Abstract
A novel marketing approach operating within legislative restrictions such as the prohibition of outdoor advertising in a city environment is suggested. The case examined is the city of Athens. The purpose of this study is to present a modified model of internalizing external costs caused by the operation of a manufacturing unit in conjunction with a new reality created. The model is shaped by means of marketing practices. The environment is characterized as a public good. Contingent Valuation Method and expert opinions were used to evaluate the effect of aesthetic pollution and estimate the potential of our proposal. The proposal describes an exemplary collaboration between private and public sector that brings multiple benefits without burdening any social group, on the basis of a Pigouvian subsidy scheme for renovation of city building facades, including motive to encourage advertising on the scaffoldings used for the renovation (which is allowed by law). Advertisers will place advertising screens on the scaffold while revenues from advertising will fund the renovation of the facade of the building. The suggested solution combines two seemingly competing activities of the city, outdoor advertising and the aesthetic reconstruction of building facades. Activity is transferred from micro- to macro-economic level, while at the same time Pareto criterion of optimality is met.
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