Essential Marketing Concepts Assignment 3

I need help with a Marketing question. All explanations and answers will be used to help me learn.

Assume now that Five Guys, the well-known American fast casual restaurant chain focused on hamburgers, hot dogs and French fries, which has grown rapidly in the past 20 years with more than 1500 store locations, has decided to offer a plant-based, non-meat burger using a “Beyond Meat” patty in its U.S. stores. The goal of introducing such a meatless burger alternative is to increase Five Guys’ sales revenue, so the price of the new offering is an important decision.

Because determining the best price for the new burger is so important, Five Guys has decided to conduct marketing research to determine that price. In order to set the price, the decision as to exactly how to conduct the market research has to be made. Several approaches have been suggested by high level executives in the Five Guys organization: One approach is to do exploratory research, using focus groups. Another approach suggested is to undertake descriptive research, such as surveys.

Assume that the executives at Five Guys have approached you, a marketing research expert, to help them determine the best approach to decide what the price of the new meatless burger should be. One thing they mention to you is that the cost of meatless burger is actually higher than the cost of their premium beef burger. To answer the key question, What is the optimal price of the new burger, do you recommend the exploratory approach, the descriptive approach, or another approach entirely? Begin you answer with the approach you recommend, then explain briefly why your recommended approach is superior to the other alternatives. Assume the cost of conducting the research is not an important factor.

Answer Length requirements: 150-300 words. No less than 150 and no more than 300 words.

Rubric Grading: Little or no improvement possible; all major issues appropriately considered in analysis and presented clearly.
– “The assignments are designed to be challenging in order to develop your ability to think and decide as a marketing manager would, and thus the grading reflects this focus. The challenges facing managers are not simple, so to prepare you for the workforce the assignments have the complexity of the real world. Your learning experience would be diminished if the assignments were simple.”