LU8+ LU9 - LU9: Food & Beverage - Selling Prices & Menu Engineering
10 important questions on LU8+ LU9 - LU9: Food & Beverage - Selling Prices & Menu Engineering
The Hightest Pricing Method
The Loss Leader Method
These other items are necessary to meet profit requirements.
"early bird" discount
The Intuitive Price Method
Closely related is Trail-and-error pricing: if one price doesn't work, another is tested.
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Which 3 basic procedures must be in place before any objective pricing method can be used?
- Standard recipes
- Pre-costing with current costs
- Standard recipes must be used
Simple Mark-Up (Multiplier) Pricing Methods
- Based on food cost for menu items
- Designed to cover all cost and to yield the desired profit
3 steps of Ingredients Mark-up Method
- Determine the ingredients' cost from applicable standard recipes
- Determine the multiplier to mark up the ingredient's costs
- Establish a base selling price by multiplying the ingredients' cost by the multiplier
Base selling price
Prime- ingredient mark-up method
- Only the prime ingredients are considered
- multiplier must be greater than the multiplier used when considering the total cost of all ingredients
Formula determining the average contribution margin required per guest
Number of Expected Guests
=
Average Contribution Margin Required Per guest
3 steps of Ratio Pricing Method
- Determine the ratio of food cost of all non-food costs plus required profit by dividing all non-food costs plus profit by food costs.
- Calculate the amount of non-food costs plus required profit for a menu item by multiplying the standard food cost of the menu item by the ratio calculated in step
- Determine the base selling price of a menu item by adding the result of step 2 to the standard food cost of the menu item.
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