Term
| What percent of C.V.'s are unqualified applicants? |
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Definition
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Term
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Definition
| Employment Dynamics and Growth Expectation |
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Term
| What is the core of the hospitality industry? |
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Definition
| Lodging and Food Service. |
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Term
| How many people does the lodging part of the Hosp. Ind. employ? |
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Definition
| 1.8 Million people with about 200,000 in management positions. |
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Term
| How many people does the Food Service part of the Hosp. Ind. employ and what percent of the labor force is that? |
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Definition
| 13 million employees which is about 9% of the labor force. |
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Term
| How many cents of a persons dollar is spent in the food industry? |
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Definition
| About $0.48 of each dollar. |
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Term
| Where do most people develop U.S. labor work skills? |
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Definition
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Term
| Why a career in Hospitality? |
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Definition
creativity
people business
action business
Great salary increases and perks |
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Term
| What is the hospitality CEO avg. level of pay and how does it compare to other industries? |
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Definition
| 14.4 million and the hospitality ranks 4th |
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Term
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Definition
| Venetian Cainos,21.5 billion, lost 19 billion and made it back, richest american. |
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Term
| What magazine posts a list of good companies to work for and what are a few they listed. |
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Definition
| Kimpton Hotels, Starbucks, and Marriot. |
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Term
| Why not a career in Hospitality? |
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Definition
Long and non-traditional Hours
pressure
low beginning salaries
industry of self made people expect you to prove yourself |
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Term
| Human Relations Research always divides between? |
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Definition
| Task focused vs. People focused. |
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Term
| Skill based research differentiates between? |
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Definition
people skills
cognitive skills
practical skills |
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Term
| Hospitality Ind. hires for? |
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Definition
| Attitude-the skills can taught. |
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Term
| How do you know if youre right for an Ind.? |
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Definition
| You yourself can or your company will run psychometric tests.Personality Tests(myers-Briggs type indicator)or Aptitude test-what is potential with training? |
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Term
| When starting your career in Hospitality with chain hotels you? |
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Definition
| There are formal management training programs such as the Hilton's Elevator Management Program and the Starwood's Vita Futura, branded employers. |
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Term
| When starting your career in hospitality with independent hotel properties you? |
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Definition
Have more chances to be creative
more control
exposure to more aspects of operations |
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Term
| What are the three big Institutional Food Service Companies? |
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Definition
| Aramark, Compass, and Sodexo. |
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Term
Where should start my career?
Chain or single-location restaurants
Which kinds? |
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Definition
| Quick service, Family and casual, fine dining |
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Term
| When starting your career with restaurant chains... |
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Definition
structured training program
Fast advancement into management
Support to buy franchise
generous profit sharing plans |
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Term
| When starting your career in single location restaurants... |
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Definition
on the job training
chance to learn all aspects of business
prep for self employment-BUY OUT! |
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Term
| when money is the objective? |
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Definition
| seek entry level management positions |
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Term
| When leanring is the objective... |
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Definition
Internships-mostly unpaid
Management training programs such as the hilton and starwood programs |
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Term
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Definition
| every year releases a list of the top 125 training companies |
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Term
| What percent is eating drinking places of the ind.? |
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Definition
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Term
| Name the five types of full-service restaurants. |
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Definition
| Fine Dining-the flag ships, Casual dining, family dining, and fast casual. |
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Term
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Definition
| Like five star properties for hotels, Celebrity chefs |
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Term
Casual Dining
What sets them apart? |
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Definition
$15, Olive garden, applebees, chilis
menu, decor, and atmosphere |
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Term
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Definition
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Term
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Definition
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Term
The Quick Service Ind.
How do you differentiate? |
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Definition
Wendys, Mc Donalds
Differentiate by different types of food
Competition is fierce |
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Term
| Competiton in the Quick service Ind. |
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Definition
Wendy's Falls to fourth
mc donalds spends more and earns more
-Invest about 750-850 thousand per store
-Menu Changes |
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Term
Competition in the Quick service ind.
