The study examined cigarette and liquor ads in the print media in the context of consumer behaviour and legal/ethical issues. Subjects were drawn from three distinct segments, the vulnerable segment comprising of boys from senior school; habitual consumers, the adult users; and the potential segment, the adult non-users. The first segment was studied to assess the impact of ads on them in order to draw implications for public policy. To understand consumer behaviour, adult users were surveyed to find the initiation process and their reaction to own and competitive brands. Non-users were also examined on their reaction to ads. Laddering was used on both the adult segments to explore linkage of values with consumption. The findings indicate that school boys are exposed to either of the products through various media including shop displays. The impact of print media is realized only because of its proximity to the target audience and being a "choice" medium. Social factors dominate the initiation process for both the products. Values and goals differentiate users form non-users. Imposing restriction on media is unlikely to contain the overpowering influences of social and value related factors. Social education through emotive or rational appeals could be directed at the vulnerable/potential segment to emphasize moderation, rather than total abstinence. Other measures could be restriction of supply, the severest form being prohibition. The consequences could however be equally disastrous.