New User Special Price Expires in

Let's log you in.

Sign in with Facebook


Don't have a StudySoup account? Create one here!


Create a StudySoup account

Be part of our community, it's free to join!

Sign up with Facebook


Create your account
By creating an account you agree to StudySoup's terms and conditions and privacy policy

Already have a StudySoup account? Login here

Hospitality Management Week 2

by: Brandon Notetaker

Hospitality Management Week 2 HOSP 1603

Marketplace > University of Arkansas > Hospitality > HOSP 1603 > Hospitality Management Week 2
Brandon Notetaker
GPA 3.5

Preview These Notes for FREE

Get a free preview of these Notes, just enter your email below.

Unlock Preview
Unlock Preview

Preview these materials now for free

Why put in your email? Get access to more of this material and other relevant free materials for your school

View Preview

About this Document

Chapter 2 Notes and Vocab
Intro to Hospitality Mgmt
Kelly Way
Class Notes
Hospitality and Business Management
25 ?




Popular in Intro to Hospitality Mgmt

Popular in Hospitality

This 2 page Class Notes was uploaded by Brandon Notetaker on Sunday October 2, 2016. The Class Notes belongs to HOSP 1603 at University of Arkansas taught by Kelly Way in Fall 2016. Since its upload, it has received 10 views. For similar materials see Intro to Hospitality Mgmt in Hospitality at University of Arkansas.

Similar to HOSP 1603 at UA


Reviews for Hospitality Management Week 2


Report this Material


What is Karma?


Karma is the currency of StudySoup.

You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!

Date Created: 10/02/16
Hospitality Management Week 2 (Week of 8/28/16) Chapter 2: Forces Affecting Growth and Change in the Hospitality Industry DEMAND  Factors affecting demand:  Changing population  To understand demographics: age, income,  level of education, gender Age: “the population is aging” what does that mean?  1. getting older  2. oldest segments of the population are increasing in percentage size  Baby Boomers ­ Born between 1946­1964 Represent 26% of the population in their high  income years Are driving the economy share of overall spending on foodservice, lodging, travel and recreation   Generation X (Dr. Way’s Generatio­ Born between 1965­1975 Only represent about 14%  of the population Difference between Boomers and Gen Xers— Tech savvy Most  education generation   Generation Y or Millennials (Echo Boomers) ­ Children of Boomers Born 1976­2004  21% of the overall spending in the US diverse generation   Generation Z ­ Born 2004­ present High Schoolers Generation Z in the aftermath of those cataclysms in the era of the war on terror and the Great Recession Buyers of tomorrow  WHAT DOES THIS “AGE” FORCE MEAN TO THE HOSPITALITY INDUSTRY? Adjust to the shifts in population  By creating niche markets (younger customers, young  families, aging customers) New concepts  All­inclusive package  “fast casual” dining Growth  in the African­American and Hispanic segments of the population Asian­American market  (100% growth in 20­year period) Working women: Not new any longer­not the change Up to  1940 fewer than 25% women in the workforce 50% in 1980 57% in 2016 48% of foodservice  managers and 44% of lodging managers  INCOME DISTRIBUTION  Shrinking Middle Class Includes family income ranging from $25K to $50K per year  SUPPLY Hospitality industry wouldn’t exist without supply  Land  Food  Labor These all affect the  how, where, and how effectively we service our customers  LAND ­ Important: Availability, cost, & what it produces Availability of “good” locations is  decreasing  FOOD ­ Important:  Seasonality  Effects of weather  Overfishing  Disease: bird flu, mad  cow LABOR ­ Important: Labor demands increasing for management positions More educated  management staff Complexity of managing businesses with high turnover  (exceed 100% in  some sectors)  Part time versus full time workers  Immigration rates & restrictions   Summary: outlook is good, but there will be challenges filling entry­level jobs Chapter 2 Vocab 1. Demand – Customers 2. Demographics – Characteristics of our population (Age, and Income) 3. Empty Nesters – Those who do not have children 4. Food Supply – Weather and Shortages can drive prices in short time


Buy Material

Are you sure you want to buy this material for

25 Karma

Buy Material

BOOM! Enjoy Your Free Notes!

We've added these Notes to your profile, click here to view them now.


You're already Subscribed!

Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'

Why people love StudySoup

Jim McGreen Ohio University

"Knowing I can count on the Elite Notetaker in my class allows me to focus on what the professor is saying instead of just scribbling notes the whole time and falling behind."

Janice Dongeun University of Washington

"I used the money I made selling my notes & study guides to pay for spring break in Olympia, Washington...which was Sweet!"

Jim McGreen Ohio University

"Knowing I can count on the Elite Notetaker in my class allows me to focus on what the professor is saying instead of just scribbling notes the whole time and falling behind."


"Their 'Elite Notetakers' are making over $1,200/month in sales by creating high quality content that helps their classmates in a time of need."

Become an Elite Notetaker and start selling your notes online!

Refund Policy


All subscriptions to StudySoup are paid in full at the time of subscribing. To change your credit card information or to cancel your subscription, go to "Edit Settings". All credit card information will be available there. If you should decide to cancel your subscription, it will continue to be valid until the next payment period, as all payments for the current period were made in advance. For special circumstances, please email


StudySoup has more than 1 million course-specific study resources to help students study smarter. If you’re having trouble finding what you’re looking for, our customer support team can help you find what you need! Feel free to contact them here:

Recurring Subscriptions: If you have canceled your recurring subscription on the day of renewal and have not downloaded any documents, you may request a refund by submitting an email to

Satisfaction Guarantee: If you’re not satisfied with your subscription, you can contact us for further help. Contact must be made within 3 business days of your subscription purchase and your refund request will be subject for review.

Please Note: Refunds can never be provided more than 30 days after the initial purchase date regardless of your activity on the site.