discussion 3

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Harvard University *

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MISC

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Management

Date

Nov 24, 2024

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docx

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Uploaded by DeanJaguar2433

1 Discussion Post 3 Name Institution Professor Course Date

2 Current Pricing Strategies Issues Uniform Pricing: Yoshi's current pricing approach prices all meals identically, regardless of ingredient cost or popularity. Missed chances to target distinct client categories may result from this lack of difference. Yoshi can accommodate consumer preferences and budgets with a smart pricing strategy. For instance, providing tiered pricing depending on ingredient quality or developing distinct menu categories might appeal to both budget-conscious and high-end consumers. By matching prices to perceived value, Yoshi may attract more customers and increase revenue. Yoshi's prices are much higher than its rivals Customers may be deterred by the restaurant's price. To fix this, Yoshi could highlight its distinct value, such as high-quality ingredients, traditional Japanese cuisine, and a great dining experience. Transparency about price helps eliminate myths and attract consumers that value Yoshi. Special discounts or package offers might also reduce the restaurant's perceived high pricing and draw in additional customers. New Approaches Pricing by Value: Analyze consumer perceptions of dish quality and value to implement value-based pricing. Provide premium, regular, and budget-friendly solutions. This is like "versioning" outlined in Chapter 11 when organizations provide several versions of a product or service to appeal to different client groups. Yoshi might offer lunch specials and combination packages during off-peak hours to boost sales and attract people. depending on "yield management" from Chapter 11, this method adjusts pricing depending on demand patterns to optimize income. By giving lunch discounts and

3 value-packed combinations, Yoshi may draw more customers during slower periods, maximizing its resources and profits. Justification Value-Based Pricing: Yoshi may serve clients with diverse tastes and budgets by providing several levels of food. Premium meals with high-quality ingredients may attract clients wanting a memorable dining experience, while budget-friendly selections might appeal to price- sensitive diners without sacrificing quality. While appealing to higher-paying consumers, this method gives the restaurant an affordable appearance. Lunch Specials and Combination packages: Offering lunch specials and combination packages promotes off-peak dining at Yoshi. The restaurant may attract more guests, maximize sitting space, and boost income by providing reduced rates during sluggish hours. According to yield management, intelligent price changes enhance income by efficiently using resources . Proposed Price Changes Implementing Value-Based Pricing: Divide meals into premium, standard, and budget categories. Premium meals should cost 15% more than Standard ones, while Budget dishes should cost 10% less. Combo Lunches: During weekday lunch hours (12:00 PM–2:00 PM), provide a 20% discount on a main dish, side, and beverage from a chosen menu. Yoshi may expand its client base, improve its value offer, and maximize income by proactively regulating demand throughout various hours by using these price techniques. Yoshi's

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4 management must do market research, study client preferences, and assess cost implications before making any price adjustments.

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