"Secondary information provided from external sources may also be of value as managers research current and relevant information that may help them shed light on the marketing issues they seek to address." (51) When it comes to setting up a price, it helps to figure out what people are willing to pay for certain menu items. You would never charge someone $30 just for a steak at a casual diner. A full steak meal, consisting of starch and a serving of vegetables, should cost around $15-$20, not including drinks. Customers are always looking for good value when it comes to eating out. "Value is the difference between what customers get when they buy a product or service and what they pay to get it. All customers desire good value. But good value is ot the same as low price. In fact, when products or services are sold at prices so low it is not possible to deliver good quality, it is usually not possible to deliver good value." (7)
When it comes to selling items at low prices, I can see that as both good and bad. I mainly think this because the world isn't as black and white as we want it to be. "... if an owner plans to open a quick-service restaurant (QSR) featuring hamburgers, he or she should explain whether the proposed restaurant's pricing structure will place it in the lower, middle, or higher range of its competitors' pricing structures." (101)The world is depressing because of all the gray spots in it. The good part from selling at low prices is that you can bring in customers because of the low prices and good quality of food, rather than having it at a high price and feel that it was worth it. The bad thing about having to sell items at a low cost is that you need to keep he customers rolling.
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