Pricing Methords - Menu Engineering
14 important questions on Pricing Methords - Menu Engineering
When is the standard food cost determined?
What are the two advantages of Calculating food costs on a Per-Meal Basis?
- Easy to compare any differences between standard and actual costs
- the need for corrective actions can be identified sooner
What does Menu Engineering do?
- Analyze the profitability of menu Items
- Analyze the popularity of menu items
- Improve the menu by managing specific menu items
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How is popularity defined in Menu Engineering?
How do you Manage Star items on the Menu?
- Maintain rigid specifications
- Place in a highly visible location on the menu
- Test for selling price inelasticity
- Use suggestive selling techniques
How do you Manage Puzzle items on the menu?
- Shift the demand
- Consider lowering Price
- Add Value to the item
How do you Manage Plowhorse items on the Menu?
- Carefully increase the selling price
- Test for Demand
- Consider Portion reduction
- Relocate to lower profile on Menu
- Combine with lower-cost products
How do you Manage Dog items on the Menu?
- Remove item from Menu!
- Increase the Selling Price
Formula to calcualte Item Contribution Margin (CM)
Formula to calculate the total Item Menu CM
How do you calculate the selling price using the Contribution Margin Method? 2 steps
- (Non-food cost + profit)/# of expected guests = Average CM
- Average CM+ Item's standard food cost
What are the advantages and disadvantages of using the Contribution Margin Method?
- Easy to use
- Reduces range of selling prices
Disadvantages:
- assumes same seat tax
What are de advantages and disadvantages of using the Ratio Pricing Method?
-Ease of use
-Based on the operating budget
Disadvantages:
-Does not compensate for High labor costs
- Assumes equal share of non-food costs and profit
What are the advantages and disadvantages of using the Simple prime cost method?
- Focuses on food AND labor costs
- Ease of use
Disadvantages
- Assign equal labor cost to each item
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