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Buy One Get One
"Buy one, get one free" or "two for the price of one" is a common form of sales promotion. Economist Alex Tabarrok has argued that the success of this promotion lies in the fact that consumers value the first unit significantly more than the second one. So compared to a seemingly equivalent "Half price off" promotion, they may only buy one item at half price, because the value they attach to the second unit is lower than even the discounted price. This technique is commonly known in the marketing industry by the acronym BOGOF, or simply BOGO. Criticism Two-for-one promotions in the food industry have been criticized as contributing to food waste. Because many foods under such offers have short shelf lives, customers are more likely to pass the products' use by date Shelf life is the length of time that a commodity may be stored without becoming unfit for use, consumption, or sale. In other words, it might refer to whether a commodity should no longer be on a pantry shelf ( ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sales Promotion
Sales promotion is one of the elements of the promotional mix. The primary elements in the promotional mix are advertising, personal selling, direct marketing and publicity/public relations. Sales promotion uses both media and non-media marketing communications for a pre-determined, limited time to increase consumer demand, stimulate market demand or improve product availability. Examples include contests, coupons, freebies, loss leaders, point of purchase displays, premiums, prizes, product samples, and rebates. Sales promotions can be directed at either the customer, sales staff, or distribution channel members (such as retailers). Sales promotions targeted at the consumer are called consumer sales promotions. Sales promotions targeted at retailers and wholesale are called trade sales promotions. Sales promotion includes several communications activities that attempt to provide added value or incentives to consumers, wholesalers, retailers, or other organizational customers t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Alex Tabarrok
Alexander Taghi Tabarrok (born November 11, 1966) is a Canadian-American economist. With Tyler Cowen, he co-authors the economics blog ''Marginal Revolution''. Tabarrok and Cowen have also ventured into online education with ''Marginal Revolution University.'' Tabarrok is a professor at Virginia's George Mason University and Bartley J. Madden Chair in Economics at the school's Mercatus Center. In addition, Tabarrok is director of research for the Oakland, California based think tank the Independent Institute. He is the son of the late mechanical engineering professor Behrooz (Bez) Tabarrok. His doctoral studies were done at George Mason University where he received his Ph.D. in 1994. He has done work on dominant assurance contracts, law and economics, and health economics. He has two sons named Connor and Maxwell Tabarrok. In 2012, journalist David Brooks called Tabarrok one of the most influential bloggers on the political right, writing that he is among those who "start fr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Marketing
Marketing is the process of exploring, creating, and delivering value to meet the needs of a target market in terms of goods and services; potentially including selection of a target audience; selection of certain attributes or themes to emphasize in advertising; operation of advertising campaigns; attendance at trade shows and public events; design of products and packaging attractive to buyers; defining the terms of sale, such as price, discounts, warranty, and return policy; product placement in media or with people believed to influence the buying habits of others; agreements with retailers, wholesale distributors, or resellers; and attempts to create awareness of, loyalty to, and positive feelings about a brand. Marketing is typically done by the seller, typically a retailer or manufacturer. Sometimes tasks are contracted to a dedicated marketing firm or advertising agency. More rarely, a trade association or government agency (such as the Agricultural Marketing Servic ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Food Waste
Food loss and waste is food that is not eaten. The causes of food waste or loss are numerous and occur throughout the food system, during production, processing, distribution, retail and food service sales, and consumption. Overall, about one-third of the world's food is thrown away. A 2021 metaanalysis that did not include food lost during production, by the United Nations Environment Programme found that food waste was a challenge in all countries at all levels of economic development. The analysis estimated that global food waste was 931 million tonnes of food waste (about 121 kg per capita) across three sectors: 61 per cent from households, 26 per cent from food service and 13 per cent from retail. Food loss and waste is a major part of the impact of agriculture on climate change (it amounts to 3.3 billion tons of CO2e emissions annually) and other environmental issues, such as land use, water use and loss of biodiversity. Prevention of food waste is the highest ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Use By Date
Shelf life is the length of time that a commodity may be stored without becoming unfit for use, consumption, or sale. In other words, it might refer to whether a commodity should no longer be on a pantry shelf (unfit for use), or no longer on a supermarket shelf (unfit for sale, but not yet unfit for use). It applies to cosmetics, foods and beverages, medical devices, medicines, explosives, pharmaceutical drugs, chemicals, tyres, batteries, and many other perishable items. In some regions, an advisory ''best before'', mandatory ''use by'' or ''freshness date'' is required on packaged perishable foods. The concept of expiration date is related but legally distinct in some jurisdictions. Background Shelf life is the recommended maximum time for which products or fresh (harvested) produce can be stored, during which the defined quality of a specified proportion of the goods remains acceptable under expected (or specified) conditions of distribution, storage and display. Accordin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
