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Chp 4

TermDefinition
Composite food cost percentage Food cost percentage is the weighted average food cost percentage for all items sold
Contribution margin Is what is left over after the food cost of a menu item is subtracted from the menu selling price
Contribution margin method The Contribution margin is added to the cost of each item to determine the items price
Demand-driven pricing theory that an operation can set pricing based on demand for the product or service
Factor method Popular formula used to determine menu prices based on the standard food cost %
Food cost % method Best suited in operations with historical data
Market driven pricing Determined by the market which is usually regional
Market price When the price of the menu item changes based on the current market
Markup The difference between the actual cost of producing an item and the price listed on the menu
Markup differentiation When different categories of food can get different markups
Menu engineering Similar to analyzing the menu product mix but additionally it takes into account and items contribution margin and its popularity
Menu matrix Menus are placed in different categories based on their popularity and profitability
Menu product mix It detailed analyst that shows the quantity sold of each menu item along with their selling prices and standard portion cost
Price value relationship The connection between the selling price of an item it's worth the customers
Prime cost method Focuses on the labor cost involved in food preparation
Q factor Refers to the Quotient cost of all other food items served with an entrée
Ratio pricing method Centers on combined expenses of food and nonfood and a profit
Value perception Customers opinion of the product value to him or her
Created by: Myth72
 

 



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