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EHL AP > F&B Management > Flashcards

F&B Management Flashcards

1
Q

When was the first banquet organized?

A

Roman times.

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2
Q

Who wrote “Le Viandier”?

A

Guillaume Tirel / Taillevent

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3
Q

When was “Le Viandier” written?

A

1310

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4
Q

When was A la carte served in China?

A

Song Dynasty 960 - 1279

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5
Q

What happened during the 17th century (first industrial revolution)?

A

Chefs cooked for the nobility at home.

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6
Q

What marked the beginning of the “Grande Cuisine”?

A

Chefs cooking for the nobility at home.

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7
Q

What is the name of the oldest restaurant?

A

Le Procope

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8
Q

When did Le Procope open?

A

1636

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9
Q

What happened in 1789 during the French revolution?

A

The chefs lost their jobs and therefore opened their own dining establishments.

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10
Q

When was “Almanach des Gourmands” published?

A

1802

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11
Q

When was the first menu created?

A

1834

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12
Q

When was the first Michelin Guide published?

A

1900

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13
Q

When was “Le Guide Culinaire” published?

A

1901

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14
Q

Who wrote “Le Guide Culinaire”?

A

Auguste Escoffier

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15
Q

What did the third industrial revolution in the 20th century lead to?

A

“Drive-in” restaurants

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16
Q

What happened in 1980?

A

Molecular cuisine

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17
Q

What does a PESTLE analysis examine?

A

Macro-environment.

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18
Q

What does a SWOT analysis examine?

A

Micro-environment

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19
Q

What does PESTLE stand for?

A

Political
Economic
Social
Technology
Legal
Environmental

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20
Q

What does SWOT stand for?

A

Strengths
Weaknesses
Opportunities
Threats

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21
Q

What are the three steps for Business marketing strategy?

A

1) Segmentation
2) Targeting
3) Positioning

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22
Q

What are the four ways of segmenting a market

A

1) Geographic
2) Demographic
3) Psychographic
4) Behavioural

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23
Q

Give examples of Demographic segmentation

A

Gender, income, occupation, education, religion, ethnicity, generation

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24
Q

Explain psychographic segmentation

A

Lifestyle or personality characteristics.

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25
Q

Explain behavioral segmentation

A

Consumer knowledge, attitudes, uses of a product or response to a product. For example, buyers can be grouped according to the different benefits that they seek from a product, like when booking a hotel they are attracted by amenities such as a spa, room service, laundry service, etc.

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26
Q

What are the 3 factors to identify when evaluating different market segments?

A

1) Segment’s size and growth
2) Segment’s structural attractiveness
3) Company’s objectives and resources

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27
Q

What are the four levels of marketing?

A

1) Mass marketing
2) Segmented marketing
3) Niche marketing
4) Micromarketing

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28
Q

What is mass marketing?

A

Ignoring market segment differences and targets the whole market with one offer.

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29
Q

What is segmented marketing?

A

Targets several market segments and designs separate offers for each.

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30
Q

What is Niche marketing?

A

Goes after one or more smaller segments or niches.

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31
Q

What is Micromarketing?

A

Customize their offers to meet the specific needs of individuals or local customer segments.

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32
Q

What does “Touchpoint” mean?

A

Any encounter where a customer and business interact and exchange information or provide a service.

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33
Q

What are the 4 main differentiations in terms of positioning?

A

1) Product differentiation
2) Service differentiation
3) Channel differentiation
4) People differentiation
5) Image differentiation

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34
Q

Examples of channel differentiation

A

User-friendly ordering app, super-efficient delivery system.

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35
Q

What is a value proposition?

A

A recap of the overall positioning strategy.

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36
Q

What are the four statements that should be in the value proposition

A

1) Target segment and its’ needs
2) Name of restaurant
3) The offer
4) Competitive advantages

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37
Q

What is used to identify the differentiation of the company?

