Cornell Hotel and Restaurant Administration Quarterly · 1982 · 97 citations · 0 references
ManagementHospitality ManagementMarketingConsumer BehaviorPricing StrategyRestaurant ManagementBehavioral PricingConsumer TheoryFood Marketing EconomicsMenu PricingPsychological PricingRestaurant MarketingMagic NumbersMenu MarketingMenu PsychologyPricing PsychologyPsychological Pricing Effects
Formula-based pricing strategies are more prevalent in the food-service literature than in restaurant operations, a study reveals. What are the magic numbers that stimulate sales—and why are restaurateurs more likely to employ "psychological" pricing techniques than formulas?