Determining menu prices
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Composite (potential) food cost percentage | show 🗑
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| Contribution margin method (pricing) | show 🗑
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| Demand-driven pricing | show 🗑
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| show | A popular formula used to determine menu prices based on the standard food cost percentage, also called simple markup or food cost percentage method
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| Food cost percentage method (pricing) | show 🗑
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| show | Pricing that is determined by the market, which is usually regional
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| Market price | show 🗑
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| show | The difference between the actual cost of producing an item and the price listed on the menu
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| Markup differentiation | show 🗑
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| show | The process of analyzing the menu product mix, along with the consideration of an item's contribution margin and its popularity
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| show | The placement of menu items in different categories based on the popularity and profitability
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| show | A detailed analysis that shows the quantities sold of each menu item, along with their selling prices and standard portion costs
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| Price-value relationship | show 🗑
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| show | A method that requires managers to determine the amount of direct labor spent in preparing an item; this number is added to the food cost to arrive at prime cost
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| Q factor | show 🗑
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| Ratio pricing method | show 🗑
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| show | A customer's opinion of a product's value to him or her
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| show | The amount left over after the food cost of a menu is subtracted fro, the menu selling price
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Created by:
Gthomas1