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What Do Guests Think About Dynamic Pricing?

Modern Restaurant Management

Dynamic pricing would add friction to the guest experience, according to Capterra’s 2023 Dynamic Pricing in Restaurants. Is dynamic pricing just a better fit for other industries and not restaurants? In reality, dynamic pricing is far from a silver bullet.

Pricing 148
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Is There a Right Way to Raise Prices?

Modern Restaurant Management

Due to many factors including inflation and supply chain challenges, restaurant owners and operators have been faced with tough choice about raising menu prices. To do this, restaurants will either need to use lower cost food items or raise menu prices.

Pricing 161
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How does foreign exchange affect the price of coffee?

Perfect Daily Grind

For the most part, both the price of arabica and robusta rely on futures contracts. These are legal agreements to buy or sell a particular commodity at a predetermined price on a set date. Another factor that can influence foreign exchange rates is the price of money, Kelly adds.

Pricing 166
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How much of the final price of a cup of coffee do farmers receive?

Perfect Daily Grind

Over the past year or so, coffee prices have been steadily increasing. The first sign that prices would increase was a sudden frost which hit some of Brazil’s major coffee-producing regions in late July 2021. Since then, prices have consistently remained above the US $2 mark.

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The Ultimate Guide to the Best Restaurant POS Systems

No restaurant POS system is a one-size-fits-all solution. And with so many options out there, finding the best restaurant POS system for your venue can be a lot of work. Get the key details of the best restaurant POS systems here.

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THE LINE IN THE SAND WITH RESTAURANT PRICING

Culinary Cues

Restaurants get hit from all angles so when there is a chance to push the envelope on pricing – many do. Of course, there is a handful of masterful chefs and restaurateurs who can charge crazy prices to sold out audiences.

Pricing 339
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Four ways for small and medium-sized coffee roasters to manage price risk

Perfect Daily Grind

In the coffee industry, larger roasters generally have a greater capacity to manage price risk, but small and medium-sized roasters also have tools at their disposal. What is price risk? For all of these scenarios and more, roasters can exercise something known as price risk mitigation.

Pricing 161
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What Can I Do to Navigate Menu Price Inflation?

Modern Restaurant Management

Restaurant menu prices continue upward as the U.S. Operators are being forced to make changes in an effort to navigate the price escalation. Technomic also reported that 45 percent of consumers say they usually pick restaurants with lower prices.

Pricing 155
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Price Matters: Inflation Wearing on Consumer Dining Behavior

Modern Restaurant Management

RMS just released our latest findings around consumer sentiment for Q1 , which revealed, among other things, that price is starting to matter—and not by an insignificant amount. When asked why they were getting less value from a restaurant visit, 82 percent reported higher prices.

Pricing 165
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Mitigating Cost Price Inflation Via Supplier Management

Hot Schedules

Mitigating Cost Price Inflation Via Supplier Management. T echnology alone can’t affect the causes of cost price inflation. The post Mitigating Cost Price Inflation Via Supplier Management appeared first on Fourth.

Pricing 148
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The Ultimate Guide to The Best Restaurant Reservation Systems

Every restaurant is unique, which means that you have to do a bit of research in order to find the best restaurant reservation system for your specific venue, which can be time consuming. That's why we've done your homework for you. Get the guide to discover which reservation system is right for you.

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How do increases in the price of coffee affect co-operatives?

Perfect Daily Grind

From early 2021 through until mid-2022, coffee prices increased steadily – with arabica futures reaching a ten-year high of US 258.95 However, in recent weeks, the global market price of coffee (also known as the C price) has fallen to an 18-month low of US 174.20

Pricing 150
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How to Price Daily Dinner Specials for Best Results

Restaurant Engine

You want to price your daily dinner specials just right for repeat business. Yet, it can be hard to know where to go with pricing. In this article, we look at how to price daily dinner specials for the best results. The menu price.

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How to Raise Restaurant Menu Prices without Negative Pushback

Ken Burgin

Operators still holding the price of meals to what they were 12 months ago are bearing the brunt of massive increases in the cost of ingredients. So how do you put up prices with confidence and style? When Should You Increase Menu Prices? The Process of Raising Menu Prices.

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Improving Restaurant Inventory Management to Beat Rising Food Prices

Restaurant365

Restaurant inventory management plays a key role in overcoming rising food prices. Logistics challenges and labor shortages have fueled rising food prices at the wholesale level. Automate manual restaurant inventory processes to help overcome rising food prices.

Pricing 148
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How Does the Seasonal Transition Affect Produce Price and Availability?

Modern Restaurant Management

Any weather-related issues can have a dramatic effect on supply and prices as lettuce transitions from one area to the next. “Growers may need to harvest sooner than desired, which leads to lower yields and quality, lower overall supply and higher pricing.

Pricing 189
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Relationships are about more than just paying a good price for specialty coffee

Perfect Daily Grind

And while these actors can certainly play an important role, their presence in the supply chain can often mean that producers end up receiving a smaller percentage of the final price of each cup of coffee. As part of this, farmers can receive higher prices for their coffee.

2023 171
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Bar Inventory Management: How Do I Correctly Price a Drink?

Sculpture Hospitality

Pricing the drinks in your bar can be tricky. Set your liquor prices too high and you run the risk of driving customers away, but set your drink prices too low and you may not be bringing enough money in to even cover your costs, especially if volume fluctuates.

Inventory 146
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How To Boost Your Revenues With The Right Menu Pricing Strategies

The Restaurant Times

You need to carefully price your restaurant menu to make it to the top and earn as much as possible. While it’s understandable that you want to make a profit, being overly aggressive with your menu pricing can drive the customer away. 4 Stellar Ideas For Efficient Menu Pricing .

