Hospitality Management Week 2
Hospitality Management Week 2 HOSP 1603
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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.
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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
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