WK 10: Price / Final

“For most purchases, consumers don’t have all the skill or information they need to figure out whether they are paying a good price. They don’t have the time, ability, or inclination to research different brands or stores, compare prices, and get the best deals. Instead, they may rely on certain cues that signal whether a price is high or low” The tough economic times have made everybody cost conscious, and concerned about every purchase being made. So I don’t take the previous quote to the bank, but in some instances it holds true. The average costs for a decent lunch is about $8.00, anything less could be considered fast food. Caribe a la Carte is not to be considered fast food, but a great meal that can be prepared in less than 5 minutes. Depending on the costs of the ingredients that make up the meal will also determine the price. The meal with the most value that my food truck will serve is a $12.50 plus tax. It will automatically come with a value drink of choice, but it’s all about the quality the customer is getting. There will be a slight mark up for all Goya beverages, because of the shipping and handling from wholesaler to distributor. I will also practice promotional pricing, “Companies will temporarily price their products below list price and sometimes even below cost to create buying excitement and urgency. Promotional pricing takes several different forms. A seller may simply offer discounts from normal sales to increase sales and reduce inventories, or simply seasonal or special event pricing to draw more customers” I will also use the buy 10 and get a free meal card that most of the smaller restaurants use throughout the city to promote sales as well. Being cost sensitive, most of the meals will generally be $8.00 on average, the current economy taken into consideration.