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Vision and Mission Statements, Pricing Strategies, and Target Markets

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Use the example of a new restaurant to illustrate the differences between a vision and a mission statement. Please discuss different pricing strategies available to a new business and the methods available to target a market.

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In the case of a new restaurant, the owner needs to set a mission and vision statement for his new company, but he is unsure of the difference between the two. The owner must set his vision first. The vision is a statement of where he would like his company to be in the future and is inspirational in nature. For instance, beauty company Avon's vision statement is "to be the company that best understands and satisfies the product, service and self-fulfillment needs of women—globally." The restaurateur could create a similar vision and perhaps state that he would like his company to be the restaurant that caters to all discerning palates, while maintaining high nutritional value and an authentic Caribbean dining experience (if he specialized in Caribbean ...

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Analysis of Vision and Mission Statements, Pricing Strategies, and Target Markets

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