Menu and pricing in Restaurants (interaction in groups)1. Share one of your favorite menu items in your group assignment 2. Describe the pricing strategy used in this menu item: Remaining an important role in marketing mix strategies, price directly affects the revenues of firms. Yet, firms must be considering many factors before the final price has shown to guests. Here is some price strategy the restaurant use (Reid and Bojanic, 2010)- Consumer price sensitivity: Nomu has a special concept when the restaurant is only serving 20 seats limited. In respect of traditional Japanese, Nomu brings fusion dining to its guests. According to Reid and Bojanic (2010), guests are usually willing to pay more for such unique products and not substitutes. Nomu has successful the stand out Japanese point in Thao Dien area by the things they have done such as location, electronic menu and the food itself- Environment factor: Social Thao Dien has known for a new gem in Saigon, people call Thao Dien as Saigon’s western zone where are many foreign restaurants and cuisine have surroundings (Tuoi Tre 2018). Standing point with competitors around, Nomu must shine in a different way compared to their competitors around. Besides, skim pricing has applied in Nomu as well, since their product remains unique traditional Japanese (especially skewers), customers tend to perceived quality than the price.2. What would be the advantage and disadvantages of dropping the price of this menu item? In different cultures will have the perceived of different spending patterns. Likely in the Asian community, they tend to save expenditure than ther other nationalities. However they willing to spend more to purchase a name brand or high-quality products (Reid and Bojanic, 2010). A. Advantages: Comparison to the external environment, Nomu has its own taste with the Japanese cuisine and design concept itself has mentioned above. Focusing on skewers, it shows a nice texture with a nice smell and looks. Unlikely, many Japanese restaurants around will tend to have sushi, ramen, or deserts. An open kitchen combines with bar, Nomu gives their guest a friendly atmosphere and fusion. B. Disadvantages: However, this concept is not quite familiar with local since space have limit will not suitable for a group of a friend but likely for a couple or single. Although they do a good job in consideration in price and marketing strategy that is focusing more on middle-income audiences. Reid, R., and Bojanic, D., 2010. Hospitality Management. 5th ed. New York: Wiley
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