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Finance in food and beverage planning

发布时间:2017-04-25
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lAKSAMANA COLLEGE OF BUSINESS

FOOD AND BEVERAGE ASSIGNMENT

ASSIGNMENT 2

NUR HAZIQAH @ATIKAH BTE HJ MD SHAMSUL LCB/2507

5/27/2015

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Contents

Task 1

Task 2

Task 3

Task 1

4.1 plan a food and beverage service for hospitality event within an agreed budget

On Thursday 14th of May 2015, a feeding frenzy event of food and beverage services by the FoodFix team will be held at the Laksamana College of Business third floor, the event will start at 9am. The purpose of the event is to provide breakfast to students and encourage entrepreneurship talent of managing food and beverage operation. The agreed capital was $100 that can be used to operate the event. Each member provides $10 for the event, thus the profit will be allocated among each member by the end of the day.

4.2 implement the planned service maintaining standards of quality and health, safety and security

The plan was to expose students to simple food. FoodFix have 5 chefs; Shaima, Hakim, Farah, Raidah and Fizah. Each of them was given a specific menu to make. The menu consist of baby clam fried rice, beef nachos, spaghetti Carbonara, tuna sandwich and egg sandwich, and the chefs are responsible for cooking these respectively. On the other hand, we have Azyan, Farid and Zirah Latif for preparation of the beverages. Azyan and Farid will prepare the iced tea, while Zirah Latif prepares the ‘Tea Tarik’. While they were in charge for the menu, the team leader provided me and Izzullah with a different task. Cashier for myself and product promoter for Izzullah.

The team decided to give all effort towards the presentation of our table in order to attract customers. Therefore, each member had to bring their own decoration equipment including 2 tables. The things used for the table presentation were 2 satin fabrics; green and black, clear plastic table cloth and plastic flowers. An extension plug and 1 microwave were also needed.

The event starts at 9am, and all members were required to be present an hour earlier.

FoodFix members were require to follow the hygiene procedure during the event, this is to help maintain the standards of the product making sure products are safe to consume. Hygiene checklist is provided and check by the team leader. This checklist can be refer in appendix A

\

NAME: Farahiyah Sani

POSITION: Chef

RESPONSIBILITIES: Cook, serve and prepare spaghetti carbonara.

NAME: Hakim Jambul

POSITION: Chef

RESPONSBILITIES: Cook, serve and prepare beef nachos.

NAME: Raidah Ibrahim

POSITION: Chef

RESPONSBILITIES: Making and preparing tuna sandwich

NAME: Nur Fizah Osman

POSITION: Chef

RESPONSIBILITIES: Making and preparing egg sandwich

NAME: Shaima Kamis

POSITION: Chef

RESPONSBILITIES: Cooking and preparing baby calm fried rice

NAME: Azyan Omar

POSITION: Bartender

RESPONSBILITIES: Preparing and serving drinks to customers

NAME: Hazirah Latif

POSITION: Bartender

RESPONSBILITIES: Preparing and serving drinks to customer

NAME: Haziqah Shamsul

POSITION: Cashier

RESPONSBILITIES: Handling money

NAME: Farid Muhammad

POSITION: Bartender

RESPONSBILITIES: Preparing and serving drinks to customer

NAME: Izzullah Jamil

POSITION: Promoter

RESPONSBILITIES: Promoting product to customer

4.3 Evaluate factors to determine the success of the service, making recommendations for improvement

The factors to determine success:-

One of the factors that determine success is the proper planning of the event. An immediate meeting was called on Tuesday, 12th May 2015 requesting all FoodFix members to attend at Laksamana College of Business cafeteria. The purpose of the meeting was to assign roles and responsibilities for each members, discussion of equipment needed and table presentation, and sales products. The second meeting was held the next evening of Wednesday, 13th May 2015 to finalize all needs and duties for the upcoming ‘Feeding Frenzy Event’.

The second factor that can determine success is the effective advertisement through social media especially Instagram. Since social media plays a big role in everyday life, the team decided to advertise the event through Instagram, among the Laksamana College of Business students, and this is to gain the students attention towards the FoodFix team.

