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173 Cards in this Set
- Front
- Back
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PMS
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- holds everything together
- mini enterprise system |
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CRM
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- Customer Relationship Management
- not just guest history, everything they have on you, could be research - computer system that prompts you on your customers - ex: loyalty system in casinos |
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Restaurant IT
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- POS, core of IT in resturaunt system
- Micros is leader here too - DUP- short for duplicate, if you're a server and you put in order it sends to computer in kitchen that prints out duplicate reciepts - print out in order, apps 1st - no CRS equivalent in resturaunt |
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Reservations seating system
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- alot of restaurants have reservations computers assuming them take them
- may or may not have this |
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purchasing and inventory system
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- buying from wholesale
- keeping tack of what is in your refrigerator - arent expensive, run on PC - company called SYSCO wholesaler for food usually #1, can buy anything from them -give purchasing and inventory system to them for free |
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accounting
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- can buy your own system
- faster - accurate - more complex, keep track of more customers - more efficient, faster and cheaper - increases rev - decreases cost - 1st comp systems in hotels were accounting systems |
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Malcolm Baldridge award
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- Ritz Carlton for quality systems
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How big is hotel industry in U.S
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- 100 billion
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Resturaunt industry
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- 500 billion
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not a reason customers are more valuable over time
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- profit from customer acquire costs
- no it costs money to get them |
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Maitre d' hotel
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- host/junior manager of food and beverage
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Canyon Ranch
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Spa
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Marriott Marquis
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- convention hotel
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Aramark
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- concession
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Market saturation
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- mcdonalds in Boston, have too may we maximise our growth potential in our country and have to move abroad
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moving abroad
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- market saturation
- usually resturaunts going overseas are at the bottom QSR - mainly an upscale thing for hotels |
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labor costs
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- usually manufacturing problem not hospitality problem
- market saturation main reason for going across seas |
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Resturaunts going abroad
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- exception to rule is Hard Rock Cafes
- Morimoto opened one in Philly |
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Potential problems and challenges with going abroad
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1. cultural differences
2. language/ communication 3.government legal/regulatory 4. economic issues 5. currency exchange 6. staffing 7. scheduling/ time zones 8. supply chain/ product availability 9. infrastructure 10. general risk |
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cultural differences
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- religious, no alcohol in middle east, no beef in india
- social customs- issues of ettiqutem handing bussiness cards in japan - cultural imperialism- representing american yet respecting others ex: france proud of own food culture, hate mcdonalds feel its too american |
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economic issues
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- pricing and consumer demand
- baskin and robbins in vietnam |
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staffing
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- labor costs
- multi location not mixing the 2 but have dif costs - marriot hong kong vs. hyatt boston, hong kon needs 2x employees than boston |
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scheduling
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- time zones
- quests coming from dif part of world, checking in and out and meal schedule |
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supply chain/ product availability
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- sometimes in other countries cant get stuff
- mcdonalds couldnt get long potatoe, pickles in russia, got into business of farming, food distribution |
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infrastructure
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- roads
- utilities |
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general risk
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- after 911 cases of American resturaunts in Lebanon were bombed
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solutions to problem
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1. cultural sensitivity- being sensitive to fac there are dif cultures
2. financial instruments- helps with currency ect. 3. technology 4. education and training 5. exchange and rotation 6. self-sufficient (mcd in moscow) 7. local partner- local consultant 8. local acquisition(starbucks UK) |
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Starbucks
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- data in case shows things are going well
- data consistent increases in revenue, more than 3 billion in revenue |
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CAGR
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- compound annual grwoth rate, keeps getting bigger and bigger
- rev 40% growth rate, net income 50% - net income positive number going uup - 5,000 units, doing something right |
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key issue
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- customer satisfaction improtant
- whether or not to spend the 40 million is the key decision - pg. 1 of case customer satisfaction is underlying issue - 40 million for whole company - 20 hrs of labor per week per store (1.5 person) - hope it leads to increase in speed of servce and customer satisfaction - day wants to spend but CEO makes decision - dont always have to care about customer service (ex mcdonalds quick and convient) |
