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128 Cards in this Set
- Front
- Back
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What is Hospitality Product?
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a combination of goods, services, environmental, and experience that the customers buy.
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What is the Moment of Truth?
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any episode during which a person comes into contact with any aspect of an organization and forms an impression of the quality of that organization’s service
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What is tourism?
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The activities of persons traveling to and staying in places outside their usual environment for not more than one consecutive year for leisure, business and other purposes
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characteristics of tourism.
% world GDP? % workforce? |
24 hour a day, 7 days a week, 52 week a year economic driver.
Accounts for about 10% of world GDP Employs about 8% of the global workforce |
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what is the multiplier effect?
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Calculated by adding measurable traveler expenditures (direct benefits) and multiplying by a “factor” to estimate the “indirect benefits”
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what is franchising?
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A form of business organization based on a business arrangement between a franchisor, which supplies the product concept and the franchisee, who sells the goods or services of the franchisor in a certain geographic area.
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What are some benefits to the franchisee?
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standard construction
national advertising |
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what are some drawbacks to the franchisee?
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high fees
conformity must maintain standards |
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what are some pros to the franchisor?
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Increased market share and name recognition
Up front fees (and royalties based on revenues – not franchisee profits) |
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what are some cons to the franchisor?
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Need to be very careful in franchisee choice
Difficulty maintaining standards and controls |
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what is a referall association?
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similar to a franchise.
same logo, image, and advertising. pay a fee to join association. |
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What is a Management Contract?
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responsible for HB boom in the 1970's.
Form a partnership with developers, for owners who don’t want to operate the hotel |
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What are the 2 rating for hotels. What are their symbols?
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AAA Diamond
1-5 2% of hotels are 5 Diamond Mobil Travel Guide 1-5 Stars 32 properties are 5 stars |
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how many hotels are there in the US according to AH&LA?
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47,135
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What are hotels classified by?
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location, price, level of service, guest type, size.
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Most hotels are less than how many rooms?
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150
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How do you find the occupancy percentage?
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Rooms Occupied ÷ Rooms Available × 100
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How do you find the ADR?
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Rooms revenue($) ÷ Rooms Sold
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What is revenue management?
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The Goal is to maximize room revenues/profits.
Group rates to AAA, senior citizens. |
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What is the guest mix?
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right room at right price to right guest to obtain maximum revenue
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what is the largest of all hospitality segments?
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restaurants
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Restaurants make up how much of the sales forecast for 2008?
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$558 Billion
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How many restaurant properties are there in the US?
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$945,000
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Restaurants make up how much of the food dollar?
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about 47.5%
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What is the most commonly meal eaten away from home?
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Lunch
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What is the operating philosophy?
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represents the way a company does business
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What is the ambiance of the restaurant?
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the atmosphere of the restaurant
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Regarding restaurants, what is purchasing?
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buying the products and services that the restaurants need to serve its guests.
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what is product specification?
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establishes the standards for each product
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what is par stock?
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the stock level of items that must be on hand at all times
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what is a purchase order?
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An order to purchase a certain quantity of an item at a specific price
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what is the purpose of recieving?
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is to ensure the quantity, quality, and price are exactly as ordered
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What is the FIFO system?
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All items that enter the stores should have a date stamp and be rotated using the first in–first out (FIFO) system
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what is the importance of food production?
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preparing, cooking, holding, portioning
expected volume of business prep work must be done before service times. |
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what is a fixed expense?
Give an example. |
consistant expense regardless of the volume of the business.
example: rent. |
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what is a varible expense?
give an example. |
flucuates with the volume of business.
ex: wages, benefits. |
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what is the food cost percentage?
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cost/sales x 100
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what is labor cost percentage?
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salaries/wages of employees, employee benefits, training/sales x 100
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what is prime costs?
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combined food and labor costs
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what is the beverage cost percentage?
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cost/sales x 100
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what is a contribution margin?
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difference between the cost of the item and menu price
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what is the average guest check formula?
