Honest Chops’ Pricing Dilemma

            

Details


Case Code : CLMM113
Publication date : 2015
Subject : Marketing Management
Industry : Retail
Length : 03 Pages

Pricing


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Abstract: ICMR India ICMR India ICMR India ICMR India RSS Feed

Khalid Latif (Latif), one of the founding members of Honest Chops, a whole animal halal butcher shop that provides natural, humane, and organic meat, was caught on the horns of a dilemma. As a part of its social responsibility, Honest Chops offered high quality organic and halal meat at a price that was much lower than the market price. The question before Latif was whether he would be able to achieve the objective of providing value-based services to the community by offering the products at such a low price

Issues:

Understand issues and concepts related to pricing.
Analyze the challenges faced by Honest Chops for providing value-based service to the community in the long run.
Explore the strategies by which Honest Chops can strike the right balance between its social responsibility and sustainability issues.
Appreciate the implications of integrating appropriate product pricing with the social responsibility strategies of Honest Chops.


Introduction

In 2014, three friends got together to start Honest Chops, a whole animal halal butcher shop, at East Village, New York City, to provide natural, “humane”, and organic meat. The trio’s purpose was to serve the community by selling quality products at almost half the market price and thus render a responsible service as part of their social entrepreneurship initiatives. To maintain the quality of their products, they adhered to the principle of ‘Honest-To-God Guarantee’, which involved maintaining transparency right from the raising of animals to their slaughtering. Khalid Latif (Latif), one of the co-founders of Honest Chops, was convinced that subsidized product prices were a sine-qua-non for rendering better social services....

Key words:
Pricing; Pricing strategies; Sustainability; Entrepreneurship; Social responsibility; Value-based services to the community; Marketing Management; Managerial Economics; Consumer behavior;





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