Telser(1964), Nelson(1970, 1974), and Demsetz (1979), proposed that advertising serves as a tool for transmitting information from producers to consumers about differentiated brands thereb reducing consumers' cost of obtaining information about where to purchase their most preferred brand• Telser (1964), Nelson (1970, 1974), and Demsetz (1979), proposed that advertising serves as a tool for transmitting information from producers to consumers about differentiated brands, thereby reducing consumers' cost of obtaining information about where to purchase their most preferred brand