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Building the Value Equation as We Approach the Price Ceiling 

Modern Restaurant Management

Striking a balance between value and price. Is it possible to strike a balance between value and price to satisfy both parties? Have We Hit a Price Ceiling? Our findings confirmed that customers would “trade out” due to steep price increases, as noted below.

Pricing 190
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The Complete Guide To Dynamic Menu Pricing for Restaurants

The Restaurant Times

Menu pricing is one of the most underestimated aspects of restaurant management. If your customers don’t think the prices on your menu are reasonable, how great your concept or your food is won’t matter much. What Is Dynamic Menu Pricing?

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Sales Mixes: Analyzing Food Costs and Pricing

Modern Restaurant Management

The data to analyze with food is the following: food sales, food costs, sales mixture, food inventory, cost of goods sold, menu pricing, invoice reviews for accuracy of pricing, stock on hand, beginning and end of day protein counts, and daily sold items.

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Restaurants Diversify Cooking Oils and Optimize Operations as Prices Soar

Cheetah

Cooking oil prices reached an all time high this October. Cooking Oil Prices Triple amidst Global Shortages. The first years of the pandemic came after nearly 6 years of low vegetable and crude oil prices. The price increase balances out with fewer oil changes.

Pricing 148
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Restaurant Menu Pricing Strategy during COVID-19

Goliath Consulting

With how the restaurant industry looks right now, from shifting consumer behavior and volatile demand, strategically pricing a menu has never been so complicated, nor so important. Talk to your vendors about commodity price trends that impact your menu.

Menu 158
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Why Prices on Grubhub Just Skyrocketed

ChowNow

While customers might initially be delighted by the array of choices they have, the prices will leave them shocked and disappointed. In fact, for nine out of every ten of these newly added restaurants, customers are paying higher prices and having lower quality experiences.

Pricing 158
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Restaurant menu prices slowed in December

Restaurant Business

Prices for restaurant meals rose 8.3% year over year in December as full-service operators slowed their price increases. Inflation as a whole also slowed down in the month. Financing

2023 99
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Food Chain Crisis Explained: Supply Disruptions & Rising Prices

Cheetah

Learn how this affects your business, from restaurant suppliers struggling to keep up, to rising food prices led by labor shortages and increased consumer demand for quick, cheap food. Energy prices are very high right now too. Restaurants Deal with Rising Prices and Delays.

Supplies 148
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5 Steps to Improve Your Restaurant Pricing Strategy

Sculpture Hospitality

One of the quickest ways to improve your bottom line is to implement a proper pricing strategy at your restaurant. Being too aggressive with your pricing can stop customers from visiting your restaurant.

Pricing 98
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Throwback to when McDonald’s made its happy price menu ads: Started from Rs. 20 Only.

Bingage

You and your wife sit down to think of affordable options for a birthday treat, and suddenly on TV, the daily soap serial on Starplus breaks into ads, the very first ad you see was the Happy price menu from McDonald’s Ads.

2023 52
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As some commodity costs ease, should more restaurants lower prices?

Restaurant Business

Technomic's Take: Restaurants need to rethink their pricing strategy. While that may not mean lowering menu prices, there is one operator doing just that. Financing

2023 74
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14 Types of Retail Pricing Strategies, Plus Helpful Tips

Sling

One of the keys to running a successful business is choosing the right retail price strategy. If you set your price too low, you may have a hard time turning a profit. If you set your price too high, you might lose market share. Retail pricing defined. 4) Keystone pricing.

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Kitchen Supply TCO: Is the Lowest Price Really the Lowest Cost?

Wasserstrom

When purchasing a piece of professional kitchen equipment, the actual cost extends far beyond its price tag. The post Kitchen Supply TCO: Is the Lowest Price Really the Lowest Cost?

Supplies 146
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Coffee News Recap, 8 Jul: PRF to be held in El Salvador in 2023, May coffee prices highest since February 2022 & other stories

Perfect Daily Grind

May coffee prices reach highest levels since February 2022. The International Coffee Organisation Composite Indicator Price gained 4.5% Brazil’s domestic coffee prices increase throughout June. higher than prices on 31 May.

2022 126
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Menu Pricing: How to Successfully Price a Menu

Xtra Chef

Menu pricing can seem daunting. To start, it’s a numbers game that involves calculating plate cost and a target menu price. But successful menu pricing is so much more than this. Read on to learn more about this continuum and how to price a menu in four simple steps.

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Coffee News Recap, 8 Apr: Coffee prices fall after increasing in 17 consecutive months, ICO drafts new International Coffee Agreement & other stories

Perfect Daily Grind

Fairtrade International announces new Living Income Reference Price for Indonesian coffee producers. The Living Income Reference Price is offered as guidance for companies wanting to pay living wage incomes in their supply chains. decrease on the average price in February 2022.

Pricing 118
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How To Ensure Restaurant Profitability When Inflation Is High [Use These 5 Tactics To Dampen Price Increases] 

Apicbase

If CoGs and overheads rise due to inflation, your menu prices should follow. That way, you can keep price increases minimal. In normal circumstances, when menu prices have to be adjusted, it is usually done strategically and with great caution. Monitor price fluctuations.

Pricing 98
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Coffee News Recap, 18 Mar: Coffee prices rise for 17 consecutive months, US coffee consumption hits two-decade high & other stories

Perfect Daily Grind

Robusta prices rise in Brazil as a result of decreasing arabica production. Global coffee prices continue to increase over 17 consecutive months, despite the Russian invasion of Ukraine. However, the ICO Composite Indicator Price rose to 210.89

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