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Marketing - Pricing Strategy
Pages 6 (1506 words)
Pricing Strategy Name Professor’s name Course Date Before settling on the form of business to pursue, businesses should determine the target market, mission, and the vision. Through doing this, the business gets to have clear roadmap and know the characteristics of their customers.
To ensure that the number of customers is controlled, the restaurant will charge high prices for their products while ensuring that the quality of food and other services provided are great. The statement of the restaurant should be to offer high quality food to the target market by ensuring emphasis on customized / personalized services. By adhering to the statement, the restaurant will aim at offering good food to the customers and at the same time be driven by the changes in the market (Milligan, 2012). This will ensure that the customers’ needs are met in a timely manner with customer considered king in the business operations. At the same time, offering of quality food and drinks will make the business operate within the legal requirements and cater for the interests of their stakeholders (Gupta, 2009). Because of this, the business will remain socially responsible and reduce costs that are associated with litigation charges. Most cases involving restaurants are based on tortuous actions or criminal proceedings if customers get injured or incur losses because of consuming food or having injuries in the restaurants. If the statement guiding the operations of the restaurant is maintenance of quality, the cases of such litigations will be minimized hence reducing costs. ...
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