Select one (1) restaurant under the ‘Michelin Guide Singapore 2023’ – a prestigious restaurant: Management Accounting Assignment, RP, Singapore

Question 4

Select one (1) restaurant under the ‘Michelin Guide Singapore 2023’ – a prestigious restaurant and hotel rating system that awards stars to establishments based on their quality and culinary excellence.

You can access the Michelin Guide Singapore 2023 via the link provided below:

https://guide.michelin.com/sg/en/selection/singapore/restaurants

1. Provide one (1) reason why Revenue Management is applicable to the restaurant you have chosen.
2. Identify and explain one (1) possible challenge that the restaurant may face when practising Revenue Management.
3. Explain, using examples, how each of the following Pricing Methods can be applied to the restaurant you have chosen.
4. Cost-based Pricing
5. Rate of Return Pricing

• Psychological Pricing

When relevant, please ensure that your examples are accompanied by numbers and calculations derived through your own research. State the source(s) of your research clearly.