Asked by Aaliyah Boone on May 17, 2024
Verified
(Consider This) According to the piece "Wannamaker's Lament," how have firms responded to the evidence that most advertising campaigns have little impact on sales?
A) Firms have substantially cut their advertising budgets to focus more on product quality.
B) Firms have substantially increased their advertising budgets in order to hit the spending threshold necessary to impact sales.
C) Firms have substantially cut their advertising budgets to focus more on new product development.
D) Firms have conducted a lot of simple experiments to determine what might increase sales.
Advertising Campaigns
Coordinated series of promotional efforts that aim to achieve specific objectives, such as increasing brand awareness or sales, over a set time period.
- Investigate how behavioral economics accounts for typical economic occurrences, including the mechanisms of markets and the actions of consumers.
Verified Answer
VA
VIOLET ALLSCHEIDMay 20, 2024
Final Answer :
D
Explanation :
According to "Wannamaker's Lament," firms have responded to the evidence that most advertising campaigns have little impact on sales by conducting a lot of simple experiments to determine what might increase sales. This suggests that firms are trying to determine more effective advertising strategies rather than cutting back or increasing spending on advertising.
Learning Objectives
- Investigate how behavioral economics accounts for typical economic occurrences, including the mechanisms of markets and the actions of consumers.
Related questions
The Following Statement Is a Defense of Conventional Models of ...
Suppose You and a Complete Stranger Must Split $100 in ...
One Reason for Selecting a Section of Microeconomics for Which ...
Behavioral Economics Uses Insights from Both Psychology and Economics
After Learning About Behavioral Economics, It Is Clear That ...