Setting menu pricing for the products you sell from your food truck is one of the most crucial components to running it, because the prices you set directly affect your ability to sell, cover costs, and generate your desired level of profit. Food cooked on food trucks is normally priced on a per item basis. […]
For years, restaurant owners have argued that a higher minimum wage means pricier meals.Now some restaurants in states that recently raised the minimum wage — including Arizona, California, and Colorado — are putting the proof in customers’ checks. Surcharges of 3% to 4% to pay for higher labor costs are “the emerging new norm,” a […]
And here’s another thing: by lowering your price, you could be making that meal less desirable to the consumer. Why? Because a lot of people associate cheap prices with poor quality. (Just think back to the last time you were looking for a nice bottle of wine and automatically rejected everything under $20.) What Apple […]
This view of people of color as sources of “cheap” labor bleeds into our restaurant culture: Immigrant food is often expected to be cheap, because, implicitly, the labor that produces it is expected to be cheap, because that labor has historically been cheap. And so pulling together a “cheap eats” list rather than, say, an […]
When it comes to pricing your services or products, you will be surprised to know that pricing changes can effect your business quite a bit. If you think about it, you probably have competitors, so your customers don’t need to buy your services or products. They usually do it because of your unique selling proposition, […]
New app City Munch lets diners pay less during quieter periods to help restaurants put bums on seats, offering real-time deals in your area. It’s 4pm and you’re hungry. You open your City Munch app and see there are six restaurants nearby offering up to 50pc off their food. Ten minutes later, you sit down […]
Driving sales and traffic is difficult for many restaurants these days. Yet some chains manage to do both. The legendary burger brand Krystal, for example, has applied a successful pricing strategy for decades, putting their iconic square-shaped burgers at its core. As a result, sales and traffic have climbed. … Krystal offers 12 of its […]
Pricing and quality approach to food and beverage, as well as careful design elements that speed and enhance service, is direct response to fan concerns As a stated goal from the outset of design, Mercedes-Benz Stadium is reimagining the fan experience. Today in the building’s first completed concession stand, stadium leadership announced a game-changing food […]
Key findings Increasing the meal price by 10 and 20% when choosing French fries was associated with respective 10.9 and 21.8% absolute reductions in French fries purchases, while reducing the meal price by 10 and 20% when choosing fruit for dessert was associated with absolute increases in fruit purchases of respectively 25.1 and 42.4% (all […]
With consumers more choosy about their dining options, many restaurants have slashed prices to lure diners through their doors — Golden Corral has opted to take a different route. The nation’s largest grill-buffet chain’s out-of-the-box strategy went like this: Hire more staff and boost prices on the weekends to offer customers more choices. In February, […]
Pricing News Daily is a digest of top pricing strategy in the news, strategy expert and technology leader’s thought leadership, industry news and events, and resources for pricing professionals, business owners, creative professionals, and independent contractors. This Edition is brought to you by: Strategic Pricing Associates SPA is the leading provider of pricing analytics […]
Workshop: Atlanta Pricing Workshops | PPS
We’re bringing 2 days of Pricing Workshops to Atlanta! August 1-2 we will have 7 workshop options designed to bring you the most up-to-date pricing information & knowledge. Don’t miss your opportunity to join us in Atlanta at the “Summer School for Pricing.” Completion of the workshop & quiz will allow you to receive a […]
This Week in Pricing > 5/20/17
This Week in Pricing is a recap of the week’s best pricing focused news, strategy expert and technology leader’s thought leadership, industry news and events, and resources for pricing professionals. This Edition is brought to you by: Value Innoruption Advisors Founded by Dr. Stephan Liozu, Value Innoruption Advisors provides training and consulting resources for organizations […]
Deploying machine learning in insurance pricing | pwc blog
Insurers have been investigating the deployment of machine learning techniques in the pricing arena, seeking to exploit the speed at which models can be built and refreshed compared to the use of more traditional generalised linear modelling techniques. Machine learning techniques offer significant advantages over these traditional models, including the availability of various types of […]
United Airlines: Four Seats Worth $1.5 Billion? | Time.com
Many things are baffling about the decision by United Airlines employees to have a passenger dragged bleeding from one of their airplanes as other patrons taped the debacle on their smartphones. But with company CEO Oscar Munoz declaring that he “emphatically” backs the employees despite a plunge in the company’s stock price, it’s amazing that […]
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