Price

For my prices I of course want it to be affordable but at the same time I don’t want it to be extremely cheap because then I won’t make any money and I’ll be out of business. Majority of the time tourist come to Las Vegas and they are willing to spend money. As for locals they look for great prices everywhere because they are not on vacation, they just want to enjoy themselves without going broke. I know I have to think about the environment I am in because if I’m on the strip in Las Vegas I know things are pricey unless there is a fast food place around, but I don’t want people to walk past by business because of their assumption. That’s why I would want a big sign on my mobile kitchen so as people are walking close by they can see the price and immediately know that my business is different from what is around them and they can get has much as they’d like. “Price is only one element of the company’s broader marketing strategy. Thus, before setting price, the company must decide on its overall marketing strategy for the product or service.” The price of my shish kabobs would be $10 and for the fruit kabobs it would be $8. I chose these price points because it I am starting off small and these prices seem reasonable for a business who only serves kabobs and drinks. My water would be $2.50 and my sweet tea would be $3.75. I chose these prices because it’s a guaranteed that because people are walking around in the hot sun for hours, in due time they will be thirsty so the will want water. Sweet tea is just a plus because it is light and refreshing! Companies with lower costs can set lower prices that result in smaller margins but greater sales and profits. Other companies, however, intentionally pay higher costs that they can claim higher prices and margins.”

 

Armstrong and Kotler (2011). Marketing: An Introduction, 10^th Ed. Prentice Hall Publishing