14 Aug Assignment 1: Pricing StrategyDue Week 4 and worth 200 pointsImagine you have in

Assignment 1: Pricing StrategyDue Week 4 and worth 200 pointsImagine you have inherited a restaurant. The restaurant has been out of operation for a bit so thisis a blank slate for you to start a new career as a restaurateur and to open a new restaurant.Choose the type of restaurant you want to have, upscale casual, café, super club, etc.Write a six to eight (6-8) page paper in which you:1. Create a statement describing the value your restaurant will bring your clientele.2. Determine the pricing strategy that will benefit your restaurant the most. Explain whyyou chose this strategy.3. Choose a value communication strategy that you will use to attract potential customersand keep customers coming back.4. You are contemplating adding a daily special that is unique from the regular menu.Decide and then justify your answer to whether it makes more sense to go upscale andoffer a higher priced item than is on your current menu, the same price that aligns to theother menu items, or a lower- priced item compared to your current menu.5. Use at least three (3) quality academic resources in this assignment. Note: Wikipedia andother Websites do not qualify as academic resources.Your assignment must follow these formatting requirements:Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on allsides; citations and references must follow APA or school-specific format. Check with yourprofessor for any additional instructions.Include a cover page containing the title of the assignment, the students name, the professorsname, the course title, and the date. The cover page and the reference page are not included in therequired assignment page length.The specific course learning outcomes associated with this assignment are:Analyze the key elements of strategic pricing and the role of pricing decisions in marketingstrategy.Evaluate the impact assessing value has on pricing strategy and profitability, and theimportance of market segmentation.Analyze the application of various pricing strategies and tactics to develop and manage anoverall pricing strategy for a company.Evaluate the effectiveness of price and value communication strategies.Use technology and information resources to research issues in strategic market pricing.Write clearly and concisely about strategic market pricing using proper writing mechanics.Grading for this assignment will be based on answer quality, logic/organization of the paper, andlanguage and writing skills, using the following rubric.

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