The author is deeply grateful to PhD advisors Paul Ellickson and Mitch Lovett for their guidance and support. The author also thanks Tomomichi Amano, Kristina Brecko, Jacob Burgdorf, Hana Choi, Ying Fan, Ron Goettler, Avery Haviv, Sylvia Hristakeva, Yufeng Huang, Jeanine Miklos-Thal, Stephan Seiler, Greg Shaffer, Adam Smith, Takeaki Sunada, Sriram Venkataraman, Chenyu Yang, and the four reviewers for the Academy of Marketing Science (AMS) Mary Kay Dissertation Proposal Award and the Institute for the Study of Business Markets (ISBM) Doctoral Dissertation Award as well as conference and seminar participants at Bocconi University, Cheung Kong Graduate School of Business, Chinese University of Hong Kong, Columbia University, Georgia State University, Imperial College London, Instituto Tecnológico Autónomo de México, National University of Singapore, Rotterdam School of Management, Tilburg University, University of California Los Angeles, University College London, University of Hong Kong, University of Rochester, American Economic Association Annual Meeting 2022, 2023, AMS Conference 2021, International Industrial Organization Conference 2022, ISBM Webinar, and Marketing Science Conference 2021 for their comments. The author owns analyses calculated (or derived) based in part on (i) retail measurement/consumer data from Nielsen Consumer LLC (“NielsenIQ”); (ii) media data from The Nielsen Company (US), LLC (“Nielsen Media”); and (iii) marketing databases provided through the respective NielsenIQ and the Nielsen Media Datasets at the Kilts Center for Marketing Data Center at The University of Chicago Booth School of Business. The conclusions drawn from the Nielsen data are the author’s own and do not reflect the views of NielsenIQ or Nielsen Media. Neither NielsenIQ nor Nielsen Media is responsible for, had any role in, or was involved in analyzing and preparing the results reported herein. All errors are the author’s own. The author certifies that the author has no affiliations with or involvement in any organization or entity with any financial interest or nonfinancial interest in the subject matter or materials discussed in this manuscript. The author has no funding to report.