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Look at products that you have in your house right now and describe two items that include a claim. Did the nutrient claims on the label persuade you to purchase those food items?

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Joshua Stredder
Joshua StredderLv10
28 Sep 2019

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Related questions

The CEO of a grocery food chain in California would like to know if putting a 10% sale on organic products boosts their sales. He/She collected data from all store locations last year. Some store managers put a 10% discount on organic products for the entire year and some did not. The difference in organic food sales between the stores that implemented the discount and those that did not was about 20%.

(a) The CEO claims that the 20% difference between the stores that implemented the 10% discount and those that did not is due to the 10% discount. Can you explain to him/her why this may or may not be the case?

(b) Explain why a 20% increase in sales might overestimate the effect of the 10% discount?

(c) The CEO is convinced by your argument, but is not sure how to proceed to answer his/her question? Can you propose a strategy to answer it?

5.) Talk about 5 items that you purchase, or would purchase, that have different elasticities. Explain what elasticity each item has and why you purchase, or would purchase them, anyway. You will need to be specific with your choices; i.e. not just food in general but some specific food item, not just water but tap water or bottled water or flavored water, etc.

6.) Two very important concepts mentioned in this chapter are budget constraints and the allocation of income to maximize utility. These are problems that all of us face on a continuing basis. For example, we may be hungry for pizza so we go to a pizza parlor and have pizza. Maximum utility. But then one of our friends calls and want to go for pizza so we go again for pizza. We still allocate income but the utility is less. So is it worth it? Discuss here times when you have experienced a situation as I described above (maybe not with pizza). Be sure to discuss the situation(s) and the utility involved. Include your budget constraints and how you most often intend to allocate your income resources with those constraints. And, of course, include the actual "interferences" to your budget goals.

Choose a specific product that you use on a daily basis (such as food items, toiletries, or your car).

A. Who are you (demographics, psychographics, etc.)?

B. What do you do with the product (consumption, storage, disposal, etc.)?

C. Where do you purchase the product? Why?.

D. When do you purchase the product? Why?.

E. Why and how do you select the product?

F. Why do you not purchase competing products?... Assume your responses are similar to millions of other consumers. Given this profile, how would you approach the marketing strategy for this particular product

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