Hospitality Management With Tourism Essay Example | Topics and Well Written Essays - 2500 words

Hospitality Management With Tourism - Essay Example Client preferences and status also play a crucial role in fostering diversity within the hospitality industry, since products and services cannot be standardized. This paper provides insight into the UK hospitality industry by comparing two hospitality outlets, that is, a hotel and a restaurant, on the basis of diverse operational factors. Aim To examine the diverse operation factors implicated in provision of food, beverage and accommodation in the UK hospitality industry. Background Development of the UK hospitality industry can primarily be attributed to the growth and advancement of other economic sectors. For instance, the growth of manufacturing industries meant that individuals needed to leave cities for holidays. Advancement of the transportation sector, through improvement of railways, roads and air travel also means that there are easier, cheaper and faster ways for people to move from one point to another nationally or internationally. Other than the diverse economic and t ransport industries, hospitality is also linked to travelling for leisure or tourism. This is because; with increased per capita income, individuals have more disposable money and free time to travel for leisure. This has led to a significant rise in demand for accommodation, as well as, eating and drinking facilities. Hotels and restaurants are two of the most common hospitality outlets in the UK. The hotel sector is actually considered to be the largest in the UK and it comprised of a broad range of establishments. Hotels are categorized on the basis of their luxury, with the highest being five-star establishments, followed by lower class hotels, lodges or motels and finally, guest houses or bed and breakfast (B&B) places. Most hotels do not only offer accommodation, but food and beverages as well. In contrast, restaurants specialize in provision of food and beverages to customers. Just like hotels, eating establishments or restaurants can also be classified into several categorie s, including takeaway joints, fast-food eateries, popular catering outlets like coffee shops, mainstream catering and fine dining restaurants (Seba 65-70). The hotel under scrutiny in this case is The Halcyon, located in London’s Holland Park Avenue. The five-star hotel is compared to the Berners Tavern, a fine dining restaurant also Located in London, along Berners Street. Berners Tavern Company Background Berners Tavern was launched on 12th September 2013. Just like other new restaurants the eatery has drawn a lot of attention, especially because it was founded by Jason Atherton, a prominent chef behind other renowned restaurants in London. Berners Tavern was named after a hotel that was originally built on its site in the year 1908. The restaurant is located in Soho, a city  district of central London, which is currently famous for its nightclubs, restaurants and other entertainment establishments. This implies that the restaurant is strategically located since London re sidents, as well as, outsiders come to the place in search for fine dining, yet affordable eateries. Even though it has not been operational for a long period of time, Berners Tavern attracts a lot of clients and reservations are not easily secured. The restaurant is relatively big, capable of housing close to a hundred