The third factor is the strategic locations. Most of the members have agreed that the best place to sell our product was on the 3rd floor of Laksamana College. The reason we selected the area was because more student have their classes on the 3rd floor than the 2nd floor. Our location is conveniently facing the student lounge and such that it is near to the escalator, where students and lectures would always pass by.

The last major factor is obviously, teamwork. Each of the Foodfix members is required to give their best effort, and effective communication towards the team.

Recommendation for improvement can be seen in appendix B, in a questionnaire form.

Task 2

2.1 discuss the financial statements in food and beverage operations

The use of a financial statement is to summarize the company’s expenses and revenue for a period of time. The financial statement consists of statements such as the cost and sales, variance analysis, and the operating statements.

Cost and Sales are generally in simple terms, the amount needed to start up, buy materials and any other cost related to the business. Sales are the amount received through the selling of the business’s products and services.

Variance analysis refers to an analysis or prediction of the total expense and revenue generated through the business. It is used to guide the business financially, so the business has an idea of how much they will be making or spending.

Operating statements are financial statement results of operating for a certain period of time.

2.2 demonstrate the use of cost and pricing processes

2.3 analyze the purchasing process

Quantity

Ingredient

Unit Price

Unit

Cost

680 g

Nestea Peach Tea

BND $6.30

Gram (g)

BND $6.30

680 g

Nestea Lemon Tea

BND $6.60 = per bag

Gram (g)

BND $6.60

9.5 litres

Spritzer Mineral Water

BND $4.90 = 1 gallon

Litre (l)

BND $4.90

3 litres

Suci Mineral Water

BND $0.90 = per litre

x = 3 litres

0.90 x 3 = 2.70

Litre (l)

BND $2.70

850 g

Linkz Peaches

BND $2.40 = 1 can

Gram (g)

BND $2.40

Total cost:

BND $22.90

Portion cost:

BND $0.48

Name of beverage: Iced lemon tea & Iced Peach Tea

Number of portions: 48 cups

By: Azyan and Farid (Bartenders)

Pricing Strategy:

Beverages in Foodfix are sold in a Market-based pricing method which is similar to a competition pricing strategy. According to (David Bowie, 2011 ; Anthony) a market-based pricing method is used to establish the highest pricing level as the product offers more features (which is normally the similar product) than competition that customers are willing to pay. This is also one of the profitable pricing strategies because when demand of the product is high, a business will be able to sell product at higher price. As market-based pricing is similar to a competition pricing, selling price is normally in line with competitors. Therefore, in order to win the pricing competition during the event, our business has decided to make a strategic plan to attract customers by offering iced ‘shaken’ peach tea for just a dollar instead of the usual two dollars per cup of drink being offered by the competitors or at the markets (refer to appendix z). In other words, our beverages share the same cost as competitors but differ in quality and technique.

Name of dish : Teh Tarik

Number of portion : 25

Quantity

Ingredient

Unit price

Unit

Cost

100g

Tea Dust

250g = $2.80

1 = χ

χ =0.011

Gram (g)

500g

Gold Coin

Condense Milk

1000 = $1.99

1 = χ

χ = 0.002

Gram (g)

=$1.00 ($0.995)

250ml

Evaporated Creamer

385ml = 0.99

1 = χ

χ = 0.003

Millilitre (ml)

=$0.64

Total cost = $ 2.76

Portion Cost = $0.11

By: Zeera (Bartender)

Pricing Strategy:

As for beverages, we use competitive pricing since other competitors also have the same price. Basically, competitive pricing is setting the price of the product or service based on what other competitors are charging with their drinks. Generally, any businesses can set their price below the competition, a level with the competition or above, however, in order to make it above the competition, the business need to have extra features into it so people can see the difference.

Since we are the sole distributor of ‘Teh Tarik’, our competitors are only Freshco food court, Waroeng Penyet and My Town Café but in terms of distance between our shop and the rest of the outlets, we actually help student to less consume time by having our drinks instead of other places.

