Asked by Marie Monville on May 23, 2024
Verified
Which of the following supermarket strategies to increase sales would be most consistent with a behavioral economics (versus neoclassical economics) approach?
A) distributing online coupons
B) providing discounts for buying in bulk
C) positioning frequently purchased items at the back of the store
D) offering price matching with other stores
Behavioral Economics
A field of study that analyzes the effects of psychological, cognitive, emotional, cultural, and social factors on the economic decisions of individuals and institutions.
Supermarket Strategies
Marketing and management tactics used by supermarkets and retail stores to increase sales, customer satisfaction, and market share.
Sales Increase
An upward trend in the quantity of goods or services sold by a company over a particular period, indicating growth in revenue.
- Examine the role of external factors, such as store layout and advertisement, on consumer behavior from a behavioral economics perspective.
Verified Answer
JT
Jodyne TriplettMay 26, 2024
Final Answer :
C
Explanation :
Behavioral economics suggests that consumers' decisions can be influenced by the context or environment in which they make choices. Positioning frequently purchased items at the back of the store leverages this by encouraging more impulse buys as customers walk through the store, which is a strategy rooted in understanding human behavior beyond just price and utility.
Learning Objectives
- Examine the role of external factors, such as store layout and advertisement, on consumer behavior from a behavioral economics perspective.