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Explain who sets / drives prices in restaurants? Is it the the customers and/or suppliers?
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- Should prices reflect only the cost of making a product or delivering a service? Explain?A study indicated that the optimal price for a consumer product is $32.45. Most products in the market sell for $29.99. What price would you suggest to retailers for selling the product and why? A haute cuisine restaurant is opening down the street, and its owner asks you for advise on pricing. Should you suggest that the restaurant price an appetizer at $6.99 or $7, and why?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.
- How much does price influence your decision to buy? Does it depend on the product? What services or products are you willing to pay more? Finally, what product categories are you willing to buy generic and hence pay a lower price?How can you use value-based methods for setting prices?3 Describe the good/service you purchased, including the type of item, brand name, and price. Explain how the seller provided value to you through form, place, time, and possession utility. How might you improve this?
- A bait‐price item has a particularly low price and is widely advertised. Whencoming to buy the item, consumers are encouraged to buy a far more expensive item. Why are bait‐prices considered to be unethical?Pick one good or service you would want to sell (supply) at Laguardia Community College. List and very briefly explain at least 3 of the factors that you would consider before you decide whether you want to see at all, how much you want to sell and the price you would want to charge. Try to think of these decisions from the perspective of a seller/producer. Avoid thinking from the perspective of a buyer/consumer.Describe the first in, first out, last in, first out and average 4.7 cost methods of stores pricing.
- You have identified 4 possible ways of meeting demand for your products. Option Fixed Cost Variable Cost A 10,000 5 B 5,000 6 C 0 8 D 16,000 9 For any number of units, tell me which option is cheapest.How likely is the sales manager will be successful in the short term in cut the price as strategy to stimulate interest and convince other business operators to buy products from our company?Recall your past experiences. Have you been given discounts for goods youbought? When and in what occasion? When do sellers give discount? Give anexample and illustrate how it is computed. Give also an illustration of how selling price is determined.