When all producers in an industry combine to advertise their product instead of each firm advertising its own brand, this is referred as?
Answer Details
When all producers in an industry combine to advertise their product instead of each firm advertising its own brand, it is referred to as "mass advertising." Mass advertising is a marketing strategy in which firms in an industry pool their resources to promote their products or services collectively rather than separately. It allows producers to reach a larger audience, reduces the cost of advertising, and creates a more significant impact on consumers. Mass advertising is often used in industries where there is intense competition and where it is challenging for individual producers to stand out. It is a way for producers to work together to promote their products or services and increase consumer awareness.