Know The Difference Minute

Think Wendy’s surge pricing meltdown will be covered in business school some day?  

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Wendy’s steps in it.
Welcome to the Know the Difference Minute for Thursday, February 29th.
Think Wendy’s surge pricing meltdown will be covered in business school some day?
Earlier this month, their CEO announced a plan to test ‘dynamic pricing’. That’s just another way to describe surge pricing which uses algorithms and AI to bump prices during high demand.
It stayed quiet until this week when news outlets picked it up. The story exploded. The chain was dragged on social media. Wasn’t pretty.
Wendy’s walked it back saying no, what we really meant was prices could go DOWN during slow times. By then, no one was in the mood. The damage was done. And with a direct quote about dynamic pricing, the CEO’s inability to read the room made it worse.
Companies—and government—can’t ignore the pressure inflation is causing. Consumers are tired of being squeezed.
I’m Dave Spano from Annex Wealth Management. That is your Know the Difference Minute.