"All industries are interested," said Patricia Smith, adjusting the price limits. "You know what? Should I increase my price and see if I can get away with it? Or should I reduce my prices and earn less [but maybe dispatch
A company can increase total sales by lowering the price if the demand for the product is elastic and price sensitive.
It is an economic principle called elasticity of demand. A company can increase total sales by lowering the price if the demand for the product is elastic and price sensitive. For example, if the company lowers the price by 5% and the quantity sold increases by 10%, the demand is elastic. and this Total sales will increase. "
Smith notes that the fast-food industry is a good place to put this theory into practice, as this type of price war is often waged in oligopolistic markets where there are few big companies that guarantee it. best dog
In the United States, he says, about 40% of the field is occupied by a handful of producers. No wonder we have seen [price wars] in this type of market, he said. In the United States, this top 40% corresponds to sales of almost $ 80 billion.
TalktoWendys Survey Benefits
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2018: a year of nutritional value?
At the moment, the high-quality novel foods from these large chains are only destined for the USA. USA However, the end of fast food prices is not just a trend in North America.
TalktoWendys Survey Meals
Although 1 euro meals are not common in the UK, cheap meals are a growing trend for sophisticated supermarkets like Marks and Spencer's offer "Dine for two to ten for ten". The Tesco supermarket
also offers special lunches for £ 4, including a sandwich, a drink and a packet of potato chips. While cheap items for $ 1.99 or $ 2.99 helped boost sales at coffee shops like Greggs, the UK's largest bakery chain, which will open more than 100 new locations. in the next five years.
Price cuts would mean sacrificing this reputation, says Caraher, who is not associated with millennial customers.
To lower prices, they would have to stop many of the marketing initiatives that they have implemented here in Europe, he said. It has positioned itself at a different market level.
In the BBC Capital comments
, McDonald's, Wendy's, and Taco Bell did not grow, prompting them to launch new cheap menu menus that were not just a game for customers.
"We've heard from customers that they have to spend around $ 5 on lunch, which makes the 4-for-4 offer so appealing," said a Wendy spokeswoman. We still don't know what will happen to the sector if fast food becomes cheaper.
Public health experts also raise concerns. According to Nestlé, the most precious foods for people who traditionally eat in fast food restaurants can mean eating more and more often. It would be a problem for the United States, which is already one of the most obese nations in the world.