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Menu Items include the Menu Engineering Matrix module of Resto iQ. This is fantastic at providing insightful information as to how your products have been performing in a matrix view, grouping similarly performing menu items.
Menu Items include the Menu Engineering Matrix module of Resto iQ. This is fantastic at providing insightful information as to how your products have been performing in a matrix view, grouping similarly performing menu items.
How to Get to Menu Items
Menu Items are located right below the filters under: Resto iQ > Analytics > Products. Clicking this will expand the Key Metric Value Card and will display further insights and relevant information.
Menu Engineering Matrix
This matrix is designed to assist various stakeholders in comprehending the market's reaction to the menu items, pinpointing which items need focus and determining the appropriate actions to be taken. A sample interpretation and action plan are included in the image above. Depending on the direction of the business, any of these can be used to create next steps moving forward.
- Y-axis (vertical): Product Margin
- X-axis (horizontal): Quantity Sold
Description:
"Stars" are regarded as the top-performing items on a menu, being both popular and profitable. For a business targeting higher growth, emphasizing these items is the most promising strategy to increase revenue and expansion.
"Puzzles" are often referred to as "hidden gems," which may be just a step or two away from becoming "Stars." There are various reasons why these may not be as popular as the "Stars," but comprehending both the product and the target market can significantly inform the steps to be taken with these items.
"Plow Horses" are often mistaken for stars due to their popularity. While some business owners may focus on increasing the quantity sold of these items, there are additional strategies to maximize their potential. For instance, leveraging their popularity to highlight another menu item that requires more exposure, or pairing it with another popular item to boost the average check size, could potentially increase Gross Sales.
On the other hand, "Dogs" are the antithesis of "Stars." They are both unpopular and unprofitable, necessitating substantial improvement or complete removal from the menu. Although there may be hope for these items, the problem might lie more in market awareness than suitability. It's best to assess the strategic importance of these items to the overall business. Some items are present for compliance to local regulations.
Item Breakdown
The last portion is the item breakdown. This is essentially the reference table for the matrix above. This shows the Item Name, QTY Sold, Product Price, Product Cost, Margin, and Margin%. These can be downloaded as an image, .csv, .pdf, or a Microsoft Excel file.