
Buddy's Smokin' Bar-B-Que restaurant opened in 2014 and struggled to build a customer base for lunch, dinner, or event catering options. When the owners were planning the restaurant, they had projected they would sell 60 to 80 lunches daily with an average lunch price of $8.00. They believed that dinner business would be higher and that they would also benefit from their approved liquor license, which could generate between 100 and 120 plates per day at $12 per customer. However, the actual daily lunch and dinner totals were much less and the owners were barely breaking even. They wondered if they should close the business. However, Buddy's restaurant began an aggressive marketing effort, offered lunch and dinner specials, and promoted the restaurant as a family-friendly place where everyone could enjoy fresh, smoked bar-b-que meats. As a result of their marketing efforts, the restaurant is selling out of its product almost daily and has built a takeout business as well. They are selling 100 lunches daily with an average price of $10 and approximately 200 dinner plates at $15. The restaurant is pleased with the revenue stream they're generating from the restaurant and are considering opening a second location or adding space to accommodate more customers at the existing location. Using the data regarding number of plates sold and the average order amount generated, what kind of analysis can the owners of the restaurant perform to assist them in understanding their business opportunities?
A) sales analysis
B) cost analysis
C) advertising analysis
D) engagement analysis
Correct Answer:
Verified
Q123: The Chia Company has become highly efficient
Q124: Marketing cost analysis uses sales figures to
Q125: Sami Poole recently graduated from an East
Q126: Analyzing demographic information, customer needs, preferences, and
Q127: You work in the marketing department of
Q129: Product development is a strategy of increasing
Q130: Seamus O'Leary runs the marketing department of
Q131: In the strategic planning process, marketers conduct
Q132: It is time to develop a
Q133: Matt Lothamer is the supply chain manager
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents