by William White | August 16, 2013 3:07 pm
Kraft Foods’ (KRFT) Baker’s Chocolate doubled the price of its chocolate in May.
Baker’s Chocolate reduced the size of chocolate it sells from eight ounces to four ounces, but it didn’t drop the price. The new packaging resulted in an outcry from consumers, and Baker’s Chocolate didn’t handle it well. When asked by people on its Facebook (FB) page about the change, Baker’s told them that it was a pricing issue at the stores and that the chocolate’s price would go down. That’s been four months ago, and the price of Baker’s chocolate has yet to change. Baker’s defended its decision to decrease the amount of chocolate in a package by telling customers that the eight ounce chocolates resulted in more leftovers, which the company believes is a waste, reports PRNewser.
Baker’s Facebook page is filled with complaining customers.
“i have left over chocolate.i must put the chocolate in the trash…SAID NO ONE EVER,” “GEEEZ – less chocolate for the same price – guess I’m changing brands,” and “you think with the price doubling, a PR team would be in the budget…,” are just a few examples of the type of comments that are being posted on Baker’s Facebook page.
KRFT shares were down 1% as of Friday evening.
Source URL: https://investorplace.com/2013/08/bakers-chocolate-facing-bakers-revolt-in-huge-pr-fail/
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