Elasticity Of Demand And Economics Decision Making Economics Essay

Elasticity Of Demand And Economics Decision Making Economics Essay Extent or degree to which a demand or supply curve reacts to the change in price is called elasticity of that curve. This nature of curve varies with different nature of products means if a product is essential then change in price does not effect much on demand. On the other hand less essential product are quite sensitive to the price changes because opportunity cost of buying those product become too high. A good or service is said to be highly elastic if slight change in price leads to a sharp changes in quantity demanded or supplied. There are lots of products in the market which are not needed in our routine life. And a good or service is said to be highly inelastic if changes in price doesnt effect much on the quantity demanded or supplied. These are those product or services which are very much essential to our daily life. Price Elasticity of Demand It is defined as the percentage change in quantity demanded to the percentage change in price for a particular product or service. Demand is said to be elastic if change in price leads to a higher change in demand, in that case Price Elasticity of Demand (PED) would be more than one i.e PED > 1 P P D D Elastic demand PED>1 Q Perfectly Elastic Q Goods which comes under elastic category tend to have following characteristics They are luxury goods. They are very expensive like sports cars. Goods bought frequently. Goods with many substitutes in market. Price Inelasticity of Demand: Demand is said to be inelastic if the percentage change in price doesnt affect much on the demand of a product i.e. PED P P Inelastic demand PED Goods which come under inelastic category tend to have following characteristics: They are necessities. People are use to them means they are addictives like wine cigarettes. They have no or very few substitutes like petrol. They cost a small percentage of income and bought infrequently. In the short demand is usually more inelastic because it takes time to find alternatives. We can say if the price of chocolate increased demand would be inelastic as there is no alternatives, however if the price of mercury increased there are close substitutes in the form of other chocolates. Therefore demand would be more elastic. In broad there are three factors influencing the demands price elasticity: The availability of substitutes: This is the most important factor influencing the elasticity of a good or service. In general speaking more the substitutes the more elastic the demand will be. Income available to spend on goods: This factor affecting demand elasticity refers to the total a person can spend on a particular good or service. Now suppose price of orange juice goes up from $2 to $3 and the income remains the same. So the income that is available to spend on orange juice which is say $12 is enough for only 4 cans rather than 6. In other words consumer is forced to reduce his demand of orange juice. So if there is increase in price and at the same time no increase in available amount for that good or service then there will be elastic reaction in demand. Therefore demand will be sensitive to a change in price if there is no change in income. Time: Another important factor is time. If price of cigarettes goes up by 15%, a smoker with very few substitute start buying on daily basis instead of buying for a week or so. This suggests that tobacco is inelastic because change of price will not have a considerable influence on the quantity demanded. However if the smoker finds difficult to spend extra 15% and begins to get rid off smoking, the price elasticity of cigarettes for that consumer become elastic in long run. Market Structure: Every market has his own features on which it works or behaves. There are few features which we should consider while determining the market structure as First of all we should know the awareness of consumer about the market. We should know how knowledgeable our customers are. We should know how many firms are doing the same business; it tells us the extent of competition we are supposed to face. What type of product we are dealing with, whether it is coming in the category of necessary product or in the category of luxury product. Whether the entry in the market is easy or difficult and same is the case with leaving the market. Based upon these factors we decide whether the market is perfectly competitive or imperfectly competitive. In a perfectly competitive market there is no entry and exit barrier, we can enter or exit at any point of time from the market. Also in perfectly competitive market product is homogenous and there are large number of buyers and sellers. While in imperfectly competitive market there are very few buyers and sellers, very difficult to enter into and exit the market and at the same time there is monopoly of product. Market Structure of Airline Industry: Market structure which suits to Airline Industry is oligopoly market. In this type of market there are only 2-3 firms who dominate the market. Advertisement and marketing is very important in such type of markets. As there are very few firms, they know each other very well. They know strategies of each other. So they always consider their competitors, while making price strategies, because they just cant set the prices by themselves. They have to consider the pricing of their competitors as well. Although when one firm has a dominant position in the market the oligopoly may experience a price leadership. Firm having lower market share may forced to follow the pricing policy of dominant firm. As large amount of fixed cost is involved in this type of market so entry as well as exit is very difficult. There are basically three major theories about the oligopoly of pricing as under: These firms collaborate to charge the unique price and at the same time unique profit. These firms compete on price so that price as well as the profit will remain same as in competitive market. These firms had the price and profit in between of perfectly competitive and monopoly markets. Market Structure Seller Entry Barrier Buyer entry Barrier Number of Seller Number of Buyers Perfect competition No No Many many Oligopoly Yes No Very few many Monopoly Yes No Only one many Table for different market structure Yield Management: The basic concept of yield management is to provide right service to right person at the right price on right time. (Kimes, 1989: Weatherford and Bodily 1992). Now in case of Airline Industry we can define yield management as generating maximum revenue per seat by keeping customer satisfied. We can do this by applying different policies. As in every industry, customer is very important in this industry. Customer is paying quite an amount to get the services of this type of industry. So we have to take a very good care of customer as well. We have to provide good service right from the booking of ticket to leaving off the plane. The strategic points of yield management are four Cs namely, calendar, capacity, clock and cost and they all bound together with another C i.e. customer. Singapore Airlines is a great example of this. They take a great care of their customers. They keep data of each and every passenger travel with them. They not only provide excellent service but also maintain good and caring relations with customers. Firms compete for market share and demand from customers in many ways. We differentiate these ways into two major subheads i.e. Price Competition and Non-price Competition. We are considering New Zealand Airline Industry as an example Price Competition: Price competition involves increasing the demand by discounted the price. We increase our business in different ways as under: We can provide discounted tickets in the off seasons. We can provide ticket through some scheme like buy one ticket and get 50% discount on purchase of another ticket. This would definitely attract customers and at the same time would increase the revenue. Because there is no use of flying with vacant seat, its better to have customers with discounted tickets. We can also start pre booking scheme especially for our off season. We can launch scheme like discount on ticket booked 1-2 months before. This would enable us to know how much customer we have in our off season and we can make our further strategy according to that. If we still have very few bookings then we can offer some gifts, holiday package or so on booking to boom our sale. We can introduce new packages with our tickets. We can collaborate with few hotels to provide a complete holidays package to family, newly married couples teenagers. We can provide one way free travel, means a person can pay for one way and get the ticket for return as well. This will increase the revenue and at the same time enable us to get few loyal customers. Non- Price Competition: This is the focus on other strategies to increase the market share. There are various strategies which comes under this category as Advertisement and marketing is the major strategy which comes under this category. As there is huge investment involve in this type of industry so we want to get super normal profit out of this. Advertisement plays an important role in achieving this. We advertise and market our product or service in such a way that it put significant impact on customer. On line booking is another value added service. We can book our ticket from home and get our seat confirmed. This would help customer to make his plan well in advance and at the same time it is hassle free. This would enable them to get rid off agents as well as long queue. And apart from this it is 24 hours service. Locality card or points given to every customer, who keeps on adding and customer, will get a prize on reaching certain points. This enable customer to interest for his next trip from same airline.

