Wendy's NEW Pricing Strategy
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- Опубліковано 28 лют 2024
- The fast food giant recently announced that what to implement dynamic pricing by changing menu prices throughout the day based on market conditions. Some people think it's a great way to increase profit while others argue that it is exploiting consumers. What do you think? Thanks for watching!
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this guy carried economics
for real
Oh I miss you Mr Clifford, you helped me so much, going back to school as a 48 year old student. mahalo
As someone who rarely eats dinner before 730 and only goes to Wendys when they send me coupons, I see this an absolute win
Good point
@@JacobACliffordyeah I’m just going to start going at 9-10 at night before bed and hopefully get lower prices
At first I was shocked but then I thought about how restaurants have the same meal on the lunch and dinner menu, but they are more expensive during dinner (peak) time. I am intrigued to see how this impacts their business!
I won't bother comparing prices. I'll expect it to cost more and pass. You're right; they went at this from the wrong angle. Regardless, a fluctuating pricing policy (up or down and likely not knowing which unless you've memorized their menu) doesn't have the customer in mind, only profits. What may seem marginal and even inconsequential now will certainly take over the entire market if we all go along with it. On principle, I'm opting out.
I wonder if it will be cheaper to order from a delivery app like uber eats. Will the price fluctuation also apply to online orders?
Loved the video, very informative. That background music however was "yeesh" I only watched as long as I did because of how amazing you are. No more ear bleeds though, cheers.
I will fix that next time. Thank you for the input
Seems like a headache to maintain for the employees and annoyance to consumers. It may be difficult for the employee to keep track of the price of goods throughout the day and harder to keep records of daily purchases. I feel it would be very mistake prone.
On the otherhand, a consumer will never really know the price of the good they’re looking for. Instead of going to Wendys for the affordable $5 sandwich, you would be going to Wendys to “see” if the price is affordable. An extra step has been added to something that should be cheap and quick, reducing demand for it.
I also imagine that consumer schedules may play a large part in it too. A consumer’s schedule may affect the general expense they associate to the good. If you are only able to get home at a certain point of the day, you might be locked to a more expensive price. Therefore, you may always view Wendys as expensive, permanently reducing your demand for the good. If you’re locked into a time period where the price is cheapest, you’ll always associate Wendys as cheap. Therefore, you’ll be less likely to purchase the goods at any other times, when the price is higher.
Then again, the person locked to the expensive time schedule would be more likely to purchase the good at other times because the current price is cheaper than their associated price. The person locked to cheaper time period would be more likely to make repeated visits because the expense is low, increasing demand.
So in short, I think the profitability largely depends on the associated expense of the good after repeated visits. As a system however, I feel like it becomes difficult to manage, tho it may be made easier through the use of technology, reducing human error.
“Why did I randomly drop an essay in a youtube comment section,” you might ask? Well, Im bored AF and may or may not be procrastinating on a economics midterm.
that was so helpful!! All the best on your economics midterm (even though you might have gotten done w it weeks ago)
Depends, I think, on how long that McDonalds line gets
Great content!
Thank you
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I go on all of my food apps, order what I want, then compare prices in the cart. If Wendy's is gonna raise their prices, then I probably won't be choosing them as much.
Okay genius, what if every fast food decides to start making this regardless of the reception, what then.
Then were screwed
Ur a beast great video
"If people don't like it they'll go someplace else" ...or not. What if every major fast food restaurant adopts this strategy because of its success? Wouldn't be in the competitive spirit of undercutting but companies do that all the time.
The real question is, "Where's the relief."
i love jacob clifford and mr cowan
This didn't work in Counterstrike: Source, the deagle cost over 16K!! Burgers will cost MORE THAN 16K
Best of luck to the employees 😂
Tldr: yes it's bad but it's not bad because this random guy thinks it may ir may not be, even though it is, and it is taking advantage of it's consumers. Amen.
I won't buy it... I'd rather go to Walmart and get snacks...!!!
Why don’t you fix your hamburgers.
nobody likes Wendy's anymore, they are a holdover from the 70s and haven't updated their brand or menu.