#surge pricing
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Wendy’s Makes It Clear After Backlash: No Surge Pricing
The fast-food company says its dynamic-pricing strategy was misconstrued
I call bullshit.
Wendy’s said it would invest in artificial intelligence-enabled digital menu boards in U.S. restaurants.
https://www.wsj.com/business/wendys-dynamic-pricing-backlash-46985ebf?
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#Wendy’s#stupid#supply and demand#pricing strategies#consumer behavior#savings tips#happy hour deals#early bird specials#booking tips#off-peak travel#surge pricing#dynamic pricing#variable pricing#real-time pricing#revenue optimization#technological advances#fast food pricing#restaurant pricing#retail pricing#pricing trends
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#poverty#homeless#wendys#wendy's#surge pricing#neoliberal capitalism#capitalism#gst#tax#ausgov#politas#auspol#tasgov#taspol#australia#fuck neoliberals#anthony albanese#albanese government#eat the rich#eat the fucking rich#anti capitalist#capitalist hell#capitalist dystopia#capitalist bullshit#class war#oppression#repression#oppressor#free all oppressed peoples#pedagogy of the oppressed
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Surging Forward
When it comes to the Four Ps of Marketing, there is one that affects us the most. It raises eyebrows. It may cause mental anguish. And it hits where it hurts the most, the pocketbook. I can only be talking about one thing: Price.
As I was telling my undergrads yesterday, they have now lived through—and survived—a period of inflation. This hasn’t happened for 40 years, which I remember all too well from my university days. It’s the kind of thing you tend to remember forever.
While inflation is now more or less within a reasonable range (about 3.1% last month), our grocery bills are up about 25% in the last four years. You can thank the compounding effect for that. Some manufacturers have responded by reducing the size of the package, so they can try to maintain price points. Labeled as “shrinkflation” by President Biden and others, it gives the illusion that prices haven’t gone up, even though the unit price definitely has.
Given that we have all now become hyper-sensitized to price since COVID, it should come as no surprise that Wendy’s plans to test surge pricing for its hamburgers is drawing the ire of many. It’s bad enough that the price of fast food has skyrocketed, but now they want to charge even more during hours of peak demand, as well as at locations that are typically busier than others.
Surge pricing, which also goes by the moniker dynamic pricing, has been in use for decades. It’s what explains the matinee price at movie theatres, a time of day in which far fewer people are likely to see a movie. Airlines have done it for years, with peak demand times seeing fares much higher than off-peak. Add hotels to the mix, too. Business hotels are often weekend bargains for families, because all the people with expense accounts have gone home. And we all know how expensive food and beverages are at airports and stadiums, while not far away they are much lower.
Uber is another company leaning on this model, with the price of a ride reflecting the demand. If a stadium is emptying out, the price just went up. Many other retailers, from Amazon to Target, Kroger, Best Buy, and others have done it. The advent of digital price tags makes it all too easy to reset prices within a store, or even systemwide. Heck, I even saw it in Germany some years ago, with gas stations raising prices at peak commuting times, and lowering them during others. Shame on you for not refueling at a better time!
One of the more interesting aspects of dynamic, or surge, pricing is that used on Dallas-area toll roads and express lanes. Essentially, the price is set based on traffic volume. As congestion increases, the price for diverting to the express lane goes up. The thinking is that it might just be worth your added dollars to be able to zoom by the unlucky proletariat stuck in traffic. Be sure to wave as you go by. These lanes are the sky boxes of the highway system. At peak times, a person driving solo can pay up to $0.90 per mile for the privilege.
The weeks ahead will be interesting to see how the market reacts to Wendy’s move, and whether they stick to their guns or back down. If customers swallow surge pricing, it opens the flood gates for all fast food restaurants to do the same. It could then spill over into all restaurants, and everywhere else. Consumers will be left at wit’s end trying to keep up with what amounts to a wide array of possible prices for the things they buy. I suspect that apps and websites will arrive that allow for crowdsourced updates on all of it.
It’s the price we pay for being alive today. Inflation is one thing, but having to endure exorbitant temporary price hikes is quite another. Even staying home and being a hermit does not make you immune, because you still have to buy things. As for me, I’m staying in the slow lane just as a matter of principle, and because I’m still waiting for my salary to go up commensurately to account for the last four years.
Dr “Not Getting Inflated Expectations” Gerlich
Audio Blog
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Wendy's surge pricing
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#665: SURGE PRICING AND THE BAD TIMES
Mike and travis discuss the following topics….
cereal for dinner….
surge pricing…..
diaper don…..
willy’s chocolate experience….
pregnant stingray….
the tax writeoff channel…..
potw: stupid pet tricks/jason statham/bonus dog story
well, bye.
https://mcdn.podbean.com/mf/web/xyzvy8/wfod030824q.mp3
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#CEREAL FOR DINNER#comedy#COYOTE VS. ACME#DIAPER DON#jason statham#KELLOGGS#movies#PODCAST#PREGNANT STINGRAY#SHARK#STUPID PET TRICKS#SURGE PRICING#TAX WRITEOFF#the beekeeper#WENDYS#WILLY&039;S CHOCOLATE EXPERIENCE
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Corporations Want To Suck Your Blood
Do you know what a parasite is?
A parasite is a creature that survives by sucking the life from an animal – be it of the two or four-legged variety – that not only contributes nothing to the organism that it exists upon but might eventually kill it.
youtube
Corporations are parasitic in that they typically offer little in the way of benefit but take much much more than they give.
The most recent example?
Apparently Wendy's – a fast food chain – considered surge (or Dynamic) pricing, which is essentially charging more for something when demand rises.
So let's say people are consistently purchasing Wendy's hamburgers at 1500 in a particular area.
In that area hamburgers would cost more, though the price would drop when the 'surge' ended.
I've never heard of the term prior to Uber, a ride-share service that dupes people into becoming indentured servants.
The idea that a hamburger chain – when it was found out what they were considering downshifted really, really fast – is a model of ridiculousness and predatory behavior.
Exactly like a parasite.
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https://www.reuters.com/business/retail-consumer/wendys-will-not-implement-surge-pricing-ceo-comment-causes-online-stir-2024-02-28/
Ha, ha, just kidding. Really, folks, it's a nothing burger. - says CEO
He had suggested that new digital menu boards could change pricing throughout the day.
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CBS News #MoneyWatch: "Wendy's explores bringing Uber-style pricing to its fast-food restaurants"
Might be good for the bottom line. Rather a tone deaf move overall. "The strategy involves so-called dynamic pricing — also known as surge pricing — which has the cost of a product or service fluctuating based on factors like rush hour..."
"In theory, charging more for food at high-traffic times could help cover the added costs of having to bring in additional staff during peak hours. That said, restaurant brands also run the risk of putting people off."
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So now fast food will have happy hours.
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