Top Five Events in American History Essay -- essays research papers

Compared to others, America is a young country, a baby in many eyes. Despite its age though, The US has gone through some amazing changes through its historical events. Some of the events were large, such as the Revolutionary war and the civil war. Others meanwhile, were more subtle, like the Watergate scandal. Five events stand out as being the most important in Shaping America into what it is today. They are: the counterculture movement, the scandal at Watergate, World War One, the Holocaust, and the making of the Atomic bomb. #5: The counterculture movement. It began in the 1960’s as teens started to question the value system of the government. They turned away from the materialistic views of the older generation to make their own society, a kind of Utopia. Many of these teens had a higher education, were white, and from the upper and middle classes. Teens formed their own self sustained communities, growing their own food, and practicing different kinds of religious beliefs outside of the Judeo-Christian traditions. Drug use was very common, because it was thought to expand the mind and a person’s conscious. Clothing and Hair trends changed in this era also. The norm for hair length became longer while clothes were looser, the patterns bright and simple. The psychedelic tie dye pattern became popular during this age too, probably due to the drug use and so the hippies needed an easy way to entertain themselves. The largest of these communities was Haight-Ashbury, which is located in San Francisco. The sixties and the counterculture movement were important mostly to the social aspect of American life. Out of that era we got Hendrix, the Grateful Dead, and others that changed Rock music as we know it. Fashion trends ... ...ters in case of fallout. Wars have been waged in order to get other countries to stop the nuclear programs. An example of this is the Korean War, and also the current war on terror. They were the subject of the Cuban missile crisis. Nothing good has come of making the atomic bomb and sooner or later it will lead to our destruction. It surpasses the other events in importance because it still affects us today, mainly with the war on terror. Many events are important in America’s History. They define who we are as a country. Some of these events are positive while others are negative. It’s important to study them all, and try to learn from past mistakes. The top five discussed above are all important because they are a mix of good and bad. Some of the effects of these events are more subtle than other but they all are important in defining who we are as a country. Top Five Events in American History Essay -- essays research papers Compared to others, America is a young country, a baby in many eyes. Despite its age though, The US has gone through some amazing changes through its historical events. Some of the events were large, such as the Revolutionary war and the civil war. Others meanwhile, were more subtle, like the Watergate scandal. Five events stand out as being the most important in Shaping America into what it is today. They are: the counterculture movement, the scandal at Watergate, World War One, the Holocaust, and the making of the Atomic bomb. #5: The counterculture movement. It began in the 1960’s as teens started to question the value system of the government. They turned away from the materialistic views of the older generation to make their own society, a kind of Utopia. Many of these teens had a higher education, were white, and from the upper and middle classes. Teens formed their own self sustained communities, growing their own food, and practicing different kinds of religious beliefs outside of the Judeo-Christian traditions. Drug use was very common, because it was thought to expand the mind and a person’s conscious. Clothing and Hair trends changed in this era also. The norm for hair length became longer while clothes were looser, the patterns bright and simple. The psychedelic tie dye pattern became popular during this age too, probably due to the drug use and so the hippies needed an easy way to entertain themselves. The largest of these communities was Haight-Ashbury, which is located in San Francisco. The sixties and the counterculture movement were important mostly to the social aspect of American life. Out of that era we got Hendrix, the Grateful Dead, and others that changed Rock music as we know it. Fashion trends ... ...ters in case of fallout. Wars have been waged in order to get other countries to stop the nuclear programs. An example of this is the Korean War, and also the current war on terror. They were the subject of the Cuban missile crisis. Nothing good has come of making the atomic bomb and sooner or later it will lead to our destruction. It surpasses the other events in importance because it still affects us today, mainly with the war on terror. Many events are important in America’s History. They define who we are as a country. Some of these events are positive while others are negative. It’s important to study them all, and try to learn from past mistakes. The top five discussed above are all important because they are a mix of good and bad. Some of the effects of these events are more subtle than other but they all are important in defining who we are as a country.

