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Fast food chain Wendys Co (NASDAQ:WEN) released a hip-hop mixtape over the weekend — yes, a collection of five songs to promote its never frozen, always fresh meat.
What Happened
The mixtape titled "We Beefin?" naturally takes aim at rivals, including McDonald's Corporation (NYSE:MCD) with the song "Clownin." The mixtape is about "telling our food story," Wendy's CEO Todd Penegor told CNBC's Jim Cramer during his daily "Mad Money" show Monday. Wendy's wants to emphasize the fact that its fresh and never frozen policy makes it "a little bit different" in a highly competitive landscape.
Why It's Important
Wendy's recognizes the importance of targeting younger audiences who represent the "next generation of consumers," Penegor said.
The Wendy's Twitter page boasts 2.5 million followers and gives the Dublin, Ohio-based company a platform to "talk about our differences and how we stand apart from the competition," the executive said. This is particularly important at a time when competitors, most notably McDonald's, are introducing new menu items and adding digital and mobile ordering capabilities. Of course, Wendy's is investing in its own technology initiatives.
"The restaurants with scale are growing because when you have scale, you can invest in technology," Penegor said.
What's Next
Wendy's must tread carefully in how it balances investments in its business, wage and food inflation and its pricing, the executive said.
The key to success for any restaurant chain is to make sure customers find value in the food they buy — otherwise, the "gap between food at home and food away from home just gets too wide," Penegor said.
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Image credit: Mike Mozart, Flickr
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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