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total of sales/number of guests
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what is a management contractor?
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companies that operate foodservice for the client
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what is a self contractor?
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companies that operate their own foodservice operations
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what is a liasion personnel?
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they are responsible for translating the operating philosophy of the client to the contractor and for overseeing the terms of the contract
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what is the purpose of clubs?
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members gather for social, recreational, professional and/or fraternal reasons
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how many private clubs are there in the US?
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14,000
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how much revenue do clubs earn annually?
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$14 Billion
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what is the Oldest form of club management and the most common form of ownership today? That are also non-profit.
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equity clubs
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where do club revenues come from?
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Initiation fees, Membership dues, Assessments, Activity fees, F&B sales
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why do people gamble?
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for the risk and thrills of possibly winning money!
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___ casinos operate in ___ states.
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460 casinos
11 states |
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what are the only two states that don't have any form of gambling?
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Utah and Hawaii
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How many states have Native American casinos?
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28 states
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what is the most common form of gambling?
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playing the lotto
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what did Caveat say about gambling?
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"if you don't have it to lose, don't play."
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what is an example of a comp, that many casino hotels do?
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airplanes and champagne for high rollers
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the total of all bets and wagers made is called what?
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handle
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what is considered a win?
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gross gaming revenue for the casino
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Gaming brought in how much revenue in 2006?
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32 Billion
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Slot machines account for how much of the "win?"
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60-70%
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How does technology help casinos?
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ID criminals
show credit card limits/restrictions |
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a high roller in a casino is called what?
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a whale
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everyday, normal players in casinos are called what?
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grind player
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MICE is short of what?
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meetings, incentive travel, conventions,exhibitions.
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MICE tourists spend how much more than normal travelers?
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twice the money.
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Convention and Visitors Bureau's nickname is?
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CVB
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what is the purpose of CVBs?
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Enhance the image of tourism in the area.
Encourage both individuals and groups to visit and stay longer |
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A free or reduced price trip give to travel agents, travel writers, or other intermediaries to promote destinations is called?
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FAM trip
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taxes for renting a room is called?
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bed tax
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Desination Management Companies (DMC) is a for profit company that does what for clients?
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hosts programs and services to meet clients needs.
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Independent contractors who get paid to plan an event or work for a company and plans events for the association is called an:
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event planner
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why do CVB and DMC exist?
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Promote the trade or profession, Protect the members and the trade or profession overall, Educate the membership
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meetings with voluntary attendence is called an:
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association meeting
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meetings with mandatory attendence, and smaller in size is called a:
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corporation meeting
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Price sensitive, not-for-profit organizations including social, military, education, religious and fraternal and Can fill guest rooms and meeting space during slow periods is a description of:
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SMERF
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The commission or omission of acts or conditions, which are prudent and reasonable under the circumstances, to protect the guest from foreseeable harm or loss of property, also the duties to customers and guests.
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reasonable care standard
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making an employee perform sexual favors or else a tangible or economic consequence, such as a demotion or loss of pay, is an example of:
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quid pro quo harassment
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Jokes, Actions or sayings that makes someone else feel uncomfortable, or others believe to be inapropraite are examples of:
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hostile environment harassment
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How do companies try to prevent harassment?
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sign contracts
awareness classes protection of victims if harassment occurs. |
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a. the process of identifying evolving customer preferences (demand) then capitalizing on them through the creation, promotion, and delivery of products and services that satisfy the corresponding demand, is the definition of?
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Hospitality Marketing
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a. The total market is divided into different groups with similar characteristics in common, and a profile for each segment is created
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Market segmentation
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identifies the current business of a corporation, the business it wants for the future, and the course of action or strategy it will pursue.
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Strategic Planning for Marketing
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the analysis SWOT stands for?
