Chewy’s Post

If you raise the hot dog price, I will kill you. This was Costco founder Jim Senegal’s advice to his CEO. Not sure about you, but weekend groceries for me is an unavoidable chore. But visiting Costco was an exception during my years in US. In fact, I used to look forward to it, thanks to their signature hot dogs that they sold for a steal at $1.50. Despite the inflation, Costco never touched the hot dog price since the beginning. Ever since they started their first warehouse in mid 1980s in Seattle, the hot dog has been a signature item on their food court menu that enticed many customers like me to shop at Costco. Does Costco lose money on these hot dogs ? They sure do. Costco sells 130 million hot dogs annually and that adds up to a lot of money. In fact, Costco CEO Craig Jelinek once asked the company founder Jim Senegal, "We need to raise the price of hot dogs. We are losing our rear ends”. To which Jim replied, "If you raise the price of hot dogs, I will kill you. Go, figure out”. Many businesses sell a few hot products at such attractive, but below market prices. These are called loss leaders. The idea is to entice the customers to walk in. Once they walk in, they buy several other items that makes the overall deal profitable. They key is to be smart about which products should be the loss leaders, which products to sell at higher margins and how to make the overall assortment profitable. Questions for business leaders to ponder on - Which items should be your loss leaders ? What are the other items that customers buy along with it ? How can you price them to make the overall assortment profitable ? Do you have revenue growth management tools to compute stuff like elasticity, portfolio profit optimization ? #BusinessStoryTelling #RevenuePrime #PricingStory #CostcoHotdog

#customer vs #consumer - - through - - Dog Owner vs Dogs Point # 1 - - #Marketers must remember that - - - you do not sell dog food to dogs! - - But marketers must #also remember that - although you do not sell dog food to dogs, BUT THE DOGS MUST LIKE IT!! #Lesson - As a #marketer, you will have to #think about both customers and consumers ---------------------------------------- Point # 2 - - The dog owners (customer) will choose to buy the dog food brand after considering many parameters ... but that won't include - taste! - - But the dog (consumer) will choose to eat only on one parameter - taste! #Lesson - Marketers will have to work on 100 + 1 = 101 parameters

Is your pet's food storage a mess? Explore our top picks for organized and efficient dog food containers. #dog #dogs #doglovers #dogtraining #dogproducts #petshoponline #doglover

“If you raise the effing hot dog, I will kill you. Figure it out” Amid discussions to raise the $1.50 hot dog combo price in Costco’s food court, founder Jim Sinegal did not take the news well But the brand figured it out They built their own Kirkland Signature hot dog plant in LA. The hot dog business was so successful that they started another plant in Chicago “By having the discipline to say, ‘You are not going to be able to raise your price. You have to figure it out,” we took it over and started manufacturing our hot dogs. We keep it at $1.50 and make enough money to get a fair return,” Costco CEO Craig Jelinek stated in a 2018 speech Discipline isn't just about following a road map; it's about the relentless pursuit of “figuring it out.” Embrace challenges, learn from failures, and never settle for mediocrity. Keep pushing forward, keep figuring it out, and success will follow. On Costco’s side? The price of Costco’s hotdogs have not changed since 1985. #Discipline #FigureItOut #SuccessMindset" ———————————————————- Read More: A fascinating article from CNBC in 2022. When CEO Craig Jelinek was asked about potentially raising the hot dog price he had a simple answer “No.” https://lnkd.in/g3cfkP5z Some interesting changes in Costco’s food court are underway though. The Churro is being replaced by a large chocolate chip cookie https://lnkd.in/g8edk_Tr *I first read this quote from a post written by the amazing Misa Chien . I would highly recommend checking out her content as well

Our March edition of the #MoodOfTheNation report revealed that about 45% of dog owners and 52% of cat owners spend £20-£50 monthly on pet food. Interestingly, 35% of those investing £50-£100 are inclined to switch brands annually. This week, our CEO Andy Bromley faced a dilemma when changing pet food brands after four years. 🐕 This experience underscored the importance of keeping quality and value high to hold onto current customers - and lure in new ones with irresistible value propositions. 👀 https://lnkd.in/eFPZ-vmT

Dog Bakery - what's your thoughts? I know there are some in the UK like Millie & Ruby's, and others (https://lnkd.in/dQdtkjkT) but not a BIG thing in the UK - unless it has completely passed me by, - how long before we see more following this route? #petfood #petfoodindustry

What would you do with an extra $53,000 a year? By reducing operational inefficiencies in deli with these 4 techniques, you might be able to save that much! Read on to see how. #Deli #Grocery #Shrink

Just out here romanticizing bacon. 🥓✨ . How do you take your bacon - crispy or chewy? Drop your sizzling preferences below!  . . . #bacon #hospitalityphotography #shadowpointmedia #tucsonrealestate #tucsonbusiness #tucsonaz #realestatevideo #realestatemarketing #armoryparkinn #tucsonhistory #tucsondronepilot

For the things we have to learn before we can do them, we learn by doing them.#chef #life #happy #hilton #pastry #cake #chocolate #new #post #pastrychef #cheflife

Chicago natives and hot dog enthusiasts alike love the unique, if not topping-heavy, food. But there is one topping that Chicagoans simply don't tolerate, and that's ketchup. Nothing brings the city together more than its united disdain for the sweet, tomato-based condiment on a dog. So, if you're headed to Chicago for the Intellus Worldwide Summit 2024 don't say you weren't warned! Now, just have to decide WHERE to get that dog: - Vienna Beef Factory Store and Deli - Superdawg - Red Hot Ranch Oh, also we could talk about survey sample for healthcare too, but probably over a hot dog... #BrightsideResearch #HealthcareResearch #HealthcareProfessionals #Insights #MarketResearch #Healthcare