Coffee house segement |
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Definition
Starbucks vs. Dunkin Donuts India 2012
dunkin donuts sells franchises
Starbucks joint ventures |
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Term
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Definition
| A menu that changes every day for a certain number of days and then repeats. |
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Term
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Definition
| typically used for several months or longer and then changed. |
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Term
| Cost Percentage proposed by |
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Definition
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Term
| Standard Food Cost Percentage |
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Definition
| Divide food cost by food sale and multiply by 100 |
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Term
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Definition
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Term
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Definition
| When the supplier gives the receiving clerk a list of items being delivered but not the quantities or weights,forcing the clerk to count and weigh the incoming products. |
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Term
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Definition
| first in first out. inventory method |
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Term
|
Definition
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Term
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Definition
| price minus the cost of food |
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Term
|
Definition
|
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Term
|
Definition
| ingredients, amount, procedure |
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Term
|
Definition
Perishable
intangible
simultaneous
variability
ecpectations/perceptions are reality |
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Term
|
Definition
1992 Servicescape
Ambient conditions
space
Sgns,symbols,artifacts |
|
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Term
| what is the key tangible? |
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Definition
|
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Term
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Definition
| Restaurant owners have to balance environmental scanning and maintain what the rest. stands for |
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Term
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Definition
| time of day, holidays, seasonal |
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Term
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Definition
| changes daily, different formats(blackboard,bamboo) |
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Term
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Definition
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Term
| Name the 5 types of menus |
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Definition
| fixed,cyclical,specialty,creative, and no price |
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Term
| what do casinos have down to a science? |
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Definition
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Term
| Food and Beverage in hotels has moved from? |
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Definition
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Term
| Hotels have two options with F+B what are they? |
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Definition
Operate F+B outlets themselves
Outsource F+B and cobrand with rest. names(wolfgang puck)cooperate with famous chefs |
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Term
| Which famous chef works at the Trump Internation Hotel in NYC |
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Definition
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Term
| Which famous chef works four season NYC and MGM Grand in LV? |
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Definition
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Term
| How much does compass make? |
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Definition
|
|
Term
| How much does Aramark make? |
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Definition
|
|
Term
| How much does sodexo make? |
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Definition
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|
Term
| What percent of owners started in operations? |
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Definition
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Term
| Name chains that started as single locations. |
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Definition
McDonalds Hamburger Stand in St. Bernadino
Marriot's "hot Shoppe" in DC
Howard Johnson's drugstore in wollaston |
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Term
| Many single units grew into chains with what? |
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Definition
|
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Term
| what percent of restaurants fail after 3 years and then 10 years? |
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Definition
57% after 3 years
70% exit after 10 |
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Term
| The high failure and exit rates make it hard to? |
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Definition
| receive debt or equity financing |
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Term
| Most restaurant upstarts are? |
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Definition
| Self-financed(savings, friends, and family) |
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Term
| Most upstarts happen in a time of? |
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Definition
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Term
| 3 reasons most businesses fail |
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Definition
Lack of business knowledge
Lack of technical knowledge
Lack of sufficient working capital |
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Term
| In order to upstart a successful business you need what 4 things? |
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Definition
A business plan that covers
1.concept and market segment
2.core competence
3location location location(E. Stadler)
4.Feasibility study |
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Term
| Three levels of product/service from core out |
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Definition
core product-experience
Actual product-Menu, Servicescape
Augmented product-service quality |
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Term
| The important keys to a menu |
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Definition
-give guests what they expect
-use standard recipes
-Match menu to ability of staff and availability of equipment
-provide variety and balance
-consider nutrition
-avoid wastage |
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Term
| people will often pay more for what? |
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Definition
|
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Term
| what two basic menu pricing models are used together? |
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Definition
Food cost pricing
market comparison pricing |
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Term
| what is the historical food cost |
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Definition
|
|
Term
|
Definition
| food cost divided by food cost percentage |
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Term
| Describe Market Comparison Pricing |
|
Definition
What is the competition charging?
Undercut, match, or price higher than them |
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Term
| What is the industry standard prime factor? What is the advantage of Prime cost mehtod? |
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Definition
60%(30% is raw food and other 30% is labor cost)
Prime cost method takes into account labor cost |
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