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Corporate revenues
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- income statement starts with oldest year but sometimes its reversed
- N American retail company owned about 79% of corporate revenues - within 79%- beverages were 77% other 23%, international relations 6%, special operations 15% |
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CEO and CFO
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- doesnt want to spend any money
- have to make a case- CFO wants to see numbers to prove customer satisfaction is important |
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Value proposition
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- coffee, service, atmosphere
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coffee
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- best and highers quality coffee in the world
- say its best but how do we measure, have no way to measure |
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service
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- customer intimacy
- interaction, recognition, customization, treating you as an individual - speed and accuracy- quality, was it weak and not enough milk? |
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atmosphere
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- 3rd place
- nice interior design - clean -home through recognition - service issues impact atmosphere |
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speciality coffee drinks
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- make up 50& of sales
- human element, very importnat becuase highly customized beverages - hand crafted beverages is objective - barista is key play in keeping accuracy up |
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service
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- not just people smiling
- linked to entire value system - when gets busy intimicay looses, cleanliness ect. - wants to add more people in key peak moments, speed and accuracy will go up - makes sense intuitively but we dont know for sure it will actually do this |
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Conclusion
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- 40 million spend it
- dont spend 40 million - something else where you get creative - run a test in 50 units, 150,000 |
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Day vs. CFO
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- spend 40 million
- CFO doesnt want to spend - evidence day can use is fiancial caluclations - CFO has to test before spend 40 mil - data showing customer satisfaction - no clear cut decision |
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Eurodisney
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- about 1/2 of revenues are coming from the theme park
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Is it successful?
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- forecast was 11 million visitors, 3.6 just for the 1st 100 days , 27% of calendar year done but have 33% of customers
- good in a way but not because they're predicting a high level of seasonality - Eisner says doing better than other theme parks at a given time - attendance may or may not be a problem |
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revenues
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- would incur loss for fiscal year
- 27% calendar year but 50% of revenue sounds ok - project profit to incur loss for year which isnt good - profit is a problem, revnues and attendance can be debated |
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stock price
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- Disney corporate is very different from Eurodisney
- they only own half of Eurodisney - entire disney stock dropped 5% w. announcement - Eurodisney stock dropped 2.75 - huge overrall stock drop 3% - if company is publically traded this is #1 so very concerned with stock prices and stock drops |
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media
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- Disney brand in general is very well known
- cultural imperialism- americans overataking French culture - savaged in Media becuase of this |
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Turnover
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- expected 2,000 to quit during opning
- 1,000 employees left - could go either way with it |
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customer satisfaction
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- pricing was a complaint
- cultural differences - labor problems - climate problmes - lowest in winter, not conducive to theme park - Florida and CA have year round market - could aruge warmth to be issue of Disney park and Paris isn't - don't have local partner |
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cultural sensitivity
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- mismatch between cultures
- made language French, bunch of European langauges, cite as evidence that they tried to change - different dining culture, in France not eating on the go, enjoy good food - wine, slap in face to great wine industry - stereotypes through out case - problem didnt want to serve alcohol but French culture is intimiately connected to wine and cheese culture - huge flow problems- people sitting longer lines and peopel waiting |
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Decoding a hotel investment
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1. Real estate owner
2. developer 3. brand/flag 4. management 5. affliation |
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Developer
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- entire job is to put construction project foreward, take form idea to contruction
- manage project - might hire construction - arrange financing |
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Brand/flag
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- independent or hotel chain
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management
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- hotel chian, 3rd party (interstate) or owner
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Affiliation
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- consortia
- leading hotels, - Relais Chateaux - individual hotel owner - decided to join group |
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Cost to build hotel
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- cost per room (key)
- total cost of hotel/ # rooms |
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cost by segment (norms)
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- luxury (300,000 to 1,000,000)
- midscale (100,000 to 300,000) - economy (50,000 to 100,000) - hope operating costs are overrun by profit in few months |
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rule of thumb for hotel development
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- 100 rooms x 50,000 = 5,000,000
- ADR $1/ room night/ $1,000 invested to break even |
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benefit of hotel building
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- can get bank loans because property serves as collateral
- can get other people to pay for it |
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things to pay for
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- building
