Select Service Hotels
Discuss the meaning of the term restaurant concept as to its various components and its contribution to the success or failure of a restaurant operation
Restaurants tend to develop in challenging environments. There are different aspects that may influence this type of business. The term restaurant concept describes one of such aspects. A restaurant concept consists of a set of elements that shape the identity of an establishment. The basic concept has such features as food, service style, theme, decor, brand, and marketing. Each component has a significance. In order to be successful, restaurant owners have to decide how to combine all the aspects. A good business plan is not enough, because the presentation of a restaurant, its food and brand influence customer opinions about the place and their decision whether to come back or recommend it to friends. Thus, it may be argued that the restaurant concept is an essential factor that is responsible for the success of a restaurant operation.
The restaurant concept is the main idea of the business. It is designed with regard to the targeted audience, price range, particular type of food, and style. These components help create favorable conditions. For example, a service style forms a statement that should be clear to customers, because it is the first thing that determines the success or failure of a restaurant operation. The variation of styles includes quick serve establishments that focus on convenience, speed, and affordability. These types of restaurants usually produce a desired financial effect and are liked by a wide range of clients. However, market peculiarities have to be taken into account. The fast food industry is based on chains, such as McDonalds and Burger King. This fact means that a quick serve restaurant is typically a fast food franchise. The initial costs of opening such places are more significant than of building an independent restaurant. There are also fast casual restaurants that serve more expensive food and are customized. Another style is casual, which is popular with families. Casual restaurants offer a higher quality of food and full table service. They have a diverse customer base and develop larger menus to fulfill their customers desires. In this context, fine dining differs from other styles because it has the highest food quality and corresponding prices. As a rule, the best chefs work at fine dining establishments and create a sophisticated atmosphere. In an effort to stand out from the competition, many restaurants develop special themes. Some restaurants specialize in ethnic cuisine. This is one of the most popular concepts. Such restaurants draw attention by offering Mexican, Indian, Chinese, Italian, or other cuisines. When this idea is supported by a proper restaurant name, menu, and decor, the chances are that an establishment will be successful. Even music, lighting, furniture, and stuff appearance (uniforms) should be well-thought out in order to create a lucrative restaurant.
Every component has its effect and contributes to the success or failure. Therefore, everything has to be consistent to create the right atmosphere. For example, if customers have to wait to be seated by a hostess in a fast food establishment, they may be frustrated by this non-conformity to the style. Additionally, if an owner of a restaurant mixes various styles, clients may be perplexed, will not know what to expect, and avoid it. For instance, fine restaurants should not serve food on plastic plates like fast food restaurants do. When inappropriate elements are mixed, a business fails.
In conclusion, opening a restaurant involves risks. Food industry is one of the most sensitive when it comes to market conditions. In order to decrease the risks and adapt to various market challenges, the notion of a restaurant concept has to be considered. The idea that presents an establishment has various components such as a style, food, targeted audience, and price range. The restaurant concept and all its various components have to be carefully and thoroughly planned for a business to grow and develop.
Discuss the hotel management strategy of asset light and how this has impacted the operation of the largest hotel companies in the world
Hotels use different strategies in order to become parts of the market. One of the most effective strategies is a model asset light. The model asset light was popularized at the end of the twentieth century and signified the beginning of a new era in the hotel industry. The model is used to help hotels expand as fast as possible. Thus, the strategy has changed operations of some of the largest hotels in the world, because it allows them to solve the problem of location scouting which is usually time consuming .
The model asset light is popular due to its advantages. The main advantage of the model is based on the idea that it allows using the already existing and functioning sites that belong to other companies. A hotel company which wants to expand is provided with the needed space and takes responsibility for the management and some of the operations of another hotel. The asset light model works on the basis of two principals. The first principal obliges the original owner of the hotel to control profit and loss operations, while the new hotel deals with the management fees. According to the second principal, the original owner receives only the lease rent, and the new hotel incurs the main profits and losses deals. The strategy is beneficial for both sides. Using the principle of outsourcing, companies choose the appropriate hotels and start to develop.
Some of the largest hotel companies have applied this model. For example, the InterContinental Hotels Group, Marriott International, Choice Hotels International, and many others are not the owners of the properties that have their names, but may use them via the asset light model. These companies generate income from brand franchise fees or management. Additionally, fixed asset investment allows them to spend less money than they would have under different circumstances. There are exceptions like Wyndham and Hyatt Hotels that produce revenue from leased or owned properties and are able to sell timeshare hotels. Taking these advantages into consideration, it may be argued that the asset light strategy provides hotels with profitable investment opportunities. The idea is supported by the example of the Marriott International that has properties in the United States, China, Japan, France, Egypt, and other countries around the world. The asset light model was used to ensure international success.