NAME OF DISH: TUNA SANDWICH

DATE: 21ST MAY 2015

NUMBER OF PORTIONs: 20

QUANTITY

INGREDIENTS

UNIT PRICE

CALCULATION

UNIT

COST

1,080g

Roti Mas White Bread

$3.60

540G = $1.80

1 = X

X = 1.80/540 = 0.003

Gram (g)

1,080 x 0.003

= $3.24

740g

Tuna Mayo (Ayam Brand)

$2.29

185G = $2.29

1 = X

X = 2.29/185 = 0.012

Gram (g)

740 x 0.012

= $8.88

TOTAL COST:

$ 12.12

TOTAL PORTION:

$ 0.60

By: Raidah (Chef)

Pricing Strategy:

The pricing strategy which was used for the Tuna Sandwich was the status quo pricing strategy. According to (Boundless, 2014), “A status quo pricing objective is one that maintains current price levels or meets the price levels of the competition.” Since it is just a one day event and the target market is quite small, the status quo is reasonable as compared to having different price than the market price. If a higher price than the market price were used, it would lead to more loss.

Name of dish = Egg Sandwich

Date: 21th May 2015

No. of Portion= 20

Quantity

Ingredient

Unit Price

Calculation

Unit

Cost

10nos

Eggs

$2.20

10nos = $2.20

[Equation]

x=0.22

Nos

10× 0.22

= $2.20

470ml

Lady’s Choice Mayonnaise

$4.40

470ml= $ 4.40

X=[Equation]

X= 0.009

Millilitre(ml)

470 x 0.009

=$4.70

4.70 ÷ 2

=$2.35

600g

Gardenia’s white bread

$2.00

600g= $2.00

X=[Equation]

X=0.003

Gram (g)

1200 x 0.003

X= $3.60

By:Fizah(Chef)

Total Cost: $ 8.15

Total portion: $0.41

PricingStrategy:

Thepricing strategy ismarket- based price because there is competition from other groups that were selling sandwiches. Therefore, in order to attract customers the price has to consider according to the customers demand and budget since the target market is students. Other than that, the quality and the quantity of the product are different from other group. The demand of the product may be high at the beginning of the business but it began to slow down. Furthermore, when deciding on setting the price, we had toconsideron how much the customers willing to pay for a sandwich where there are competitions.

Name of the Dish : Fried Rice Baby Clam

Number of Portion : 15

QUANTITY

INGREDIENT

UNIT PRICE

UNIT

COST

10 Eggs

Eggs

10nos= $2.10

X = 0.21

1Nos

10 Eggs x 0.21

= $2.10

180g

Baby Clam

180 g = $5.40

X = 0.03

1 Gram

180g x 0.03

= $5.40

190g

Big Onions

190 g = $1.50

X = 0.00789

1 Gram

190g x 0.00789

= $1.50

1120g

Rice

1120g = $3.00

X = 0.002678

1 gram

1120g x 0.002678

=3.00

534g

Chives

534g = $1.32

X = 0.00247

1 gram

534g x 0.00247

= $1.32

Total :

$13.00

Portion Cost :

$0.87

By: Shy (Chef)

We are usingMarket Based Pricing strategyfor the Baby Clam Fried Rice dish which only costabout$2.00. Thereare no othersellersorvendors that have this dish available on their menu so we have the advantageofsellingthis dish according to the market price and with the right amount of portions of the Baby Clam fried rice to possibly attract high numbers of customers.

Name of dish:Hakim’s Beefy Nachos

Number of Portions: 20

Quantity

Ingredient

Unit price

Unit

Cost

1360g

Hunt’s Traditional sauce

680g=$2.99

1g=x

=2.99 / 680

=0.004

Gram (g)

1360g X 0.004

=$5.44

501g

Capsicum (green)

246g=$1.30

1g=x

=1.30 / 246

=0.005

Gram (g)

501g X 0.005

=$2.50

Capsicum (yellow)

255g=$1.26

1g=x

=1.25 / 255

=0.004

Gram (g)

501g X 0.004

=$2.00

500g

Minced beef

500g=$4.39

1g=x

=4.39 / 500

=0.008

Gram (g)

500g X 500

=$4.00

1170g

Nachos (small)

800g=$14.00

1g=x

=14 / 800

=0.017

Gram (g)

1170 X 0.017

= $19.89

Total Cost = $33.83

Portion Cost = $1.68

By: Hakim (Chef)

Pricing Strategy

The pricing strategy for this product is based on competition between other groups which they sell nachos also e.g. ElNachojittosells their nachos for $2.50 and others sell for $3.00. This led us to sell our nachos for $2.00 each so it’s cheaper from the others.