- interior design - FF + E - pre-opening expenses (soft opening) - working capital - typically not talking about land because varies incredibly |
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soft opening
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- invite people to stay for free or reduced to fill out comment card
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owner and management
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- have management contract between the two of them
- min avg. daily rate should be - sometimes gets detailed - ex: must have 3 resturaunts, must get mobil 4 star - takes done by feb 15th ect. |
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resturaunt- parties invovled in establishment
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1. real estate owner
2. brand 3. management 4. affiliation |
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developer
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- no developer
- owner does this stuff or brand has a dept. that does this |
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real estate owner
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- has retail space
- doesn't really work with us like in hotel industry |
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brand
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- about 1/2 are independent
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management
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- resturaunt chain won't run rest. for you
- almost all are managed by their owners - 1 exception- 3rd party management, only equivalent is in contract food service (aramark) 3rd party service company ex: BU and red sox |
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Affiliation
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- basically doesnt exist in rest. system
- exception: relais chateaux |
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cost
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- discuss it as cost per sq. foot
- total cost to build resturaunt/ total sq. ft - typical rest. in boston is 5,000 sq. ft |
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what's included in cost
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- land not included
- building included is unclear because some going into retail space - usually included when in suburban area so cheaper than urban area - interior design - FF + E - pre-opening expenses - working capital |
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typical costs of rest. in segment
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upscale (CUIO)
low- 300 sq ft. - 1,000 sq. ft midscale (chain tgif) low 200sqft- 5000 sq.ft |
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rule of thumb for resturaunt
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- rev for 1st year/ total cost of building
- ratio should be 2:1 but prefferably 3:1 - ex: spend 2 million to build need 4 million 1st year, 6 million preferrable |
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where does money come from?
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- typically doesnt own property to cover debt like hotel
- can't get loan, generally don't get it like banks - private investors - #1 single source of capital : loan on mortgage from parents house - usually get money from friends and family |
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Franchising- seller and buyer
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- Franchisor (er)- seller
- Franchisee- buyer |
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what does a franchisee get?
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- 20 years
- brand name for marketing - systems, procedures, guidelines - menu, OP, HR - plans- Mcdonalds in suburbs, either actual plans or advice building site selection - shared advertising - shared CRS(hotel) - purchasing system - required to order everything through their system |
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what does franchisor get?
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- franchisee fee (1 time)
500- 1000 for hotel, 50 to 100,000 for rest. - fee annually (royalty fee) 4- 5% gross revenue for hotel and rest. - advertising fee (annual) 1% gross rev for hotels 4-5% gross rev for rest. - CRS fee for hotels, 2% of gross rev or $2 per reservation (transaction fee) |
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Hotel franchise costs
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- land, building, preopen
- franchise fees - management fee- can manage yourselves though |
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Franchisee complaints
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1. encroachment
2. re-investment |
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encroachment
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- come to their exclusive franchise space
ex: BU burger king and GSU BK - taco bell expanding and getting more units |
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Franchisor strategy (franchise)
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- positives- easy money growth , faster growth operating partner
- negative: less cash and profit, less control |
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Franchisor strategy (company owned)
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- positive: keep more cash, not sharing, more control
- negatives: harder to get money, grow slower, own management |
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operating partner
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- local contracts and knowledge
- lower financial risk for company itself - shared risk - commited, using own money , dont have to pay owner salary |
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combination of both (franchise and company owned)
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- starbucks
- licensing - starbucks at BU licensed to other medium sized companies (Aramark) -don't franchise- don't sell units to individuals - all goods, no bad |
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fiduciary responsibility
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- responsibility to support unit for 20 years
- advertising, laws ect. - hold in trust to franchise |
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master franchisee
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- chili's owned by Dunkin Donuts
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Ritz Carlton case
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- hotels in Europe called Ritz aren't same
- 1983 Ritz started, 38 by time of case - own 3 outright minority stakes of 10 of them - Baldridge award for quality - 7 day countdown training - Ritz wants to leave it as it is - Millenium wants to lengthen to maybe 10 days |
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Millenium
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- higher occupancy
- faster - more revenue sooner - faster rate of investment ($) |
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Ritz standpoint
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- why change when it works?
- TQM |
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steps
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- Day 1- pep rally
- Day 2 and 3- valeus Day 3-7 technical training Open- soft oepning, 50% occupancy - definitely part of training, so not just 7 day opening |
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why is it so short?
