Hafta 1
Introduction to apply management approaches concerning the tourism industry worldwide. The analysis of current macro tourism figures from the latest UNWTO reports, in the light of prospects for the upcoming year. Using the latest reports of hospitality industry associations, examining; 325 ranking of corporate chains, top 25 consortia, the most franchised and managed brands, leading tour operators, world tourism fairs , unusual lodgings, latest trends and current power of the food & beverage operations. In the operational level, reviewing the hotel terminology based on the learning outcomes of the previous courses. Discover the latest trends in tourism and hospitality industries, and food & beverage operations.
Hafta 2
Strategic Management; levels of strategies ; corporate, business and functional strategies. As corporate strategic directions; renewal, growth and stability strategies are analyzed. Acquire the knowledge for different global strategies for hospitality firms, also ability to compare different strategies, and identify the appropriate application. Reading (When to Ally When to Acquire J. H. Dyer; P. Kale, H. Singh, Harvard Business Review, July-Aug.2004)
Hafta 3
(cont.to week 2) Under the topic of Strategies of Global Hospitality Firms (lecture notes pg.29- and e-book related chapters); diversification, strategic alliances, joint venture, franchising, management agreement, merger & acquisition, consortia, private equity and outsourcing are analyzed and exemplified. Acquire the information for different global strategies for hospitality firms, also ability to compare different strategies, and identify the appropriate application. Reading( Expansion strategy of International hotel firms By: Chen, Jean Jinghan; Dimou, Irini. Journal of Business Research.Dec.2005)
Hafta 4
(cont.to week 3-Corporate Strategy)Franchise and management systems analyzed; negotiation process, comparison of both systems, pros and cons and fee calculations. Acquire the knowledge base learning in both systems, discussing its relevance to ease of application. Demonstrate the trends towards management and franchise contracts globally. Reading( Expansion strategy of International hotel firms By: Chen, Jean Jinghan; Dimou, Irini. Journal of Business Research.Dec.2005).
Hafta 5
(cont.to week 4-Corporate Level Strategy)
Hafta 6
Tourism Industry Life Cycle (reading; K. J. Sund , Initial evidence from the Swiss Hotel Industry, Apr.15,2004) . Specify hotel product life cycle and exemplify. Methods of appraisal of lodging facilities; the income approach, the capitalization rate, rule of thumb method. Using different methods able to calculate the property value of lodging facilities.
Hafta 7
Human systems. Time studies, predetermined time standards and work sampling in hospitality properties. Staff scheduling methods. Staff ratios and the rule of thumb approach. Analyze the human resource for hotels, restaurants and clubs. Explore how to create time standards for your staff, which method to prefer and how to implement. Assess the methods of minimizing the cost and maximizing the efficiency of labor. Develop problem solving cases to justify.
Hafta 8
Operating Budget; The operating budget as a tool of strategic planning and management. Describe the purposes of budgeting for operations.Explain the process of preparing an operations budget in terms of establishing financial objectives, considering the internal and external assumptions, forecasting revenue, projecting cost and expenses. Prepare a hotel operating budget using excel and revising the budget.
Hafta 9
Operating budget(continues)
Hafta 10
Feasibility study STAGE I- Market profile analysis (Case study) Develop feasibility study for a hotel, starting from market profile analysis. In this stage, the aim is to reach to projected occupancy percentage of a market area by combining; market segments, annual growths and composite growth in the market, number of competitive properties data. Using the above mentioned data, compute the market profile analysis.
Hafta 11
Feasibility study STAGE II- Financial projections. Both manual and using Excel; the students practice, preparing projected income statement(P&L), cash flow statement(SCF), amortization table and other components of feasibility study. Learn how to prepare, the long term financial and the short term cash flow analysis of the project. Compile amortization table, income statement, cash flows, analyze the capitalization rate, appraisal of the investment, estimated tax on sale of the business and net present value of the project.
Hafta 12
Feasibility study STAGE II- Financial projections(continues)
Hafta 13
Feasibility study STAGE II- Financial projections(continues)
Hafta 14
Vanguard management. Underline the origins of the vanguard management. State the five principles of the vanguard philosophy. Identify the holistic approach to the business world.