, the type of productbeing advertised has to be considered in this con-text.

It could be demonstrated that a value-orientedadvertising strategy is even worse if premium brandsare advertised. Of five premium brands (Lavazza,Blend a med, TUI, Calvin Klein, and Evian) it wasobserved that advertisements stressing the brand’sgood value resulted in significantly less favourableattitudes in four cases. However, value-orientedadvertising cannot be recommended to advertisevalue brands either – although the effects are lessharmful here. Of five value brands (Ja!, Frisco dent,alltours, Apollo, and Krumbacher) advertisementsstressing the brand’s good value could be seen tobe inferior either to emotional or informational ad-vertisements in four cases.

Nevertheless, an important exception regardingthe negative effects of value-oriented advertising

was identified. If a product characterised by a fre-quent change in technology and price decline isadvertised, a value-oriented advertising strategy canbe more effective than the other two strategies. Ofthree products representing price-decline products(Canon, Fuji, and Casio) the advertisements thatemphasised the brands’ good value proved to besuperior in one case and showed the expected ten-dency in another.

4.2 Limitations

There are some limitations regarding the resultsof this investigation. Existing, well-known brandswere chosen as stimuli shown in the advertisements.Testing the moderating effect of premium/valuebrands would have hardly been possible if fictitiousbrand names had been used. However, due to theuse of existing brands, respondents might have beenaware of the brands’ authentic advertising strate-gies and thus may have been confused when con-fronted with another type of advertisement. This ir-ritation may have resulted in less effectiveness ofthe „unusual“ strategies. However, no participant ofthe three experiments expressed any irritation.

Even though we describe a number of hypothe-sised processes in our theory section (transfer offeelings, devaluation, claim strength, etc.) none ofthese single processes was measured.

Furthermore, the specific elements of the adverti-sements (e.g., the pictures used in emotional ads)can influence the ads’ effectiveness and thereforecan interfere with the effects of the advertising stra-tegy. Obviously a beautiful, emotional picture mightresult in a more favourable brand attitude than anabhorrent, emotional picture. In order to reduce thisproblem only positive pictures that were all realisticfor real-world advertisements were used. Additio-nally, several pictures were used to create emotio-nal ads for each brand.

Consumers’ knowledge of prices in a product ca-tegory might also be a relevant moderating variable(Compeau/Grewal/Chandrashekaran 2002; Com-peau et al. 2004). Consumers with good price know-ledge might compare the advertised message to theexpected price level of the product, resulting eitherin confirmation or non-confirmation of prior beliefs.Non-confirmation may lead to product devaluation.Thus, for future investigations of the effects of va-lue-oriented advertising consumers’ knowledge ofprices should be considered.


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It can be criticised that value-oriented claims aremore common as a short term advertising strategywhereas emotional and informational claims areused more routinely for long-term impact. Long-termuse of value-oriented advertising may be used toposition value-priced brands not premium brands.However, we assumed that value-oriented adverti-sing strategy can even be used as a routine long-term strategy if a price-decline product is promo-ted. However, we did not test his assumption in along-range experiment.

We did not take very expensive products into ourexamination. For instance, premium products like aBMW car signal a high price compared to alternati-ve car brands but the consumers might be deligh-ted to get a price reduction if buying a BMW.

In further investigations the respondents shouldbe divided in buyers of premium products and inbuyers of value products. Both consumer segmentsmight respond differently to the advertising strate-gies. If a consumer is not value-oriented informati-on about the effectiveness of a value advertisingstrategy of a value brand is irrelevant to the sellersof premium brands because that consumer may notbe the target customer of the value product.

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The effects of a value-oriented advertising strategy on brand attitude

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