5 overlooked facets of restaurant menu pricing

This op/ed was contributed by Jonathan Marek, senior vice president of APT, the world's largest purely cloud-based predictive analytics software company. This article does not necessarily reflect the opinions of the editors and management of Nation’s Restaurant News.

Getting pricing strategy right may be the most challenging task for large restaurant organizations — wrong decisions can lead to costly trade-downs or lost traffic. Similarly, failing to take price where it’s available can leave millions of dollars of lost profit on the table.

The prevailing approach to pricing optimization in the industry is to use elasticity models, which recommend item-level prices by analyzing correlations between historical prices and sales. While thi

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