Rick's is a popular restaurant for fine dining. The owner and chef, Rick Goetz, is pleased with his success and is now considering expanding his existing restaurant or perhaps opening a second restaurant. Before making his decision, Rick wants to find out more about his competitive position. There are three other restaurants that compete directly with him on food quality and price. Rick knows that his profitability depends on his ability to provide a satisfying meal at the market price. His first step was to gather some information about his customers, using an independent market research firm, which informed him that his customers were looking for taste, comfort (the ambiance, service, and overall presentation of the food), and enjoyment (the distinctiveness of the dining experience, a degree of excitement). He was surprised to find that comfort and enjoyment ranked highest: First: Customer Criteria and Ranking Relative Importance Importance Taste 28 10.18% Comfort 87 31.64 Enjoyment 160 58.18 Total 275 100.00% Next, he worked with his key wait staff and chefs to try to identify the three main components, and related costs, of the service Rick's provides: Second: Components and Cost Components Cost Menu and food preparation $ 12 Wait staff 17 Food ingredients 10 Total $ 39 Percent of Total 30.77% 43.59 25.64 100.000 Having the customer criteria and components, Rick now again worked with his staff to assess how each component contributes to the desired customer criteria: Third: Determine How Components Contribute to Customer Satisfaction Customer Criteria Components Taste Comfort Enjoyment Menu and food preparation 348 26% 34% Wait staff 35 49 41 Food ingredients 31 25 25 Total 100% 100% 100% Required: 1. Using the information Rick has developed, determine the importance index for each component (menu and food preparation, wait staff, and food ingredients). 2. Calculate the ratio between the relative cost percentages for each component and your findings in Requirement 1. Determine what action Rick should take on each component. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Using the information Rick has developed, determine the importance index for each component (menu and food preparation, wait staff, and food ingredients). (Round "Importance Index" answers to 2 decimal places (i.e. .1234 = 12.34%).) Component Importance Index % % Menu and food prep Wait staff Food ingredients Total % 0.00% Required 1 Required 2 Calculate the ratio between the relative cost percentages for each component and your findings in Requirement 1. Determine what action Rick should take on each component. (Round "Importance Index" answers to 2 decimal places (i.e. .1234 = 12.34%).) Ratio Action Component Menu and food prep Wait staff Food ingredients