Chp 4
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| Composite food cost percentage | Food cost percentage is the weighted average food cost percentage for all items sold
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| Contribution margin | Is what is left over after the food cost of a menu item is subtracted from the menu selling price
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| Contribution margin method | The Contribution margin is added to the cost of each item to determine the items price
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| Demand-driven pricing | theory that an operation can set pricing based on demand for the product or service
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| Factor method | Popular formula used to determine menu prices based on the standard food cost %
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| Food cost % method | Best suited in operations with historical data
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| Market driven pricing | Determined by the market which is usually regional
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| Market price | When the price of the menu item changes based on the current market
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| Markup | The difference between the actual cost of producing an item and the price listed on the menu
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| Markup differentiation | When different categories of food can get different markups
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| Menu engineering | Similar to analyzing the menu product mix but additionally it takes into account and items contribution margin and its popularity
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| Menu matrix | Menus are placed in different categories based on their popularity and profitability
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| Menu product mix | It detailed analyst that shows the quantity sold of each menu item along with their selling prices and standard portion cost
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| Price value relationship | The connection between the selling price of an item it's worth the customers
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| Prime cost method | Focuses on the labor cost involved in food preparation
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| Q factor | Refers to the Quotient cost of all other food items served with an entrée
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| Ratio pricing method | Centers on combined expenses of food and nonfood and a profit
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| Value perception | Customers opinion of the product value to him or her
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Created by:
Myth72