- Series Information
- List of Figures
- List of Tables
- List of Boxes
- List of Contributors
- Why Are Prices Set the Way They Are?
- Airline Pricing
- Electric Power Pricing
- Health Care Pricing in the United States: The Case of Hospitals
- Pricing in Restaurants
- Pricing of On-line Display Advertising
- Consumer Credit Pricing
- Wireless Services Pricing in the United States
- For What IT’s Worth: Pricing Internal IT Services
- Television Advertisement Pricing in the United States
- Pricing in the Cruise Line Industry
- Less-than-Truckload Pricing
- Pricing in the North American Protein Industry
- Wine Pricing in the United States
- Pricing and sales practices at the Grand Bazaar of İstanbul
- Price Theory in Economics
- Models of Demand
- Game Theory Models of Pricing
- Behavioral Issues in Pricing Management
- Customized Pricing
- Nonlinear Pricing
- Dynamic List Pricing
- Sales Promotions
- Markdown Management
- Revenue Management
- Auction Pricing
- Services Engineering: Design and Pricing of Service Features
- Pricing in Business-to-Business Contracts: Sharing Risk, Profit, and Information
- Pricing and Inventory Management
- Structuring and Managing an Effective Pricing Organization
- Global Pricing Strategy
- Using Lean Six Sigma to Improve Pricing Execution
- Mastering your Profit Destiny in Business-to-Business Settings
- Current Challenges and Future Prospects for Pricing Management
Abstract and Keywords
This article discusses some of the challenges of restaurant pricing and reviews methods that restaurants use to set prices. Section 6.2 begins with a brief history of restaurants and presents how restaurants are currently classified. Section 6.3 discusses the different approaches that restaurants use to set prices today. Section 6.4 discusses the psychology of restaurant prices and how it influences menu design, and gives an overview of how revenue management is applied in the restaurant industry. The article concludes with a short discussion of opportunities for the future.
Sheryl E. Kimes is a Professor at the Cornell Hotel School and holds the Distinguished Singapore Tourism Board Chair in Asian Hospitality Management. From 2005 to 2006, she served as Interim Dean of the Hotel School. Her area of specialization is revenue management. Professor Kimes earned her doctorate in Operations Management in 1987 from the University of Texas at Austin.
Robert Phillips is Professor of Professional Practice at Columbia University and Founder and Chief Science Officer at Nomis Solutions. He is also Director of the Center for Pricing and Revenue Management at Columbia University. Dr. Phillips has years of experience in pricing and revenue management in a wide variety of industries including airlines, hotels, rental cars, automotive, air freight, cruise lines, retail, and financial services. He is the former CEO of Talus Solutions and of Decision Focus Incorporated and author of the widely used textbook Pricing and Revenue Optimization. Dr. Phillips has served as a lecturer at the Stanford University Graduate School of Business and has published in many journals. He received his PhD from Stanford University in Engineering Economic Systems.
Lisabet Summa is a founder and Culinary Director of Big Time Restaurant Group, a multi-venue, multi-concept enterprise, headquartered in West Palm Beach, Florida. She has worked in fine dining at Maxim’s and Charlie Trotter’s and as a culinary instructor.
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