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Hotel Management
Test 1
74
Management
Undergraduate 3
09/17/2013

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Cards

Term
The Hotel Industry is...
Definition
Uniquely an American Invention
Term
What are overnight accomodations prior to hotels
Definition
Inns, Ordinarys, Taverns
Term
Lodging management
Definition
Umbrellas all types of hotels, inns, taverns, ect
Term
What did the king say to prevent travel
Definition
You as a person are tied to the land and must work the land
Term
Hamilton & Jefferson Conflict
Definition
Hated each other, political parties, different visions of what America would become
Term
Jefferson
Definition
Independent farmers, bread basket
Term
Hamilton
Definition
Merchants & bankers, centralized government
Term
Hotels mean...
Definition
Business
Term
Hotels are invented to facilitate...
Definition
Commerce
Term
Hotel's purpose
Definition
To get people to travel
Term
Hotels allow you to ...
Definition
Check in and have your own space
Term
Hotels were the world's first
Definition
Office buildings and high rises
Term
Hotels were signs meaning
Definition
"were open for business in the town"
Term
Hospitality focuses on the..
Definition
intagible
(quality and service) (business doesnt)
Term
Where did the word "hotel" come from
Definition
The french word "hote" meaning host. Refered to as a big building w frequent visitors.
Term
Where / what was the world's first hotel
Definition
NYC- City Hotel (replace the City Tavern) opened in 1794- destroyed by fire 2 years later
Term
Oldest hotel still operating
Definition
Tremont Hotel- Boston 1892
Term
What invention affected hotels
Definition
Transportation
Term
Rail Travel
Definition
Development of resort properties
- made other parts of the country accessable
Term
Resort Properties let the guest..
Definition
Escape for recreation
Term
Highway Travel
Definition
Development of motels (look @ whole product)
- on your own schedule
Term
Motels means
Definition
Motor court
-build consistent brand- quality motels
Term
Kemmens Wilson
Definition
Holiday Inn- from a movie
Term
Air Travel
Definition
Airport Hotel Locations
Term
Hotels as a product are..
Definition
Not static
Term
Order of innovations in industry
Definition
1. motel
2. ac
3. tv
4. toll free reservation system
5. 24 hour room service
6. electronic key card
7. extended stay concept
Term
Who started 24 hour room service
Definition
Westin
Term
4 lodging industry challenges
Definition
1. Operating
2. Marketing
3. Technological
4. Economic
Term
Market Segmentation
Definition
Efforts to focus on a highly defined (smaller) group of travelers
Term
What does market segmentation do?
Definition
Increase guest sophistication
Term
Globilization
Definition
(economic)
The condition by which countries + communities within them throughout the world are becoming increasingly interrelated
Term
What is globilization depended on?
Definition
The nation's economy
Term
Why guest? not customer
Definition
Want you to feel comfortable, look at hospitality aspect first
Term
The better the guest feels...
Definition
The more generous they are with their wallets
Term
4 main travel purposes
Definition
1. Business (individual)
2. Meetings & Conference (go as group)
3. Leisure (for fun)
4. Other (funerals)
Term
#1 Hotel Priority:
Definition
Cleanlisness
Term
Emphasis on ...
Definition
Safety and service
Term
Product is _________ and ________ on the same site
Definition
Manafactured and sold
Term
Perishability
Definition
Cant make up for what you didnt sell
Term
Limited fix capacity
Definition
Harder to sell (peak vs. slow days)
- Manage Price
Term
Repetitiveness and Standarizatoin
Definition
No surprises, same experience
-consistency
Term
Brand
Definition
Recognized product; the name of the concept within the hotel chain
Term
Brands helped travelers...
Definition
Identify w a common category of hotel and the standards the brand portrays to the guests
Term
Many large hotel chains have multiple....
Definition
Brands under their control (Hyatt bought Peabody)
Term
Example of horizontal integratoin
Definition
Marriot's Ritz Carlton
Term
Verticle Integration
Definition
Economy-mid-scale-upscale-upper upscale-luxury
Term
Franchisor
Definition
Manage the brand and lease out the use of the concept and name. the creator. originator. the company.
Term
Franchisee
Definition
Purchase the right to use the brand and own the hotel for a fixed period of time on a contracted price and terms.
- lease the concept
Term
Franchising allows a company to..
Definition
Expand Rapidly
Term
Franchising uses..
Definition
Other peoples money
Term
How many franchised hotel brands are in N.America today
Definition
over 180
Term
Benefits for franchisee
Definition
- set of plans and specifications for building (strengthens brand)
- national advertising
- centralized reservation system
- participatoin in volume purchasing discounts
- listing in the franchisor's directory/ website
Term
Disadvantage for Franchisee
Definition
-lack of operational power. must conform
- large fees
- central reservations produces 26% of reservations
- must meet all standards as set by franchisor
Term
Benefits for franchisor
Definition
-increased market share/recognition
- up-front fees
Term
Disadvantages for Franchisor
Definition
- need to be careful selecting franchisees
- difficulty in maintaining control of standards
Term
3 types of contract relationships
Definition
1. owned and operated
2. management contract
3. franchisor/ee
Term
Management Contract: the players + responsibilitys
Definition
Owner - financial
and management company- operational
Term
Fee Structure doe mgmt contract
Definition
Investment firms, insurance co., teacher pension funds
Term
REIT
Definition
Real Estate Investment Trust
- early 1960s
- publicly traded

(1/60th owners) ex. dads bar
Term
Why do investors like REIT
Definition
- share financial risks
- dont pay corporate income tax
- must distribute 95% of net income to shareholders
- traded as stock
Term
First rule of investment:
Definition
Diversity
Term
How do Europeans rate hotels?
Definition
Government does it w stars
- look at physical amenities only
Term
AAA
Definition
American Automobile Association
Term
What is AAA's conflict?
Definition
Advertising being traded for ratings
Term
What system does AAA use?
Definition
Diamond Award, sneaking a disguised guest in
Term
What is USA's rating system
Definition
Rate yourself
ex. 5* must have 24/7 room service
Term
Mobile travel guide
Definition
5 star award
- take service into consideration
Term
What is our rating system nowadays?
Definition
Online Reviews- tripadvisor
Term
How does AAA publish its ratings?
Definition
in 23 regional tourbooks that are free to its members
Term
How does Mobil Travel publish its ratings?
Definition
Sold in book stores
Term
Stars are more known to the public but both are
Definition
equally the same in rating systems
Term
What is AAA and Mobil ratings based on?
Definition
Industry standards and refelct guests expectations
Term
Mid-range hotels appeal to..
Definition
The largest segment of the traveling public - modest but sufficient
Term
Suite Hotels
Definition
- fasted growing segments of the lodging industry
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