Tom Ryan, founder of Smashburger, explains how he exploited a gap in the hamburger market between the value-oriented fast food burger joint and the more time consuming sit-down restaurant. Smashburger sells premium priced gourmet burgers in an inviting atmosphere with speedy service. A key challenge for Ryan was identifying the right balance between price and quality. Discuss the following: - How does Smashburger's differentiation strategy allow them to charge premium prices?, - What is Smashburger's pricing strategy? (discuss the balance betwen price and quality), - What challenges did Smashburger face in the last recession of 2008?