A restaurant wants to use value-based pricing. It knows the costs of the ingredients in the food. It must also factor in ________ in determining customer satisfaction and value.
A) wages of employees
B) costs of utilities of the restaurant
C) atmosphere and décor of the restaurant
D) travel distance for customers
E) percentage of bar patrons versus dining patrons

Question

Quizplus · Accepted Answer

Value-based pricing takes into account the perceived value of the product or service to the customer. In the case of a restaurant, the atmosphere and décor play a crucial role in customer satisfaction and perceived value. While other factors like wages, utilities, travel distance, and bar patrons may affect the restaurant's costs and revenue, they may not directly impact the customer's perception of the value of the food.

A Restaurant Wants to Use Value-Based Pricing