Imagine you have inherited a restaurant. The restaurant has been out of operation for a bit so this is a blank slate for you to start a new career as a restaurateur and to open a new restaurant. Choose the type of restaurant you want to have, upscale casual, café, super club, etc.
Write a six to eight (6-8) page paper in which you:
- Create a statement describing the value your restaurant will bring your clientele.
- Determine the pricing strategy that will benefit your restaurant the most. Explain why you chose this strategy.
- Choose a value communication strategy that you will use to attract potential customers and keep customers coming back.
- You are contemplating adding a daily special that is unique from the regular menu. Decide and then justify your answer to whether it makes more sense to go upscale and offer a higher priced item than is on your current menu, the same price that aligns to the other menu items, or a lower- priced item compared to your current menu.
- Use at least three (3) quality academic resources in this assignment. Note: Wikipedia and other Websites do not qualify as academic resources.
Your assignment must follow these formatting requirements:
- Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
- Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.
The specific course learning outcomes associated with this assignment are:
- Analyze the key elements of strategic pricing and the role of pricing decisions in marketing strategy.
- Evaluate the impact assessing value has on pricing strategy and profitability, and the importance of market segmentation.
- Analyze the application of various pricing strategies and tactics to develop and manage an overall pricing strategy for a company.
- Evaluate the effectiveness of price and value communication strategies.
- Use technology and information resources to research issues in strategic market pricing.
- Write clearly and concisely about strategic market pricing using proper writing mechanics.