Marketing Mix : Price

"Even small differences in price can signal product differences. Consider a stereo receiver priced at $300 compared to one priced at $299.99. The actual price difference is only 1 cent, but the psychological difference can be much greater. For example, some consumers will see the $299.99 as a price in the $200 range rather than the $300 range. The $299.99 will more likely be seen as a bargain price, whereas the $300 price suggests more quality. Some psychologists argue that each digit has symbolic and visual qualities that should be considered in pricing. Thus, 8 is round and even and creates a soothing effect, whereas 7 is angular and creates a jarring effect." (Ch. 9, P. 42)

So that my food truck stays in business, pricing is key.  The quality of the food will be outstanding so that isn't to worry about, but how can we make the price match the quality of the food?  Of course, we won't last long if we charge $20 and up for a combination plate.  Unless, we purposely change the crowd of people we are aiming our advertisement towards.  We won't do that, however; so we'll have to stay cheap and affordable to the convenient buyer.  Since there really isn't a competitor price for Hawaiian Mexican food trucks, we should have a fair amount of leverage in that area.  The majority of our food, (single item plates) will be $5 and under.  Our combination plates (3 items) will be available for $5-10, but no greater.  Also, there will be no taxes, so we will have the right to declare ourselves a tax-free service. 

"A company also must decide how to price its products for customers located in different parts of the country or world." (Ch. 9, P. 44)