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Pricing Strategy

MKT 402 WeeK 4 Assignment 1 Pricing Strategy 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: 1. Create a statement describing the value your restaurant will bring your clientele. 2. Determine the pricing strategy that will benefit your restaurant the most. Explain why you chose this strategy. 3. Choose a value communication strategy that you will use to attract potential customers and keep customers coming back. 4. 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.