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In this context, it's something that requires a lot of work for little reward. I think it's similar to "dogging" something.

It actually has a context in marketing for products where you will have a small stake in a shrinking market:

https://www.marketingstudyguide.com/wp-content/uploads/2015/...



In UK/Commonwealth parlance, "Dog" means terrible or slow. "Dogging" is, erm, something very very different and NSFW.




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