In the grocery industry, managers typically need to know how best to use pricing, coupons, and advertising strategies to influence sales. Grocers often study the relationship of sales volume to these strategies by conducting controlled experiments to identify the relationship between them and sales volumes. That is, they implement different combinations of pricing, coupons, and advertising, observe the sales that result, and use analytics to develop a predictive model of sales as a function of these decision strategies.
In the grocery industry, managers typically need to know how best to use pricing, coupons, and advertising strategies to influence sales. Grocers often study the relationship of sales volume to these strategies by conducting controlled experiments to identify the relationship between them and sales volumes. That is, they implement different combinations of pricing, coupons, and advertising, observe the sales that result, and use analytics to develop a predictive model of sales as a function of these decision strategies.
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
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Problem 1CE
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In the grocery industry, managers typically need to know how best to use pricing, coupons, and advertising strategies to influence sales. Grocers often study the relationship of sales volume to these strategies by conducting controlled experiments to identify the relationship between them and sales volumes. That is, they implement different combinations of pricing, coupons, and advertising, observe the sales that result, and use analytics to develop a predictive model of sales as a function of these decision strategies.
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