Identify the major types of advertising. Advertising is any form of impersonal, paid communication in which the sponsor or company is identified. The two major types of advertising are institutional advertising and product advertising. Institutional advertising is not product oriented; rather, its purpose is to foster a positive company image among the general public, investment community, customers, and employees. Product advertising is designed mainly to promote goods and services, and it is classified into three main categories:

pioneering, competitive, and comparative. A product's place in the product life cycle is a major determinant of the type of advertising used to promote it.

1. At what stage in a product's life cycle are pioneering, competitive, and comparative advertising most likely to occur? Give a current example of each type of advertising.