Chapter 7 level 2
Press release
A brief presentation of promotional information written to sound like a news article
market
A group of people who desire a particular product or service; also known as customers.
Marketing plan
A list of steps an operation must take to sell a product or service to a specific market.
Target marketing
A marketing strategy that makes a focused appeal to a distinct group of customers
Mass marketing
A marketing strategy that treats everyone in the market as having the same wants and needs
Star
A menu item that is both popular and profitable
Dog
A menu item that is both unpopular and unprofitable
Plow horse
A menu item that is popular, but less profitable than a star
Puzzle
A menu item that is unpopular but very profitable
Menu Board
A menu presented on blackboards, whiteboards, or directly on the walls or fixtures of an operation
Spoken Menu
A menu that is verbally presented to guests by staff members
contemporary marketing mix
A model of business operations that relies on the product-service mix, the presentation mix, and the communication mix.
Press kit/Media kit
A packet of information given to media representatives to answer questions that might have about a business or organization.
Media vehicle
A particular media outlet.
Focus group
A small, specific group of people on whom a particular product is tested.
value proposition
A statement of the value and operation's target market will experience when they purchase its products and services.
Presentation mix
All the elements that make a restaurant appears to be unique.
Product-service mix
All the food and services offered to costumers.
Communication mix
All the ways an operation actively tries to communicate with its desired customers.
Sales mix analysis
An analysis of the popularity and profitability of a group of menu items
opportunity
An area in which an operation could either increase revenues or decrease costs.
Strength
An area in which an operation excels.
Weakness
An area in which an operation performs poorly.
SWOT analysis
An assessment of an operation's strengths, weaknesses, opportunities, and threats; also known as a situation assessment.
Threat
An external factor that could either decrease revenues or increase costs.
Survey method
An operation gathers information using questionnaires.
Observational method
An operation observes how customers react toward a product in a natural setting
experiments method
An operation offers a product or promotion for a limited time or with a limited group of people
Customer driven
An operation's market strategy is determined by its customers' wants and needs.
Cooperative sales promotions
An opportunity in which tow or more sponsors develop complementary promotion or offer complementarity promotional materials.
Market trends
Changing consumer habit
positioning
Creating within the marketplace a clear, specific identity for both a product and the operation that offers that product.
personal selling
Face-to-face interactions between staff members and guests
Premiums
Free or reduced-price merchandises.
Special pricing
Limited-time reduced prices offered through specials, deals, coupons, or other programs
Direct marketing
Making a concerted effort to connect directly with a certain segment of the market.
lifestyle segmentation
Market segmentation based on the activities, bobbies, interests, and opinions of ta given target market.
product usage segmentation
Market segmentation based on what products and services are popular in a particular area.
Geographic segmentation
Market segmentation based on where customers are located at particular times of day as well as how they arrived at those locations.
Demographic segmentation
Marketing segmentation based on the personal makeup of individuals in a given location
Special events
One-time or periodic occasions that provide a special incentive for customers to patronize an operation.
Samples
Small, free tastes of food items.
Profitability
The amount of money remaining for an operation after expenses have been paid
publicity
The attention an operation receives
Average contribution margin
The average amount that each menu item contributes to gross profit
Margin
The difference between the amount of revenue remaining after the cost of food and beverage sales and overhead has been subtracted; another way of indicating "profitablity"
Sales volume percentage
The expression of each item's sales as a percentage of total sales
Mix percent rate
The menu mix percentage multiplied by 70 percent
Menu mix percentage
The number of the menu items sold divided by the total number of purchases
Sales volume
The number of times a given item is sold during a particular time period
Sampling
The operation tests a product with a small, specific group of people.
Target market
The people an op3eration intents to pursue as customers
Public relations (PR)
The process by which an operation interacts with the community at large.
Market segmentation
The process of breaking down a large market into smaller groups of similar individuals
marketing
The process of communicating a business's message to its market.
media relations
The relationships that marketers maintain with media outlets.
Menu engineering
The systematic breakdown of a menu's components to analyze which items are making money and which are selling well
aesthetic
The way a particular operation looks and feels to customers
Community relation
The way in which an operation interacts with the people in the local area to create awareness of the trust in an operation.s
Demographics
The ways in which researchers categorize or group people.
Set dollar amount markup
This pricing method adds a fixed dollar amount to the food cost of an item to determine menu prices
Average check method
This pricing method divides the operation's total revenue by the number of seats, average seat turnover, and number of days open each year; this yields the average check amount, which is then used with approximate food cost amount to determine menu prices
Set percentage increase method
This pricing method enables managers to add a fixed percentage to the food cost of each item to determine menu prices
Straight markup pricing method
This pricing method multiplies raw food cost by a predetermined fraction to determine the dollar amount to be added to each food item
Food percentage method
This pricing method sets the percentage of menu price that the food cost must be and then divideds the item's food cost by the percentage to develop the menu price
Du jour menu
a menu listing the menu items that are available on a particular day
Table d'hote menu
a menu offering multiple courses, with multiple choices within each course, for a set price
Cyclical menu
a menu that is changed after a certain period of time
California menu
a menu that lists all meals and items available at all times of day
Prix fixe menu
a menu that offers multiple items at one price
Limited menu
a menu that offers only a few items
Fixed menu
a menu that offers the same items every day
A la carte menu
a menu that prices each item separately
contests and sweepstakes
games and other programs that involve that customer and provide prizes.
Sales promotions
limited or short-term incentives to entice customers to patronize an operation.
Advertising
paying to present or promote an operation's products, services, or identity.
Frequent shopper program
provided a benefit in exchange for continuing patronage
Marketing mix
the combination of all the factors that go into creating, developing, and selling a product.
promotional mix
the ways in which an operation communicates with it market