Assignment 1: Pricing Strategy
Due Week 4 and worth 200 points
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.