How Long Should Dinner Take? Measuring Expected Meal Duration for Restaurant Revenue Management

Topics:
Restaurants
Tags:
Duration,
Finance,
Operational Accounting,
Restaurant,
Revenue,
Revenue Management
Source:
Cornell University

Vendor Registration: required

Overview: Restaurants have two strategic levers for revenue management: duration control and demand-based pricing. Reducing dining times, especially during peak periods, can generate considerable increases in revenue for the restaurant. However, managing meal duration can be far more complex than manipulating the price. This paper determines the expected, short, too short, long and too long dinner duration time at a casual restaurant using an adaptation of a price sensitivity measurement tool, naming it 'Time Sensitivity Measurement' or TSM. TSM was then used to derive the expected dining time, the optimal and indifferent duration points.

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Format: PDF | Size: 191KB | Date: Apr 2002 | Pages: 24

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