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- running a behavioral modification system
- change behavior through emotional experience get early when they are all hyped up then throw customers at them right away |
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Ritz Carlton hotel business
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- values and techniques
- excellent service 1. price premium- pay more for same thing 2. loyalty 3. Brand- superior brand, consumer purchases and repurchases - management contracts, invest and development - really in this buisness for quality management if don't have management contracts don't own hotel |
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key job
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- sells management contracts to investors
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Millenium
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- real estate
- Washington can't be taller than empire state building - "Hospitality complex" - mixed use development - hotel - condo - gym/spa - retail - independent resturaunts - theatre - why hotel? high end transients - brand more $, allows us to charge more for condos |
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Millenium condo business
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- luxury condo business
- don't care which one just need luxury hotel - wil do either Ritz or four seasons - real estate tends to appreciate - could be positioning problem for Ritz - Millenium (shorterm) Ritz (longterm)- need to worry about longterm opinion of service and brand, Millenium doesnt property appreciates - Millienium is customer and Ritz is in business to please customer so why not change |
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why not change
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- please customer
- Millenium paying for 3 day extension - Millenium assumes that the 7 day countdown causes 50% occupancy - if give more training (10 days) can have higher occupancy 80% - actually occupancy drives it - Ritz tried to tell them but Millenium should trust them - arguments for chaning- otehr kind of service bend over backwards for other customers - owners and hotel company always at conflict |
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what happened?
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- stayed with 7 day countdown didnt change in washington
- in boston, same complex did 10 day countdown didnt work |
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ethics
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- moral (social/cultural)
- ethical (professions/business) - legal (gov'/state) |
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Diagnostic
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1. is it legal?
- if not you just dont do it 2. is it industry standard 3. Rose bowl test- new york times- how would you feel if it was announced to friends, family/boss? - also called grandmother test |
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social responsibility
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- somehow a company has a responsibility to society
- charitable - employees, fairness, diversity - environment /global warming - ethics |
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what is a business for?
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- make $ profit
- product service - employment individual/economic - shareholder value - ben and jerry's ethical statement |
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How do you suceed career
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- self reflection
- alignment between you and job |
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decision process
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- how do you stand out
- did they have brand name - if worked there, more recent - time been there - #1 thing is brand or independent rated 4 to 5 stars - segment also important if applying for luxury segment - functional- food and bev, accounting, sales, try to figure it out |
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networking
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- critical way to look for jobs
- start early - be a good employee, work atleast 2 years - be lucky, luck will effect your career, cause analysis |
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top 100 companies ranked by revenue
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- #1 compass group- contract company like Aramark
- #2 McDonalds largest with reg. brand name - #6 yum- tacobell, KFC, long John's |
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top 100 chain resturaunts
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- typically Mcdonalds does 2.1, Cheesecake 5.1, turning over tables very quick
- Ruth's crest- high average check - olive garden- high turn over - pf changs - hotels on list for food and beverage for banquet revenues because serves large and gains alot |
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multi-concept operators
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- chains that don't look like chains
- Levy- own about 19 seemingly independent brands (chicago) - Let us entertain you- chicago - secret chains- don't look like chains but they are |
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top independent resturaunts
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Average Mcdonalds doing 1.8 million comparing revenue
- have look and feel of small independent but owned by chain - independent resturaunts owned by multi-concept operators - ex: Gibson |
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Supply
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- how much of something a producer can provide
- how many rooms a hotel has to sell, how many seats on a particular plan |
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demand
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- how many people want at certain price
- supply in short term doesnt change, build 100 rooms hotel always have 100 rooms to sell - over short time- 1 year or less supply in hospitaly is constant - demand isnt constant- 1 day to next may have 50 customers than 100 |
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why does demand fluctuate
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- day of the week- Business hotels mon-thurs
- resorts thurs, friday, saturday - resturaunts busy time sat biggest friday 2nd biggest - exceptions for lunch for business |
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day parts
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- meal periods
- 4 periods - breakfast, lunch, dinner, 4th meal - lunch most popular - fine dining dinner is most popular |
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event/episodic
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- vacations
- increasing demand - seasonality - boston low period in summer - hotel commonwealth, red sox games - graduation |
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variable demand and constant supply
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- if demand is decreased than supply loose money
- if demand is more than supply than can charge more |
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variable pricing
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- fixed capacity- constant supply for varying demand
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revenue management
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- finance and marketing
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yield management
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- synchronize supply and demand
- inventory is how we deal with problem to manipulate supply in manufacturing - maximize revenue - try to get supply and demand to equal but try to make as much as possible - do it through linear relationship, always want to make $1000 - trying to lower price to stiumulate demand, sometimes over stimulate |
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how is yield management done?
