Marketing 3rd Edition by Dhruv Grewal,Michael Levy

Exercise 14

Imagine that you are the newly hired brand manager for a restaurant that is about to open. Both the local newspaper and a gourmet food magazine recently ran articles about your new head chef, calling her one of the best young chefs in the country. In response to these positive reviews, the company wants to position its brand as a premium, gourmet restaurant. Your boss asks what price you should charge for the chef's signature filet mignon dish. Other restaurants in the area charge around $40 for their own filet offerings. What steps might you undertake to determine what the new price should be?