Back in 1986, a stocks and bonds salesman named Jerry Murrell decided to open a little burger diner with his wife and sons, which he branded Five Guys (representing each one of his sons). Who would’ve thought that over 35 years later, his burger biz would have exploded to 1,700 locations and counting, and achieved international status.
Click here to read the sotry at mashed.com.
Discussion Questions:
- What is pricing?
- Why is pricing such an important component of the marketing mix?
- How does price influence your personal purchase decisions?
- Are you willing to pay more for a better product? Why or why not?
- Generally speaking, how do companies establish a price point for their products and services? What factors influence pricing strategies?
- How does using fresh ingredients impact the price of the menu items at Five Guys?
- How do you think portion size influences price?
- Based on information from this story, what other factors impact the price of the menu items at Five Guys?