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2 pages/β‰ˆ550 words
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APA
Subject:
Business & Marketing
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Essay
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English (U.S.)
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Topic:

What La Salsa can offer to customers

Essay Instructions:

RESPOND TO BOTH POST
WEEK 1 DISCUSSION POST 1. ADD 4 SOURCES
Provide a brief introduction of the company with which you are working. (MEXICAN RESTAURANT)
Discuss what pricing objectives you would consider for your product/service.
Identify the pricing objective and strategy you will ultimately choose and explain why.
This post should be 3 paragraphs in length (275 words). Since you are engaging in research, be sure to cite and reference the source(s) in APA format.
Perceived Value
Not all benefits or costs can be quantified in dollars. A product’s aesthetic appeal, extra technical support, and reputation are harder to quantify in economic terms, yet they can have a profound impact on customer perceptions of value.

WEEK 2 DISCUSSION POST 2
Provide a brief introduction of the company with which you are working. (MEXICAN RESTAURANT)
Discuss ways you can improve perceived customer value.
Analyze how psychological motives help shape emotional benefits and customer perceptions of value.
Analyze how the personality of an endorser shapes the emotional benefits of the product.

Essay Sample Content Preview:

MKT501 WEEK 1&2 POST
Name:
Instructor:
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Mkt 501 Week 1&2 Post
Part I
Introduction
La Salsa is a Mexican food restaurant that offers fresh food cooked in an open-display kitchen to allow customers watch their food get cooked. The restaurant will also be unique for its Salsa bar where customers will be able to custom-make their salsa. The restaurant is considering its pricing objectives, pricing strategy and perceived value.
Pricing Objectives
The pricing objectives involve optimizing its menu, profitability and knowing the market. Firstly, the restaurant will optimize its menu to make it a marketing instrument that upsells with words. It can be optimized by adding simple tweaks here and there. For instance, the restaurant will group its items into different categories like desserts, pasta, sandwiches, burritos and appetizers. In addition, colors, graphics as well as other design elements will call out its dishes, specials or bestsellers that require boosting by promotion. Further, a good typeface will be used on the menu could to give a good perception of the restaurant’s foods. But menu optimization should offer pricing that is balanced to levels where the customers will be willing to pay for the items. Secondly, the restaurant will aim to be profitable. The restaurant will do this by applying a good strategy to its food prices. Thirdly, the restaurant will strive to know its market. It will analyze the target market to get information on competitors’ prices. Information about the competitors’ similar foods will assist develop good pricing. Food costs change all the time and the restaurant will consider adjusting accordingly. Fluctuations may occur as a result of glut in production, poor crop growth and natural disasters. Lastly, the restaurant will provide variety to apply the power of choice to grow sales. For instance, the Salsa Bar will allow the customers to custom make their Salsa.
Pricing Strategy
La Salsa Restaurant will use the Food Cost Formula to as its pricing strategy. The strategy is best suited for start-up restaurants like La Salsa as it will help it address high operating as well as food costs. The restaurant shall be able to look into its menu items and calculate every item’s food cost, plus cost for every cup for every ingredient. After determining these costs, the restaurant can have the capability to create its custom menu items and ...
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