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This question has been answered, and points have been awarded.
Price Metrics And Fencing And Promotion.
12/10/2012 at 7:14 AM ET
I would like to open an Indian restaurant what type of price metrics and fences shall I use. With regards to promotion who am I going to integrate it with pricing.<br /><br />Thanks
12/10/2012 at 2:09 PM
I really don't understand the question. What are "price metrics and fences" in the context of an Indian restaurant? Perhaps you can find other terms or explain what you are trying to do so that we can be of some service.
12/10/2012 at 4:32 PM
What type of price fence shall I do, for example happy hour, but case in point for indian food does not make sense. Cause it is high class.
See this , I dont know how to apply it to my business and use segmented pricing
What type of promotion shall I carry out with my price
12/10/2012 at 6:44 PM
I had never heard the term "fences" as applied to marketing segmentation and pricing before your post. After reading about "fences", I wonder if this represents the kind of customer-centric transparency many are adopting in the cloud world. What would the customers think about fences?
"Market segmentation is a key strategic element in the practice of revenue management (RM). After being identified, market segments should be kept separate to prevent demand spillover from high priced segments to low priced segments and the associated revenue loss. Tools to restrict customer migration across segments are referred to as ‘FENCES’ ... "
12/10/2012 at 6:57 PM
OK, I downloaded the pdf and see where you're coming from (as a student question?)
If discounts to seniors and children at the movies is a fencing, then "fencing" is just a pricing segmentation.
Re: "for example happy hour, but case in point for indian food does not make sense. Cause it is high class." I have no idea what this means.
12/11/2012 at 5:57 AM
Can we cut through the mess of deciding what words mean or not. I have this trouble all the time when people try to speak English and want to show that they speak it extremely well. My point is that communication is more important than definition. Communicating what is needed when it comes to your customers.
You are providing high-class food for them. That's great. So who likes your food, and what are they wanting when they eventually think "Indian"? Because answering that will bring you happy customers at all times of the day because you answered their question.
Focus on their needs, not their wallet. Answer that need and they will pay happily because you saved them time and effort - both of which are worth more than they spent. Oh, and they got a really great meal that means they feel great afterwards.
To your success,
12/11/2012 at 6:26 AM
Thanks, what slogan shall I state in the promotion message
12/11/2012 at 7:26 AM
That depends on what your clients like. That is why we ask these questions of you. They are not our clients, they are yours. The slogan depends on what you tell us about your clients.
Otherwise it is meaningless to them.
12/11/2012 at 8:05 AM
Maybe you don't even need a slogan. Why do you want one? What do you expect it to do for you? What do you want it to communicate? To whom? What's the name of the restaurant?
And what does the slogan have to do with your original question about price fences?
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