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- computer is keeping track
- if fixed capacity is #1 problem, variable pricing is #1 solution |
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performance measures
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- performance of a hotel
- really performance of general manager |
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occupancy
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- total # rooms sold/ total # rooms
Total rooms- 100 Total sold- 75 100/75= 75% occupancy - can do day to day, week to week ect. |
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Average daily rate
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- total rooms revenue/# rooms sold
revenue 5k, 75 rooms 5000/75= $67 ADR |
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yield and REVPAR
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- yeild and REVPAR created to take both occupancy and avg. daily rate together
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yield
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- total rooms revenue/ potential rooms revenue
total rooms revenue= rooms sold + avg daily rate potential rooms revenue = total # rooms in hotel x rack rate |
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rack rate
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- 2 kinds, highest you can possible imaging charging
- legal rack rate - internal rack rate |
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legal rack rate
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- what you report to gov't
- highest you'll possibly charge - usually rediculously high |
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internal rack rate
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- highest possible rate
- what list online |
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yield vs. revpar
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- yield wasnt as good as they thought so got revpar
- Revenue Per Available Room |
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REVPAR explanation
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- doesnt rely on rack rate
- has to do with available rooms not total rooms - not available/ under construction not including - not always case that total and available are the same |
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REVPAR formula
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- Total rooms revenue/ #avaliable for sale
- best measure in hospitality |
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Resturaunt industry measures
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- turn overs, how many times we turn the table
- turns always described as decimal - have to take into account day parts - covers- how much a person pays for a meal |
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Average check
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- means per person not party
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Similiarities between resturaunt and hotel industry
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- occupancy = turnover
- ADR= avg. check - no restur. equivalent to REVPAR - something called REVPAS (seat not room) but not directly comprobale |
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1st resturaunt
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- 1765 by Monsieur Boulandger
- served "Restorants" because they were intended for pregnant women or as cures for hangovers (soups) |
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American Revolution
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- gradual decline in roadside inns and tavers in favor of more elaborate establishment
- resturaunts |
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1st American resturaunt
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- Delmonico's in NYC
- claim disputed by Union oyster house in Boston - 1st Delmonico's was cake and wine shop founded by Jon Delmonic and brother peter - Nephew Lorenzo took over and did elaborate banquets |
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Industrial revolution
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- post civil war
- expansion of lunch rooms, coffee shops, and careterias for office and industrial workers - dining opp. at convient railroad stations get chain resturaunt with Fred Harvey |
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Fred Harvey
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- 1st Harvey house in 1876 at railroad station in Kansas
- 12 states, 45 Harvey Houses, QSR |
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19th Century Hotels
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- hotels being destinations "Gayaoso House" in Memphis in middle of woods
- Greek revival movement happenig during this time - Modern hotel- Tremont house in Boston (Isaiah Rogers) with indoor plumbing - inventions tried out in hotels- central heating, private bathrooms, passenger elevators, electric lights, telephones - locations near railroads ideal - every city wanted 1st class hotel |
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Grand hotels
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- competition to build bigger, better and more luxurious hotels
- witness rise of grand hotels trying to surpass Tremont House - Astor house NY - Parker house Boston - 1st hotel fully illuminated by gaslight powered by own producing plant (Astor house) - 1st hotel in America to use "European plan" which meant lunch and dinner not included in room rate (parker house boston) |
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Resort hotels
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- The homestead- Hot springs VA
- mountain resort with 3 golf courses claims to possess oldest tee in U.S - Greenbriar in White sulfur springs VA |
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Rise of 20th century
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- 1st commercial hotel, Ellsworth Milton Statler former bellboy of Mcclure house
- called Buffalo Statler opened Jan 1908 - 1st commercial hotel chain - created Statler hotel chain |
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Automobile effects on industry
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- during post WWI era, advent of automobile prompted invention of 1st motel
- James Vail- Motel INN cabins on route 101 - roaring 20s age for hotesl avg 80% occupancy - due to advances in transportation, faster railrodas, better high wasy, automobile improvements, interrupted by great depression |
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WWII
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- put on hold hospitality industry
- all industries became dedicated to war effort - need for lodging grew as war progressed- occupancy avg 90% - gov't moved over 12 mill servicemen and women betwe 1941-1945 |
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air transportation industry
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- made great strides during WWII
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Hotel chains
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- took off
- market segmentation, directing marketing effort to appeal to certain classification of customer resurfaced in hotel industry - led to economy/limited service chains and suite hotels |
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jet age
