Restaurant Ownership Quiz

What is market research primarily concerned with?

• Discovering facts about your business concept, potential customers, and their demographics

• Developing a unique selling proposition

• Finding the best location for your business

• Analyzing competitors' strategies

What are demographics?

• The characteristics of a group of people, such as age, ethnicity, income, and preferences

• The study of market trends and patterns

• The analysis of competitors' strengths and weaknesses

• The process of developing a business plan

Why is developing a unique selling proposition important?

• It makes your restaurant appealing and different to prospective customers

• It helps in analyzing competitors' strategies

• It determines the best location for your business

• It guides the process of shaping your restaurant's concept

Once you have completed your market research and know the type of restaurant to open, what should you consider when choosing a location?

• Zoning for business, high traffic, easy accessibility, and good visibility

• The number of competitors in the area

• The average income of the residents

• The type of cuisine you will offer

Which of the following is an example of a high traffic area?

• Residential neighborhoods

• Tourist spots

• Industrial zones

• Farmlands

What is an income statement also known as?

• Balance sheet

• Cash flow statement

• Profit & loss statement

• Budget report

What does a balance sheet show?

• Monthly sales and expenses

• Revenue and expenditures

• Assets and liabilities

• Marketing strategies

Based on the mark-up method, what would be the best dinner price if the food cost were $3.00 ?

• $5.95

• $7.95

• $9.95

• $11.95

What is a sign that you are serving too much food on a plate?

• Frequent requests for "to go" boxes

• Frequent requests for more food

• Frequent requests for smaller portions

• Frequent requests for different dishes

When creating your pricing list on the menu, what should you do to make the price more appealing to customers?

• Round the price up to the nearest whole dollar

• Round the price down from the whole dollar

• Use even numbers only

• Use random numbers