Hospitality Management Quiz

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What should be the response when a guest is within 15 feet?

They should receive detailed information about hotel services.

They should be greeted with a formal handshake.

Their presence should be acknowledged through a smile or head nod. (correct)

They should be offered a complimentary drink.

What does CRM stand for in the context of hospitality management?

Client Review Methodology

Customer Revenue Management

Current Resource Management

Customer Relationship Management (correct)

Which term refers to the director responsible for sales and marketing in a hotel?

DOC

FOH

FOM

DOSM (correct)

What does FOH represent in hotel terminology?

Front of House Signup and view all the answers

What is the main purpose of a Property Management System (PMS)?

To track guest check-ins and check-outs. Signup and view all the answers

What does FIT stand for in hospitality?

Free Independent Traveler Signup and view all the answers

Which KPI is represented by the abbreviation YOY?

Year on Year Signup and view all the answers

What term refers to the fluctuations of demand and supply in the tourism industry due to temporary movements of people?

Seasonality Signup and view all the answers

What is a negative externality in the tourism sector?

Pollution caused by hospitality services Signup and view all the answers

What does the acronym MOM refer to in the hospitality industry?

Month on Month Signup and view all the answers

What is the role of a Destination Management Company (DMC)?

To organize and manage tourism operations in a destination Signup and view all the answers

What does the term parity rate indicate in tourism pricing?

Consistent pricing across different distribution channels Signup and view all the answers

What does the break-even point represent in the context of tourism services?

The point where operational costs are fully covered Signup and view all the answers

Which of the following factors is NOT associated with seasonality in tourism?

Year-round availability of services Signup and view all the answers

What aspect is primarily affected by negative externalities in the tourism industry?

Local environment and community health Signup and view all the answers

In tourism, what does 'high peak season' typically refer to?

Periods of maximum tourist activity and demand Signup and view all the answers

What key indicator is primarily discussed in the context of hotel revenue?

Revenue Per Available Room (RevPAR) Signup and view all the answers

What does Horst Schulze emphasize as important in addition to room revenue?

Customer spending in restaurants and shops Signup and view all the answers

In order to assess which hotel has a better RevPAR, what condition related to total revenue is set?

Total Revenue must exceed $150,000 Signup and view all the answers

What is the minimum Average Daily Rate (ADR) specified for one of the RevPAR assessments?

$200 Signup and view all the answers

According to the information, which factor does NOT affect RevPAR?

Customer satisfaction index Signup and view all the answers

What is a requirement related to the number of rooms for considering the RevPAR?

Must be over 50 rooms Signup and view all the answers

Which period is specified for assessing both total revenue and RevPAR performance?

30 days Signup and view all the answers

What is indicated as the preferable revenue strategy by Horst Schulze?

Maximize total revenue and dollar profits Signup and view all the answers

What is the primary purpose of break-even pricing for firms?

To determine the lowest price to charge Signup and view all the answers

In which situation would a firm most likely utilize break-even pricing?

When tourism business experiences a slow period Signup and view all the answers

What does EBITDA stand for in the context of financial performance?

Earnings Before Interest, Taxes, Depreciation, and Amortization Signup and view all the answers

Which of the following is NOT typically considered an ancillary service in the tourism and hospitality industry?

Office supplies Signup and view all the answers

Which of the following accurately describes the supporting role of ancillaries in the hospitality industry?

They enhance the main offerings and guest experience. Signup and view all the answers

Why might a hotel consider offering upgrades as an ancillary service?

To provide guests with complementary experiences Signup and view all the answers

What is a potential benefit of using EBITDA as a measure of profitability?

It provides a clearer picture of a company's operational efficiency. Signup and view all the answers

Which service is typically included as an on-site ancillary in hotel operations?

Spa services Signup and view all the answers

What does EBITDA primarily aim to represent?

Cash profit from operations Signup and view all the answers

Which of the following is NOT a component of cash flow?

Cash flows from capital structure Signup and view all the answers

What is capital expenditure (CapEx) typically used for?

Acquiring and maintaining physical assets Signup and view all the answers

What does price elasticity measure in economics?

The demand changes in response to price changes Signup and view all the answers

What characterizes a demand that is considered inelastic?

Demand remains unchanged even when prices change Signup and view all the answers

How does cash flow affect a company's financial assessment?

It is essential for assessing liquidity and flexibility. Signup and view all the answers

What does a cross elasticity measure?

The change in demand for one good based on price changes in another related good Signup and view all the answers

What distinguishes capital expenditures from operating expenses?

CapEx improves future operations, while OpEx covers daily costs. Signup and view all the answers

What is meant by 'scarcity' in economics?

