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Celebrity endorsement advertising is a prevailing advertising technique. Some marketers choose to utilize multiple celebrities to promote their products or brands. Nevertheless, it is surprising that so little research has focused on this phenomenon. This research discussed advantages and potential concerns of multi‐celebrity endorsement advertising and documented the actual use of multiple celebrity endorsers in the milk mustache campaign in the USA. We analyzed the content of the 50 milk mustache ads appearing on the http://www.whymilk.com Web site on a list of celebrity‐ or product‐related dimensions. Overall, we found that these milk mustache ads have matched their celebrities’ gender, age and type of milk attributes in appealing to their female/male, teen/adult consumers. The results support that fit between the endorsed product and various celebrities is a key factor for using multiple celebrity endorsers in advertising.

This paper deals with the issue of mood effects on perceived transaction value in the context of price promotions. Specifically, mood states appear to bias evaluation and judgments in mood congruent direction. Based on Grewal et al.’s model and mood congruent effects, we propose that when encountering price promotions, buyers in a positive mood, as opposed to buyers in a negative mood, will perceive a greater transaction value. Moreover, we hypothesize that the effect of advertised selling price on perceived transaction value is likely to be moderated by buyers’ mood states. Our results support these hypotheses. In addition, we also find asymmetric moderating effects on discount levels in positive mood state vs. in negative mood state. Managerial implications and future research directions are also discussed.