A

Touchpoints

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38
Q

What is a service blueprint?

A

A diagram that visually maps out all the related parties who participate in the service delivery.

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39
Q

What is the 3 purposes of a service blueprint?

A

1) To guarantee that the value proposition is true.
2) Design and redesign services
3) Enhance service quality and retain/attract costumers.

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40
Q

From what perspective is the service blueprint designed?

A

The customer’s

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41
Q

What are the three steps that should be done before designing a service blueprint?

A

1) Identify which service process that should be in the blueprint and define the reason.
2) Select the customer segment
3) Associate the value proposition with the segment.

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42
Q

What are the 5 activities that are in the service blueprint?

A

1) Customer actions
2) Front-stage
3) Back-stage
4) Support activities
5) Physical evidence

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43
Q

Where on the blueprint does physical evidence go?

A

At the top

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44
Q

Where on the blueprint does the line of visibility go?

A

on top of “back-stage”

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45
Q

Where does the line of interaction go?

A

Between front-stage and customer action

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46
Q

What are the four “omnes principles”?

A

1) Price range
2) Price spread
3) Supply and demand
4) Promotional set menu

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47
Q

What should be the ratio between the highest and lowest price be in the price range?

A

2.5 and 3.

48
Q

What are the three ranges of the price spread?

A

1) Low
2) Middle
3) High

49
Q

What percentage should the number of articles be for each zone of the price spread?

A

Low = 25%
Middle = 50%
High = 25%

50
Q

How is supply and demand calculated?

A

calculating average demand and average supply.

51
Q

How is average demand calculated?

A

revenue / number of units sold

52
Q

How is average supply calculated?

A

Sum of prices / number of items

53
Q

What should be the ratio between average demand and average supply be?

A

0.9 and 0.99

54
Q

Where should he promotions be placed on the menu?

A

In the middle of the price range, based on the price spread.

55
Q

What is the formula for analysing the sale volume of one item?

A

Number of one item sold / average sale of all products

56
Q

What is the other word for profitability?

A

Contribution margin.

56
Q

What is the formula for the Contribution margin?

A

Sale price - food cost

57
Q

What are the four categories of the sale mix?

A

1) Plow Horse
2) Dog
3) Star
3) Puzzle

58
Q

What does the plow horse represent?

A

High popularity and low profitability.

59
Q

What changes should be considered for the plow horse?

A

Increasing the price, change ingredients or change portion sizes to boost margin.

60
Q

What does the dog represent?

A

Low popularity and low profitability

61
Q

What changes should be considered for the dog?

A

Take the item off the menu

62
Q

What does the star represent?

A

High popularity and high profitability

63
Q

What changes should be considered for the star?

A

Modest price increase

63
Q

What does the puzzle represent?

A

Low popularity and high profitability.

64
Q

What should be considered for the puzzle?

A

Highlight or reposition to increase sales volume.

65
Q

What are the five core elements of employee engagement?

A

1) Meaningful work
2) Supportive management
3) Positive work environment
4) Growth opportunities
5) Trust in leadership

66
Q

What is the service-profit chain model?

A

Links profit and growth to loyalty, satisfaction and value by establishing relationships.

67
Q

What are the two KPIs that measure HR efficiency regarding costs and employee satisfaction?

A

1) Employee attendance
2) Turnover

68
Q

What are the two categories of financial tools?

A

1) Financial statements
2) Financial projections

69
Q

What does financial statements show?

A

The past

70
Q

What does financial projections show?

A

The future

71
Q

What is the report of financial statements?

A

Profit and loss statement

72
Q

What are the other two names for profit and loss statement?

A

P&L or income statement.

73
Q

Who creates the financial statement?

A

The GM or accounting department.

74
Q

What does the P&L show?

A

Revenues, costs, and expenses.

75
Q

How often is the P&L done?

A

Monthly basis at the end of each month

76
Q

What are the two financial projection reports?

