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Also in the food court are several burger joints and a Mexican restaurant. There are several things to factor when determining the price of your food. You know you can’t charge $15 a meal when a consumer can get a burger, fries, and drink for $5. But you also know you can markup your meals to $6-$9 because you are the only Chinese restaurant in the mall. Although your product may be slightly more expensive, people may be willing to pay the extra few dollars if they are in a particular mood for Chinese. This is an example of product differentiation (Worth Publishers).
Because fast food restaurants are competing for the same consumer, these fast food providers go to great lengths to convince the consumer that it has something special or unique to offer...
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