In fast food, there is a standard markup of 15% (http://www.startupbizhub.com/how-do-you-calculate-the-mark-up-price.htm). Since the markup is a little less than standard, there can be little room for error in pricing our menu. However, by implementing evaluation control, we can mitigate the less popular items as time goes by and we find out who likes what on our menu. This will help keep prices at their best value while mitigating waste in expenses.
Menu prices would be this (taxes not included):
All sandwiches are $3.50 for a 6-inch, and $4.99 for a footlong
Pasta dishes are $3.99 each, with choice of meatball and sauce
Single serving entrees are $5.99 each
Desserts are $1.99 each
Sodas are $1 per can
Bottle water is $1 each
I based these prices on our competitors not just in the food trucks, but also various Italian restaurants and sandwich shops in the area. I also included the 15% markup. I feel that while sales and discounts at the beginning would be counterproductive to us making a profit, I also feel that the customer has the right to pay for the right kind of value in what they are getting. ("More and more, marketers have adopted good-value pricing strategies—offering just the right combination of quality and good service at a fair price." P.277)
Getting input from the customers via our social media sources will help us determine how we should maintain the prices in the future, if they find it too expensive or not. ("More importantly, as a part of a company’s overall value proposition, price plays a key role in creating customer value and building customer relationships" p.275)
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