Name of Dish: Spaghetti Carbonara

Number of Portions: 25

Quantity

Ingredient

Unit Price

Unit

Cost

1 500g

Instant Spaghetti

750g = $2.35

1g = 2.35/750

=0.003

Gram (g)

4.70

20nos

Eggs

10nos = $2.10

1nos= 2.10/10

=0.21

nos

4.20

450g

Cheddar Cheese

450g = $4.50

1g = 4.50/450

=0.10

Gram (g)

4.50

125g

Parmesan Cheese

250g = $7.90

1g = 7.90/250

=0.0316

Gram (g)

3.95

250g

Beef Rashers

250g = $4.90

1g = 4.90/250

=0.0196

Gram (g)

4.9

50g

Fresh Parsley

160g = $1.35

1g = 1.35/160

=0.008

Gram (g)

0.40

3g

Cayenne Powder

20g = $3.75

1g = 3.75/20

=0.0188

Gram (g)

0.056

30g

Chicken Stock

100g = $2.05

1g = 2.05/100

=0.0205

Gram (g)

0.615

425g

Button Mushroom

425g = $1.15

1g = 1.15/425

=0.0027

Gram (g)

1.15

Total Cost: $24.471

Portion Cost: $0.98

By: Farah (Chef)

PRICING STRATEGY USED – COMPETITIVE PRICING.

SPAGHETTI CARBONARA = $2.50

WHY?

  • LCB is next to Jollibee – whereby students’ go-to lunch place.
  • Jollibee sells Spaghetti Carbonara at $3.00, the cheapest in the area.
  • Priced of carbonara $2.50 is to attract students to buy from us instead of going to Jollibee.
  • Competitive advantage – The only vendor selling Spaghetti Carbonara during the Feeding Frenzy event within LCB.

Task 3

3.1 compile food and beverage hospitality

3.2 justify the selection in terms of pricing, target audience and specific ingredients event

The menu provided by the FoodFix team can be seen in the leaflet below:

Beefy Nachos — $2

Crispy nacho chips with tomato concassé, capsicum and succulent minced beef.

Classic Sandwiches — $1

Fluffy white bread with no crusts, spread with a choice of creamy egg or tuna mayo.

Teh Tarik — $1

Aromatic frothy milk tea to be enjoyed any time of the day. *(Contains milk)*

Iced Tea (Lemon or Peach) — $1

Thirst-quenching iced tea with a choice of either Lemon or Peach for cooling off those dry throats.

The selection in terms of pricing was decided by each and every Chef for their own food, the price is being considered in terms of competitors, ingredients used and portion of food. Our product is not that expensive because our target audience is students of Laksamana College of Business, therefore we tend to keep the price low than other competitors, because it is necessary to consider offering low price product towards the dependent students.

The ingredients used.

Tea Tarik: Tea Dust, Gold Coin, Condense Milk and Evaporated Creamer

Iced peach/lemon tea: Nestea Peach Tea, Nestea Lemon Tea, Spritzer Mineral Water, Suci Mineral Water and Linkz Peaches

Baby calm fried rice: Eggs, Baby Clam, Big Onions, Rice, Chives

Beef nachos: Hunt’s Traditional sauce, Capsicum (green) ,Capsicum (yellow), Minced beef and Nachos (small)

Spaghetti carbonara: Instant Spaghetti, Eggs, Cheddar Cheese , Parmesan Cheese, Beef Rashers, Fresh Parsley, Cayenne Powder, Chicken Stock and Button Mushroom

Egg sandwich: Eggs, Lady’s Choice Mayonnaise and Gardenia’s white bread

Tuna sandwich: Roti Mas White Bread

Tuna Mayo (Ayam Brand)

FOOD AND BEVERAGE ASSIGNMENT 2Page 1

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