Detailed text transcripts for TV channel - MSNBC - 20120205:12:41:00
What do you think, john? >> typically, food costs 30%, and you are not going to get a food cost to run much better than that typically. but there's also an issue of value. guests have perceived value. when a plate hits the table, what it's worth to them in perception, and then there's absolute value. if the restaurant across the street is selling a hamburger for $8, it's going to be hard to sell it for $12 if you don't have a perceived experience. >> this is about brand, too, right? >> yes. >> to answer his question, the facebook question, your pricing is based upon what the food costs, not yo...
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