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MGT 726, High Price Rises in the Food and Beverage Industries

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MGT726 Managerial Project (MGT726)

   

Added on  2020-02-18

MGT 726, High Price Rises in the Food and Beverage Industries

   

MGT726 Managerial Project (MGT726)

   Added on 2020-02-18

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Running head: MANAGERIAL PROJECTManagerial ProjectName of the Student:Name of the University:Author’s Note:
MGT 726, High Price Rises in the Food and Beverage Industries_1
2MANAGERIAL PROJECTExecutive summaryThis paper is mainly about the abnormally high price rises in the food and beverage industriesthat have led to the reduced profit margins of the hospitality sectors. Hence the main aim of thisresearch paper will be to see, analyze and find out several means that can deal with all thesources that are responsible for the abnormal rise in the operational and the maintenance cost.This paper will therefore aim to use different models and theories of dealing with the operationalcosts and help to check the high rise in the same and it will also recommend ways of dealingwith these problems thus helping the hospitality industries to increase their profit margins.
MGT 726, High Price Rises in the Food and Beverage Industries_2
3MANAGERIAL PROJECTTable of ContentsIntroduction......................................................................................................................................4Purpose............................................................................................................................................4Background and Significance..........................................................................................................4Research Boundaries.......................................................................................................................6Report Outline.................................................................................................................................6Literature Review............................................................................................................................6Introduction......................................................................................................................................6Revenue generated from food and beverages in hospitality industry..............................................6Impacts of increasing cost of food and beverages on customers and hospitality industry..............7Strategies to make more profitable food and beverages in hospitality industry to cover theincreasing cost.................................................................................................................................9Some of the relevant theories........................................................................................................10Methodology..................................................................................................................................11Introduction....................................................................................................................................11Sources of data and justification....................................................................................................11Details of Specific techniques.......................................................................................................12Analysis of Results........................................................................................................................12Research Analysis..........................................................................................................................13Appendix........................................................................................................................................14
MGT 726, High Price Rises in the Food and Beverage Industries_3
4MANAGERIAL PROJECTConclusion and Recommendations................................................................................................15Reference list.................................................................................................................................16
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5MANAGERIAL PROJECTIntroductionPurposeThe purpose of the paper is to see the different reasons that have led to the increase in theoperational cost of the F&B industries and how it has led the profit margins of the hospitalitysector to fall. The other aim of the paper will be to suggest some ways of solving this problem.There has been a sharp increase in the operational cost of food and beverages in the pastfew years. As a result of which this is really becoming a very tough job for the facility managersin the different hospitality industries to maintain this high amount of expenditure which isinvolved in the operational aspect of food and beverage industry. This research paper is mainlyattempting towards finding out different ways and means that would enable the F&B industriesto cut down their level of expenditures. The food and beverage industries must use methods likestandardized recopies, forecasting of menus etc in order to help them manage and lessen theoperational costs and thus help the hospitality sectors to increase or balance their profit margins. Background and SignificanceThere has been a sharp increase in the operational cost of food and beverages in the past fewyears. As a result of which this is really becoming a very tough job for the facility managers inthe different hospitality industries to maintain this high amount of expenditure which is involvedin the operational aspect of food and beverage industry. As a result of which there is a hugeamount of problem that is being faced by the staffs and the several other members involved in
MGT 726, High Price Rises in the Food and Beverage Industries_5
6MANAGERIAL PROJECTthe entire food and beverage industries (Chen et al 2015). Being unable to work with this poorrate of profits, there are incidents of untimely and underpayment to the hotel and restaurantstaffs, poor services and not only this, but there is also a sharp fall in the quality of the food andbeverages that are being served in the restaurants and in the hospitality sectors as a whole. Allthese issues together pose a major threat t to the management problem in the hospitality sector(Hashim etal 2015). Research question and objectivesHow to deal with the increasing operational cost of the F&B industry in the hospitalitysector?How to identify the major areas that drag the majority amount of financial expenditure inthe food and beverage industries?How to provide recommendations (if any) in order to improve the lowering profitmargins of the hospitality sectors? The research will mainly aim at finding, testing and analyzing the different ways that can beused to control the operational costs that have increased in the past few years keeping in mind allthe necessary research ethics (Legrand et al 2016).Research Objectives The research objectives for this paper is mainly to
MGT 726, High Price Rises in the Food and Beverage Industries_6

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