The impact of the model may be defined by the fact that asset light hotel operators have opportunities to strengthen their pricing by keeping the original name. They are always able to respond to the consumers demands by providing the necessary hotel rooms. The cash flow of such hotels is more stable, even during challenging years. The asset light model delivers flexibility and lowers profit volatility. The main benefit of the strategy is that it helps hotels move faster. The model influenced the market by making hotels more sustainable and able to adapt to the changes.
The asset light model has changed the hotel industry. It is applied because the model does not require building new properties or becoming an owner of one to expand. With a comparatively small amount of money, companies become larger businesses. Thus, hotels bring their products almost immediately, increasing their managing capacity. It should be emphasized that the asset light model is applied to exploit new income opportunities. Hotels employ the asset light strategy to franchise and expand into developing economies. Additionally, the model creates a competitive advantage on the international market that has its influence on the operations of some of the biggest hotel companies.
When a casino customer is assigned a theoretical by casino management, what does this term represent and how is it used to manage the casino experience of this specific customer
From the point of view of the public, a casino is a place of entertainment combined with opportunities for people try and win money by gambling: playing cards or roulette. However, a casino is a place of business and like any other businesses it does not like to lose. They say that the house always wins. The statement is based on some principals that casinos apply to calculate risks. The model of a theoretical win and loss situation is a major feature of casinos. When a casino customer is assigned a theoretical this means that the casino management has estimated and predicted a customer worth. A theoretical loss is based on calculations of a monetary value of a customer to a casino. Generally, a term theoretical corresponds to a sum of money that a client is expected to lose. It is important for casinos, because every customer is different. This variability makes gambling popular. It is the task of a casino to know each individual outcome. Thus, a casino has a principal of a theoretical assigned to a customer that defines future cooperation with individual clients and the possible progression of events.
Games in casinos have an in-built advantage system that ensures that casinos do not lose money. The theoretical loss is a calculation of an advantage and knowledge of how much a person is ready to wager. The advantage is better illustrated using slot machines as an example. The casino advantage is multiplied by a total wager that should be compared to an average bet and the number of bets. A casino also needs to consider a period of time during which a customer plays at a certain level. A customers chance to win increases in proportion to the time spent playing. Thus, the more a person plays that more bonus rewards they can get.
A prediction of theoretical winnings and losses in used to determine the amount of complimentary items (also known as comps) that a casino may offer to a specific individual. It should be noted that comps are items and services given to encourage people to gamble more. Comps include free drinks, meals, tickets, and other things that clients appreciate. Practically, each player can receive comps. However, casinos have a system that differentiates between customers. People are categorized according to their ability to financially contribute to a casino. Gradually, a client may grow and change their status. It is worth mentioning that the level of comps is connected to the time spent on a game. Historically, a casino determines the theoretical based on the results of an observed play.
An effective model that determines a customers theoretical index is important for a casino. The customer policy relies on this data. Casino management uses this knowledge to convert players into loyal customers and Gold members of an establishment. Therefore, a casino makes investment decisions regarding its players. It may be claimed that casinos design their business program using the theoretical of customers. Assigning a theoretical also allows casinos to build loyalty programs and budget retention programs. Some people know this information and try to use it to their advantage. Nevertheless, casino systems vary and are constantly updated, so a theoretical is the central part of the industry and its profitability.
Define what is meant by a select service hotel and discuss the reasons behind the fact that more select service hotels are being developed than any other type of hotel
There are different types of hotels. Presently, there is a boom related to select service hotels. The purpose of select service hotels is to provide customers with basic operational advantages for an attractive price. Select service hotels attract customers by a combination of a practical yet sensible design that has the main marketing and operational benefits. There are different factors that contribute to the creation of select service hotels, which are being developed more than any other type of hotel due to their numerous advantages.
