Another problem with advertising is that usually I don't want the things that are advertised. (At least in the case of non-contextual display advertising.)
For example, when I read the NYT I see ads for Target. This is a bad deal for Target, because I already know they exist, and I buy toilet paper there every week anyway. I don't shop there more often because they don't sell anything I want, not because I don't know about them. (Other display advertising is similar. I know Pepsi exists, but I think it tastes like shit. So wasting money advertising isn't helping them; but improving their product would.)
Advertising is not always about convincing you to buy, or convincing you to change. A lot of brand building is simply to make you recognise the brand and keep it in your mind. This has obviously worked in the case of Target and Pepsi. There will always be a place for this type of advertising.
But without advertising, I wouldn't forget about it. I walk past Target everyday. I see Pepsi on the shelf at the store (actually, I don't... but most people do). Etc., etc.
Advertising doesn't bother me at all, but I would really appreciate it if they made a product I wanted isntead of spending their money trying to make me want something I don't.
"... made a product I wanted" = red ocean
"...make me want something I don't." = blue ocean (some what)
I believe that most minds are easier to nudge than we (non-marketers) classically believe.
For example, when I read the NYT I see ads for Target. This is a bad deal for Target, because I already know they exist, and I buy toilet paper there every week anyway. I don't shop there more often because they don't sell anything I want, not because I don't know about them. (Other display advertising is similar. I know Pepsi exists, but I think it tastes like shit. So wasting money advertising isn't helping them; but improving their product would.)