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- 1958- luxury air travel
- increased volume of air travelers and international hotel development |
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break even occupancy
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- occupancy matches expenses
- mid sixties - approx 65% |
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turnover
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- hospitality industry is known for it's high turnover
- very expensive - happy employee leads to happy customer |
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moment of truth
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- any time a customer interacts with people or systems that deliver the service
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5 principles of TQM
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1. Commit to quality- from president on down, all employees are committed to quality through communication , education, and training team work and recognition
2. focus on customer satisfaction- defining the customer and his/her needs is critical- great value over time in loyal customer 3. assess organizational culture- organizational culture is the style of the company, providing a good work environment for employees is an imporatnt component of quality customer service 4. empower employee partification- provide employees with knowledge and info need to do jobs and do them well, employees with information will take responsibility for ideas and deicisons that may impact the customer 5. measure quality efforts- collect and analyze data to measure sucess and shortcomings |
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annual turnover rate
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# terminations x 100%/ avg. # employees
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marketing "myopia"
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- faulty perspective, one through which a firm fails to recognize changes in the environment, does not have a clear understanding of the nature of the business it is in, and therefore lets others take customers away from it
- product oriented not consumer oriented - assumes customer wants better mouse trap when they want dead mice |
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marketing mix
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1. product service mix- includes all elements of the offering, both products and services
2. presentation mix- whcih includes all the elements used to increas the tangibility of product/service mix - communications mix- which includes all communifcations between the firm and customer, pursuade the customer to purchase and monitor customer experience - the distribution mix- which include all channels available for the customer to buy and use the service |
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luxury hotels (staff)
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- have a high staff to guest ratio
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Customer mix
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- individual hotel may break down its customer mix by type such as business, leisure travelers or group, and may also track the international mix of it's guests
- the more specifically a hotel can identify who visits the more apt it is able to priovde the kinds of services and facilities that are needed in its operations - international tourists arrivals by Asia in region of origin- % share of each region in total arrivals in asia |
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individual hotel refferred to as
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property
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individual resturaunt called
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"unit"
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profitability in restauraunts around
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7%
- midscale resturaunt has 200 seats - avg. rest doesnt make much money |
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Five star hotels
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- Four Seasons Hotel Boston
- Boston Harbor Hotel |
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Four star hotels
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-Taj boston
- Ritz Carlton, Boston common - XV Beacon |
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Four Star Resturaunts
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- Aujord'hui
- Clio - No. 9 Park - Meritage - L'Espalier |
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Intercontinental Hotels Group
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- Holiday Inns
- Holiday Inn Express - Crown Plaza - Hotel Indigo- Boutique property |
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Hilton Hotels
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- Hilton
- Doubletree - Waldorf = Astoria Collection |
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Starwood Hotels
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- Sheraton
- Westin - Four points - W hotels - St. Regis Hotels & Resort |
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Marriot International
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- Courtyard by Marriott
- Residence Inns by Marriot - Fairfield Inn - Renassiance Hotels - Ritz- Carlton |
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Hyatt
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- Hyatt
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Carlson
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- Radisson Hotels
- Regent International |
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ranked by # rooms
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- Intercontinental- because owns holiday inn
- Wyndam #2 - 4 seasons #38, owns only a few properties |
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ranked by # hotels
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- Wyndam #1 has huge amt. of hotels
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Brands by rooms
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1. Best Western
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Consortium
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- group of independent hotels with same name who get together to market hotels
- 1. Utell 2. Leading hotels of the World 3. Small luxury hotels of the world 4. Relais Chateaux- 3rd party marketing companies |
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3rd party management
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- 1. interstate hotels & resorts
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food service
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- compass group
- Mcdonalds |
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Top chains
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1. Cheesecake factory
2. Ruth's crest steak house 3. PF changs 4. olive garden 5. Sheraton hotels |
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75 Multiconcept operators
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- 1. Levy resturants
2. Lettuce entertain you |
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Independent resturaunts
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1. Tao Las Vegas
2. Tavern on the Green NYC 3. Joe's stone crab |
