Question
Over the past several years, careful shoppers may be spending about the same amount of money at the grocery store but leaving the store with
Over the past several years, careful shoppers may be spending about the same amount of money at the grocery store but leaving the store with a lighter load in their grocery bags. Food prices on many items have increased, and food manufacturers are facing the same challenges as consumers. With increases in raw materials and transportation, making a profit requires a very sharp pencil. According to Phil Lempert, editor of www.SupermarketGuru.com ,"The reality is, if you look at USDA projections, food is going to get more expensive. And as a result, food companies are going to do one of two or three things: Raise prices and keep packages the same, or reduce the quantity in the package. Or do a little of both." 1. Week after week, consumers shop for many of the same groceries. At some point, the product may be priced the same and look the same as before but with less in the package. If consumers are not made aware of the change, is this deception? Is this different from deceptive pricing? Explain 2. Develop a list of the products you buy from a grocery store, dollar store, or convenience store where one of two things has occurred: The price has increased or the quantity in the package has decreased. Were you aware of the changes? Explain.
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