subedikrish

Menu engineering is a strategic approach used in the restaurant and hospitality industry to analyze and optimize the profitability of a menu. It involves applying principles of accounting, marketing, and consumer psychology to design menus that maximize revenue and profitability while catering to customer preferences. Menu engineering aims to identify and promote the most profitable menu items and strategically position them to drive sales and increase the overall profitability of the restaurant. Process of Menu Engineering: The process of menu engineering typically involves the following steps: Menu Item Classification: The first step is to categorize menu items based on their popularity (sales volume) and profitability (contribution margin). Menu items are usually classified into four categories: Stars: High popularity and high profitability items. These are the menu's "winners" that contribute significantly to overall revenue and profit. Plowhorses: High popularity but...

Question: Explain how Information technology can be used to gain Michael Porter Generic Competitive Strategies in Hospitality Management. Explain with help of competing on knowledge strategic hospitality technology information. Answer: Michael Porter's Generic Competitive Strategies: Also known as Porter's Generic Strategies, are a set of three basic strategies that businesses can adopt to gain a competitive advantage in their industry. These strategies were introduced by Michael Porter in his book "Competitive Strategy: Techniques for Analyzing Industries and Competitors" published in 1980. Porter argued that companies need to choose one of these strategies to position themselves in the market and achieve sustainable competitive advantage. The three generic strategies are: Cost Leadership Strategy: The cost leadership strategy aims to become the lowest-cost producer in the industry while offering products or services at a competitive price. The key focus is on achiev...