A

1) Profit and Loss Budget
2) Profit and Loss Forecast

77
Q

What are the budget and forecast used for?

A

Establish a plan for where management wants to take the company

78
Q

What does the budget provide?

A

By budgeting potential revenue, the company can set financial goals and allocate different expenses throughout the year.

79
Q

When is the budget set?

A

Yearly basis at the beginning of each year.

80
Q

Why are the goals made from the budget not always attainable?

A

Changing market conditions

81
Q

Who creates the forecast?

A

The F&B manager

82
Q

What does the forecast contain?

A

Estimations of short-term financial outcomes.

83
Q

How is the forecast prepared?

A

Examining previous financial data and surveying the external environment.

84
Q

When is the forecast done?

A

The beginning of each month.

85
Q

What changes can be made from the forecast?

A

Production, staffing and inventory levels.

86
Q

What are the two most common metrics used to track revenue?

A

1) Average spend
2) Revenue mix

87
Q

How is average spend calculated?

A

total revenue / number of customers

88
Q

What is the purpose of revenue mix?

A

Understanding where the revenue comes from. Which segment of the company contributes to the total revenue?

89
Q

How is revenue mix calculated?

A

(total segment revenue / total F&B revenue) * 100

90
Q

What is the most common metric to track attractiveness?

A

Capture rate

91
Q

What is capture rate?

A

The portion of customers that uses an outlet compared to the total customers available

92
Q

How is the capture rate calculated?

A

(Number of customers / Number of available customers) * 100

93
Q

What does KPI stand for?

A

Key performance indicator

94
Q

What are the two main types of KPIs?

A

1) Lagging indicators
2) Leading indicators

95
Q

What is a lagging indicator?

A

Analyses what has already happened.

96
Q

What is a leading indicator?

A

Analyse what will potentially happen in the company in the near future.

97
Q

Easy to identify, measure and compare but hard to influence?

A

Lagging indicators.

98
Q

Easy to influence but hard to measure?

A

Leading indicators

99
Q

What are the 6 implementation steps of KPIs?

A

1) Clarify the main goal
2) Identify specific and measurable lagging KPIs
3) Track regular objectives through leading KPIs
4) Communicate KPIs to the team
5) Follow up by measuring the actual performance versus the expected one.
6) Take action to improve the business.

100
Q

What are the three work spaces?

A

1) Floor (customers)
2) Kitchen
3) Technical area

101
Q

What are the ratios of the work spaces?

A

Floor: 50%
Kitchen: 25%
Technical area: 25%

102
Q

How is the number of possible customers calculated?

A

Room area / RIC ratio

103
Q

Formula for projecting the sales per service?

A

Number of customers * average bill

104
Q

What are the three main components in a P&L statement?

A

1) Revenue
2) expenses
3) Profit

105
Q

What is the formula for profit?

A

Revenue - expenses

106
Q

What two costs goes into the prime costs in a P&L statement?

A

1) Cost of goods sold
2) Labour expenses

107
Q

What’s the acronym of Cost of Goods Sold?

A

COGS

108
Q

What is the formula for prime costs?

A

COGS + labour expenses

109
Q

What is components of operating expenditure?

A

1) Direct operating expenses. Expenses directly involved in serving the customers: employee uniforms, glassware, supplies, menus etc.
2) Other expenses. marketing fuel, gas, repairs, rent insurance etc.

110
Q

What is the acronym for operating expenditure?

A

OPEX

111
Q

Formula for F&B cost?

A

(COGS / Total revenue) * 100

112
Q

Formula for gross profit?

A

Total sales - COGS = Gross profit

113
Q

What does F&B costs show?

A

Percentage of revenue and is the portion of sales spent on food.

114
Q

What does gross profit show?

A

Profit made from sales after deducting cost of goods sold.

115
Q

Formula for Net profit/loss?

A

Gross profit - (labour costs + opex)

EHL AP (17 decks)

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