The term select service hotel is used to define a type of hotel which offers less in the way of amenities in comparison to full service hotels. It may be said that in some instances select service hotels are right in the middle between full service and limited service hotels. It is estimated that hotels that belong to the select service category receive one of the highest returns in the industry sector. This statement is supported by the examples of such a global hospitality company as Hilton Worldwide that is aimed at modern travelers. It should be noted that select service hotels have all the necessary accommodations but may not include additional leisure amenities. However, an absence of a swimming pool or an on-site restaurant is not considered to be a disadvantage. As a matter of fact, these amenities put new businesses at risk. A select service hotel is easier to develop and put into operations than a full service hotel. Investors and owners prefer select-service hotels because they require a minimum of resources and produce better and faster returns. Companies are constantly trying to implement new ideas in order to decrease expenses; select service hotels provide such opportunities.
More select service hotels are developed because they help secure the financing for construction. This aspect is significant for new builders. The price of full-service hotels is much higher than select-service hotels, and lenders use this to open businesses. In addition to being a productive investment commodity, select-service hotels are cheaper to renovate as they do not involve as much public space. Another reason why select service hotels are promoted is that they provide clients with some full-service amenities (for example, a fitness center or breakfast) but are not defined by certain features which may have a negative impact on sustainability. This fact is particularly important in relation to money, time, and work needed to offer full-service amenities. As a rule, select service hotels do not have a special food-and-beverage department. The food and beverage services are associated with risks, and many hotels suffer financial losses because of these departments. The revenue may also be impacted by an unstable situation on the market. In this context, select service hotels eliminate this aspect of loss by managing the most profit-making services. Thus, select service hotels have financial flexibility.
Select service hotels are usually popular with people who enjoyed customized approach. These hotels target different groups of customer, including business clients and tourists. The product under consideration has the basic set of services, such as high-speed Wi-Fi, electrical outlets for charging devices, and interesting design ideas for an attractive price. Therefore, select service hotels may chose different locations to suit the demographics needs. It may be said that they also have site flexibility. One can say that select service hotels are profitable businesses that appeal to investors, owner, and clients. Presently, this product is one of the most developed.
When a hospitality property is referred to as a resort what can be reasonably inferred by this description as to the offerings of the property
In hotel industry, resorts are associated with luxury properties that are developed primarily for vacations. When a hotel is referred to as a resort, it is usually located near some specific attractions that appeal to customers. Resorts are self-contained businesses that focus on providing a variety of services on the premises. These services include a wide range of amenities, entertainment, and recreational activities with the hotel as a central part of a resort. Generally, the term resort implies a number of services on the property that correspond to various customers tastes.
Resorts may differ, and there are all types of hotels that are included into this category. It should be noted that resorts may be timeshares or fractionally owned. Condominium complexes may also be called resorts. Most commonly, resorts are managed by a single company. A territory is a defining factor for a resort. This kind of hospitality may occupy huge areas. This extra land provides opportunities for various activities that are the key selling points of resorts. Resorts may be situated near lakes, on seashores, or next to other attractions, such as historic places or spas. Spa resorts are among the most bellowed residential facilities. Generally, they are built near mineral waters, natural hot springs, or even salt caves. The location may determine the operational capabilities of a resort. Resorts may be seasonal (for example, may require snow) or work all year-round. Depending on the location, resorts range from luxurious properties to moderately priced hotels. Usually, there are systems of discounts and on- and off-site freebies. The main amenities include, but are not limited to, maid service and food department. In some resorts, the cost of meals is covered by the charge for the room. Other resorts operate on a plan according to which meals are ordered separately. Resorts may be all-inclusive and charge a fixed price. As a rule, a fixed price covers unlimited food and drinks, accommodations, sports activities, and tours. However, all-inclusive resorts are not as popular in the United States as they used to be.
The services offered by such properties vary and depend on the target audience. For instance, people may be drawn to exclusive on-site music and dancing, sports, fitness programs, libraries, or computer areas. There are, for example, resorts that have golf fields or beautiful parks for horse riding. As a matter of fact, activities turn hotels into destination resorts. They include recreational areas, theme parks, or gaming facilities. Additionally, resorts use historic sites to appeal to customers. Nature is the major asset that is used to appeal to clients. Even the promise of fresh country air and healthy cuisine is a marketing tool that makes people interested in a resort.
People usually choose resorts for over seven-day stays. Comprehensive programs provide customers with different choices as to how to spend their vacations. People also stay at resorts to spend quality time with their families and friends. Taking this into consideration, resorts develop special programs for children and adults (educational activities, cooking lessons, and others). If a hotel is described as a resort, it falls under a stereotype according to which people may leave it healthier and more relaxed. This approach distinguishes resorts from hotels and ensures their popularity.