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Strengths, Weaknesses, Opportunity. and Threats
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The market on which an operation wishes to focus on is called:
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Target Market
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Regional location, population density, city/county size and
used in restaurant and hotel industry |
Geographic segmentation
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Age, education, gender, income, race, social class, household size
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Demographic segmentation
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Segmentation based on activities, interests, and opinions (AIO), self-concepts and lifestyle behaviors
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Pyschographic segmentation
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Segmentation using Purpose, Frequency, Monetary value
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usage segmentation
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Creating a mental image in the mind of the consumer of what your product or service is versus the competition
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positioning
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Brands are unique elements that identify a product and set it apart from others.
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Brand Marketing
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List the Marketing Mix-5 P's
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Price, Place, Product, Promotion, People
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attracting, selecting, orienting, training, coaching, counseling, disciplining, mentoring, developing, evaluating performance, supporting, and retaining employees is a description for:
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Human Resourses
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To examine every task of each employee to determine the best way of doing the particular task and its potential outcome on the guest experience
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task analysis
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A detailed description of the activities and outcomes expected of the person performing a specific job
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job description
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Percentage of applicants from a recruitment source that make it to the next stage of the process.
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Yield
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Informing applicants about all aspects of the job, including both its desirable and undesirable facets.
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Realistic Job Previews
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Selecting the best-qualified candidate for the available position
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Selection
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A formal process of familiarizing new employees with the organization, their jobs, and their work units.
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Orientation
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What are the different phases of the Systems Model of Training?
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Phase 1: Needs Analysis
Phase 2: Design Phase 3: Implementation Phase 4: Evaluation |
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To compare an employee’s actual performance to standards in the job description
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performance appraisal
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The employee and supervisor make a plan to outline the activity and indicate when the promotion will take place
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Development
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Wages/salaries, Commissions, Bonuses are examples of what kind of compensation?
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Direct compensation
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Insurance,Security, Employee services are examples of what kind of compensation?
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In-Direct
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confidential and professional counseling and referral services to employees in case of a crisis, is called?
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Employee Assistance Programs (EAP)
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a. The process of collecting, recording, classifying, summarizing, reporting, and analyzing financial activities
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Accounting
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A standardized accounting system for each industry segment (lodging, restaurants, clubs etc.) which provides easy and useful comparison with other similar businesses and Helps managers make better decision
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Uniform System of Accounts
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Used by external agencies such as investors and creditors; provides information to decision makers regarding the financial position of a company
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Financial Accounting
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Concerned with providing economic and financial data to managers and other internal users regarding a business’s daily activities
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Managerial Accounting
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Physical examination of financial records to determine accuracy
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Auditing
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one person owning a business is called:
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sole-proprietorship
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2 people running a business together:
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partnership
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a business completely separate from its individual owner(s)
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corportation
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if the business fails, the owner(s) have to finance the debt out of personal savings.
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unlimited liabilities
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Owners personal assets are separate from business
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limited liabilities
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When a firm raises money for working capital or capital expenditures by selling bonds, bills, or notes to individual and/or institutional investors. In return for lending the money, the individuals or institutions become creditors and receive a promise that the principal and interest on the debt will be repaid.
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debt financing
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The act of raising money for company activities by selling stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation.
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equity financing
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Profit and Loss Statement is also known as the:
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income statement
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End result of the accounting process for a specific period of time (i.e., daily, monthly, year to date, annual
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Financial Statements
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the purpose of the income statement is to:
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Report the financial details of a business operation’s profit (or loss) for a period of time
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Assets, Liabilities, and owners equity is fount on the:
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balance sheet
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Assests are:
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things owned by the business
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liabilities are:
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debts owed by the business
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owners equity is:
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assets--liabilities
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the basic accounting formula is:
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Assets-Liabilities= Owners Equity(net worth)
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activity associated with running the business on an ongoing basis
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operating activities
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the purchase and sale of operating equipment or other assets intended to produce revenue in the long run
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investing activities
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activities involving financial resources (cash) obtained from owners and creditors and the associated repayments of the resulting obligations
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financing activities
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