You are the manager of new restaurant, one of the main menu items is "Stake XYZ$"$

The restaurant located in a growing tourist area, and many business companies are in the area

There are $3$ other restaurants in the area that serves Stake, with item price $$40,$ $$46$$$,$ and $$50$ with almost the same portion size.

All restaurants are in the same location, with different service level, product quality, and ambiance.

Factor

Competitor $01$

Competitor $02$

Competitor $03$

Our Restaurant

Service Level

$6/10$

$3/10$

$9/10$

$??$

Product Quality

$8/10$

$8/10$

$4/10$

$??$

Ambiance

$7/10$

$5/10$

$9/10$

$??$

Price

$$40$

$$46$

$$46$

$??$

Area restaurants open from $11$:$00$ AM till Midnight

Our direct item cost is $$20$

Item contribution margin should be at least $$22$ based on our accountant$$s calculations.

Based on the information above, do the following:

$1.$ Suggest what should be the level of our restaurant in regard to Service level, Product Quality, and Ambiance

$2.$ Suggest the selling price of $$Stake XYZ$".$

$3.$ In not less than $10$ lines, explain why you choose this selling price.