Restaurant Market Research
Attempting to get the largest percentage of customers.
What is market share?
A snapshot of your business on a particular date.
What is a a balance sheet?
Associating with social groups and organizations to promote your restaurant.
What is networking?
Blank space that helps a menu look neat while increasing comprehension.
What is white space?
The amount of your expenses that will be used for payroll and associated taxes and fees.
What is 1/3?
Data collected firsthand by the person doing the research.
What is primary data?
The three main categories listed on a P&L (Income Statement)?
What are revenue, expenses and profit?
The process of taking your idea to a consumer and asking the consumer to buy your idea.
What is marketing?
The typical markup percentage that most restaurants use.
What is 300%?
The French term for the person in charge of the servers in a restaurant.
What is a Maitre'd?
Focusing your marketing on a specific group.
What is target marketing?
The amount of money that you plan to take in and/or spend in a certain time period.
What is a budget?
The specific corner of the market you want your restaurant to cater to.
What is a niche?
Extremely overcharging for menu items.
What is price gouging?
A group of businesses dedicated to promoting a local economy.
What is a Chamber of Commerce?
Two groups that are the primary focus in market research.
What are customers and competitors?
Revenue - cost of sales = ___________
What is gross profit?
The two main ways you can pay for an Instagram ad?
What are CPM (purchasing ads prices by 1,000 ads) and Pay Per Click?
High dollar margin, high unit sales
What is a "star"?
What is the temperature that white wines, roses, and sherries and should be served between.
In data collecting, the larger your ____________, the less chance there is to draw a false conclusion.
What is sample size?
The most useful financial tool in monitoring expenses.
What is a declining budget worksheet?
Digital reports and data about the success and pricing of your social media advertising campaign.
What are Social Media Dashboards?
A measurable pattern, either upward or downward, over time.
What is a trend?
Tannin helps cut this in food.
What is protein and fat?