Reference no: EM133014139
Assume that you are the manager of a restaurant near a major manufacturing plant. Many of your customers are employees at the plant. Due to inflation, you are about to raise your prices 10 to 15 percent. You have had new menus created and updated your posters. You have been planning to implement the higher prices in about three weeks.
You have just heard a factory in a nearby town owned by the same company has been shut down for two weeks due to an explosion. The factory near you will be expected to make up the slack by asking workers to put in longer hours, adding a new shift, and so forth. You anticipate a substantial jump in your business immediately, but the increase will be short-lived. The damaged factory is expected to be repaired in less than a month.
You are now trying to make a quick decision about your pricing, choosing between two options. The first option is to go ahead and roll out your higher prices now. Combined with the expected jump in traffic, your profits would substantially increase. The second option is to follow your original timetable and wait three weeks to increase your prices. You will have then passed up the opportunity to capitalize on the temporary jump in business.
Which course of action would you choose?
Why did you choose this course of action?
Who will be affected by your decision?
What ethical considerations informed your decision?
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