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30 Cards in this Set
- Front
- Back
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what is the difference between Marketing and advertising?
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Marketing-->tells you why you need it and connects the person with a relationship to the product
Advertising-->let's you know the product is out there |
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What is the foundation for marketing plans?
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Research
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Define marketing mix
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points that represent the whole package
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what are the 4 'P's of the marketing mix?
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product
place price promotion |
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What would it be using to market if the product was at the checkout counter?
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Place
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What are the 4 points of a target market(market segmentation)?
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demographic
geographic psychographic behavioristic |
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Define Target Market
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group of people with specific wants or needs
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Services are usually _______ before _________ while Goods are usually _____________before____________.
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sold
produced produced sold |
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Describe Strategic Marketing
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using data collection techniques
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SWOT?
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Strengths, Weaknesses, Opportunities, and Threats
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Describe the four 'P's
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Product-->menu, atmosphere, hours
Place-->distribution, how it's sold Price-->amount of money Promotion-->all forms of communicating with the customer |
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Describe 4 unique aspects of food service
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product
perishability distribution connecting with the customer |
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When would branding be a good idea?
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If your sales are low then you can ad an already branded restaurant chain to increase sales.
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Define Market Segmentation
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total the market into groups of similar people with similar needs
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If your stuff isn't selling and you've had the food out there for a while (you thought it would), what is the next step?
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Collect feedback from customers to see why not selling.
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Eqn for Gross profit or loss
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sales - cost of goods sold (COGS)
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FTE for:
Day week month year |
8
40 173.3 2080 |
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Eqn for net profit of sales
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gross profit - (labor + other expenses)
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What are two ways to increase revenue for a hospital?
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home meal replacements and branding
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flex benefits do or do not affect labor costs?
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do not
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How do you calculate COGS?
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(beginning inventory + Purchases) - ending inventory
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What does maintaining inventory require?
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determining when and what to order
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eqn for inventory turnover rate
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COGS / average inventory
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What is the typical food cost % goal?
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40%
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What is the typical labor cost % goal?
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60%
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Which office is known as the cost center?
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diet office
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Define and Audit
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an independent review of records & supporting financial reports
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Define and give examples of Fixed Costs
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those costs required for an operation to exist, even if it produces nothing.
Insurance, rent & property taxes are examples. |
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Define and give examples of Variable Costs
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change proportion to sales.
As volume of sales increases, proportionately higher costs are incurred, as with direct materials or food cost |
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what are the 3 menu pricing methods and give a brief description.
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1. Factor - is also known as the markup method.
Markup is the difference between cost & selling price. 2. Prime cost - consists of raw food cost & direct labor cost involved in preparation of a food item. But not service, sanitation, or administrative costs. 3. Actual Cost - is used in operations that keep accurate cost records. BEST. |
