Price

“More and more, marketers have adopted good-value pricing strategies—offering just the right combination of quality and good service at a fair price.” (Marketing: An Introduction, pp.277)

Prices are a delicate thing, they must be just right. We don’t want our prices to be too high that no one wants to pay that much, and we don’t want them to be too low that people think we are not good enough.

“Consumers at all income levels—including affluent consumers—are cutting back on their spending and seeking greater value from their purchases.” (Marketing: An Introduction, pp.179)

First of all, our games will be free, but we will charge between $5-$10 for the buy ins for the tournaments to make them a bit more exclusive; by making our games free, and by having the popular games as soon as they launch (hopefully thanks to our partnership with GameStop) many kids, adolescents, etc. who maybe cant afford buying those games will feel more attracted to come to our restaurant, and once they are there, they will most likely spend money on food, snacks and drinks. Since our menu it’s going to have a lot dishes from Venezuela, which require the ingredients to be imported, we would first have to figure out how much would it cost to import such ingredients before setting the price on the food, but how it will most likely go is that snacks and drinks are going to be between $5-$10, the food is going to be between $8-$20, and alcoholic beverages $5-$40 (depending on the drinks.)

“Although costs are an important consideration in setting prices, cost-based pricing is often product driven. The company designs what it considers to be a good product, adds up the costs of making the product, and sets a price that covers costs plus a target profit.” (Marketing: An Introduction, pp.276)