The gap between limited resources and theoretically limitless wants Signup and view all the answers

Which of the following correctly describes cash flow operations?

Money from sales and spending on expenses. Signup and view all the answers

What would indicate perfectly inelastic demand?

A demand coefficient of 0 Signup and view all the answers

Which scenario is an example of capital expenditure?

Purchasing a new delivery van Signup and view all the answers

What best describes the relationship between EBITDA and capital costs?

EBITDA omits capital costs to focus on operational profit. Signup and view all the answers

Why is relative scarcity significant in economics?

It encourages the efficient allocation of limited resources Signup and view all the answers

In economic terms, what does the phrase 'paucity' refer to?

A condition of scarcity Signup and view all the answers

Which statement best describes economics?

The study of human behavior concerning ends and scarce means with alternative uses Signup and view all the answers

Study Notes

Hospitality Management Firms

Guest lecturer: Gino Marchionna, founder of Tourismus
Academic year: 2024/2025
Course offered at Ca' Foscari University of Venice
In partnership with Scuola Italiana cdp of Ospitalità
Bachelor's Degree Programme in Hospitality Innovation and e-Tourism

Hotel Distribution

Key distribution channels illustrated include:
- Online travel agencies
- Affiliate online travel agencies
- Leisure travellers
- Loyal travellers
- Business travellers
- Travel management companies
- Corporate self-booking
- Tour operators
- Wholesalers/bedbanks
- Global distribution system
- DHISCO switch
- Hotel eCommerce
- Central reservation system
- Proprietary switch system
- Travel agents

30 Hospitality Keywords - Part 1

15/5 Rule: When a guest is within 15 feet of you, acknowledge them with a smile or a nod. Within 5 feet, greet the guest with a suitable salutation ("hello," "good morning," or "good evening").
CRM: Customer Relationship Management
PMS: Property Management System
RMS: Revenue Management System
DOC: Director of Catering
DOSM: Director of Sales and Marketing
FOH: Front of House (All guest-facing staff and areas of a hotel)
FOM: Front Office Manager
FIT: Free and Independent Traveler
MOM: Month on Month
MTD: Month to Date
YOY: Year on Year
YTD: Year to Date
ADR/ARR: Average Daily Rate/Average Room Rate
- Formula: (Total Room Revenue) / (Total Rooms Sold)

30 Hospitality Keywords - Part 2

RevPAR: Revenue Per Available Room.
Seasonality: Fluctuations in demand, influenced by climate conditions, holidays, etc.
Externality: Positive or negative effects from exchanges between parties on unrelated third parties. Issues like pollution.
DMC: Destination Management Company
DMO: Destination Management Organisation
Parity Rate: Price consistency across various distribution channels for a travel supplier like a hotel.
Break-Even Pricing: Price setting at a point where total revenue covers total variable operational costs. Allows for ongoing operation even when demand is slow.
Ancillaries: Supplementary hospitality services like food, beverage, and entertainment. Includes services like tours, upgrades, and on-site retail and spa options

30 Hospitality Keywords - Part 3

EBITDA: Earnings Before Interest, Taxes, Depreciation, and Amortization: An alternative profitability measure that excludes non-cash items/costs.
Cash Flow: Money movement into and out of the company; key indicator of liquidity, flexibility and financial standing. Categorized by operations, investment and financing activities.
CAPEX: Capital Expenditure: Investments in fixed physical assets for future economic gains.
Depreciation: Accounting method for allocating the cost of tangible assets over their useful lives.
Real Estate: Land and improvements; types include residential, commercial, industrial, raw land, special use.
ROI: Return on Investment: Measures investment benefit against cost, expressed as a percentage. ROI = (Current Value of Investment - Cost of Investment) / Cost of Investment
Elasticity: Degree to which a variable changes in response to another; includes demand and price elasticity.
Scarcity: Limited resources vs unlimited wants; a core economic concept.

First Optional Assignment

Identify the most interesting hotel brands in Italy (consider factors like revenue, number of rooms, and specialization).
Submit a 1-2 slide case study by next Monday via email.
Include key variables, relevant highlights/news, and explain the case study's significance. The top 3 cases chosen will be presented in class on Tuesday.

Second Optional Assignment

Perform a SWOT analysis of hotel businesses (franchising, family-owned, or chain)
Submit a single JPG image of the analysis performed by next Monday, via email.

Studying That Suits You

Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

Description

Test your knowledge on key concepts in hospitality management with this quiz. Learn about guest interactions, the meaning of CRM, and the roles within hotel management. Perfect for students or professionals looking to refresh their understanding of the industry.