Small Business Management Question 6

Question 6:

Frank’s All-American BarBeQue is planning to significantly expand its takeout business. Currently, customers come into the restaurant and order from the menu. With the new Darien facility and website, customers will be able to order online or fax an order to the restaurant.

Frank and Robert have been arguing over how to structure the takeout portion of their operations. Frank wants to maintain the approach where customers order items from the menu. Robert believes that in today’s world, it would be more convenient for customers to order complete pre-packaged meals. Father and son have argued about the nature of these
meals. Frank has suggested a limited number of standard meals that could be prepared during the day and sold in the evening when commuters are returning home. However, this might mean that excess inventory would be built up on unwanted items.

Robert wants to offer a greater variety. These would include the main course, two side dishes, and a dessert. Because there could be a large number of combinations, most would have to be made after the receipt of an order. The “rush” to make these meals would drive up costs. 

How would you go about pricing these two types of meals?  (Hint: review pricing objectives and pricing strategies  in the textbook))

ENSURE you read the case study guide and review the case study and relevant sections in the textbook Small Business Management in the 21st Century before answering any question. Be aware of what is being asked from you.

All assignments are to be double spaced.

All referencing/citing is to be done according to Harvard referencing rules.

Do NOT include the question in your response

5.0 Pts Full marks Excellent response demonstrating a very good understanding of the various concepts and application of these to the case study. 4.0 Pts Good Response A good understanding of the concepts as provided in the course materials and demonstration of the use of their use showing relevance and application to the case study. Introduces both pricing objectives and pricing strategies. Understands more than one strategy is possible and explains in good detail. May also introduce the concept of break-even analysis to determine the base point for pricing strategies. May require more explanation and/or analysis. 3.0 Pts Satisfactory A satisfactory understanding of the concepts as provided in the course materials and demonstration of the use of their use showing relevance and application to the case study. Explains at least one pricing strategies and may introduce pricing objectives. May understand more than one strategy is possible. May not provide a recommendation for Frank to follow. 2.0 Pts Fair May not fully answer the question or is limited in the analysis required. May not provide a response explaining both pricing objective and pricing strategy. May not identify the possibility of more than one strategy or name the various strategies and/or may confuse objectives and strategies. Maybe confusing to follow the structure of the response. 1.0 Pts Makes an attempt May not mention pricing objectives and strategies and may confuse costs with prices but makes an attempt at some analysis relevant to the case study 0.0 Pts No attempt or incorrect No response or irrelevant and /or miss This criterion is linked to a learning outcomeDescription of criterion
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