Question

in your opinion,what the feedback,future or suggestion depends on the determining menu pricing (350words) tq in advance

Answer 1

The menu pricing is the most critical process in restaurants, hotels, bars, and any eating place. The price depends on the competitors, feedback by the customers, the entity's scope in the future, and the experts' suggestions. The entities breakdown the menus into dishes, appetizers, main courses, desserts, and beverages. The enterprise decides the prices accordingly. The entity takes the suggestions from the experts in the field to ensure the presence in the market. The second important step that the restaurant takes is to evaluate and assess the prices of the competitors. The entity should set the menu prices according to the market condition and the dynamic factors. The companies used to decide on their own in the past. However, now, the main focus of the entities is to be customer-centric. The restaurants can also circulate a survey about the relevant prices to get the necessary feedback from the stakeholders and the target audience. Some of the entities also use the approach of adding the gains to the production costs. It helps them to gain their sort of profits. However, sometimes, the consumers think that the prices are more than usual. The entity should keep the feedback and suggestions in mind to ensure customer loyalty and brand name. If the restaurant has long term goals, then it should set the prices at a lower rate in the starting to attract the potential customers. Later, when the entity earns the brand name, it can increase the prices at a slower pace. Nevertheless, the quality should remain the same because the food industry cannot compromise with the quality of the food they serve. It is because it will repel the customers, and thus will also reduce the sales in the company.

Further, if the entity wishes to set the prices according to the competitor, it should first conduct a well-researched market study. It should focus on all the leading brands in the industry. It will help the company to gain a 360-degree view of the whole industry. It will also make it easier for the organization to set the relevant prices. Hence, a restaurant's menu price or any eating place is essential to ensure a successful brand name and brand loyalty.