Someone should create a new non profit consumer products brand whose packaging is covered in ads for upcoming movies, tv shows, cars, and products. Hopefully this will supplement the income and allow it to undercut its competition significantly while having healthy profit margins.
Using advertising to supplement may also be able to create a viable vegetarian burger fast food joint (a $4 veggie burger for $1.50?), a bottled water company that gives its proceeds to help get clean water to people (this market is huge and nearly everyone is at the same price points, if someone can undercut them by 10 cents it could mean tens of millions of charity money generated).
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One of the aims of packaging is to create a distinct and appealing image. Ads for quickly passing phenomena would change the packaging so rapidly that the product would quickly become unrecognizable.
I think this might actually work. This could be done for profit too. People do price shop. For many products, people don't care what the brand is, as long as it has the best price. If the "billboard" brand products have consistently lower prices, people might even make a point of looking for them. Some companies, like Coca-Cola, already put ads for movies and such on their products sometimes, but they don't give you a discount because of it.
I'll pass on the veggie burgers though.
Changing the packaging every time will also be of an immense cost as its more expensive to design and produce different packaging any time a different batch of the product is coming out. It might defeat the purpose of undercutting the known brands.
This reminds me of "Happy Meals". They're often covered with pictures from some current kid-movie and they have a Disney m-i-c toy.