Principles Of Marketing
17th Edition
ISBN:9780134492513
Author:Kotler, Philip, Armstrong, Gary (gary M.)
Publisher:Kotler, Philip, Armstrong, Gary (gary M.)
Chapter1: Marketing: Creating Customer Value And Engagement
Section: Chapter Questions
Problem 1.1DQ
Related questions
Question
What other factors besides the base selling price established by pricing formulas must operators consider when setting menu prices? Use an actual restaurant as an example to defend your opinion.
Expert Solution
Step 1 Introduction
The setting up a restaurant is quite expensive, and a large amount of investment is required with lot of organisation and operational structure design and layout which is exclusive of the base selling price at restaurants in menu.
The main cost as base selling price includes :
1) The making of the food.
2) The restaurant ambience
3) The cost incurred while setting up the restaurants
basically all these are inclusive of base selling price while setting up the menu.
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