Federal Reserve Paper

Federal Reserve Paper Alex Layer Macroeconomics On October 23 and 24 the Federal Reserve Open Market Committee held a meeting to discuss what they need to do or continue to do to stimulate the economy. According to the statement consumer spending has increased, but investment in companies has continued to decrease. They also said that inflation has increased which causes energy costs to go up, but the expectations are looking good. The Fed decided that continuing to buy securities would be a good idea since they are trying to lower the long-term interest rates.Their plan is to continue purchasing these mortgage backed securities until the labor markets improve. They will also plan on purchasing more assets if that is the case. The Committee wants to continue extending the holding of Treasury securities, and it is keeping the policy of reinvesting principal payments from the holding of agency debt and agency mortgage-backed securities. Their goal by doing this is to keep the Federal f unds rate between 0 and . 25%. All of this will increase securities held in the long run. They influence the interest rates by buying securities through open market operations.The Committee decided that the economy is getting better but too slowly so that is why they decided to take these actions to try and increase the speed. According to The New York Times article , they want to max out employment and price stability, which will help stimulate the economy. After reading the Committee’s statement I have concluded that they are using expansionary policies or â€Å"easy money policies†. I figured they are doing this since they are buying and holding their securities in an attempt to raise the aggregate demand.I do agree with what the Fed is planning to do in an attempt to stimulate the economy. I this it is a good idea since our economy is still in somewhat of a slump to use the easy money policies to increase the aggregate demand by changing the interest rates. Overall I agree with what they plan to do seeing that it should give us a positive outlook on the economy in the time to come. Sources http://www. nytimes. com/2012/10/25/business/economy/fed-affirms-low-rates-and-sees-moderate-growth. html? hp&_r=1& http://www. federalreserve. gov/newsevents/press/monetary/20121024a. htm

Quality Improvement Part 1 Essay

Examine three external indicators and how customers use the indicators as part of the Quality Improvement process; finally explain how stakeholder’s feedback is used in the quality Improvement process. Performance Measurement vs. Quality Improvement process â€Å"The primary concern of managers responsible for the operations of hospitals, clinics, and other healthcare delivery organizations is the quality of the non-clinical aspects of care over which they have most control, most visibility†. (Ransom Joshi Nash, 2008. P. 31). Performance measures are an important element of quality management process. Performance measures has the responsibility to directing their effort when change need to be institute. In the healthcare organization performance measures are a tool used to help managers understand and improve quality of care for patients and to develop a better functional programs for the staff. In contrast, Quality Improvement focuses on bridging the gap between current levels of quality. It is a way to be proactive in preventing errors or perhaps respond to near misses and develop a plan where safety is major components to process improvements. In case of medical errors, quality improvement help identify and see what changes can be made to improve or have preventive measures. Quality Improvement and quality Measures assist owners and managers with improving performances and raising performance standards. Norman Clinic Quality Improvement goals Norman Clinic of Physical Therapy is one of the largest hospitals in the state of Ohio. This clinic is about fifty (50) miles from downtown is dedicated to five key of quality measures. Emergency Services, Physical Therapy, Heart Failure, Surgical, pneumonia. This hospital offers a standard service and has earned its reputation in the management of individuals with disturbed functions or impairment related to neuromuscular, musculoskeletal, cardiopulmonary, and integumentary systems. Norman Clinic has specific service in quality improvement process such as reducing the occurrence of ventilation of patients in the ICU and NICU. Role of the Consumer Healthcare consumers play an important role in the quality improvement of Norman Clinic and can impact hospital’s reputation, and feedback received from consumers. During admission, each patient receives a booklet who allows him to understand the mission, the goal, and different realization of the clinic in intensive care. This booklet outlining way patients may become active member of the clinic, include the methods used by healthcare providers to meet patient expectation, reduce risk of infection, improve quality of care, decrease medication errors, increase customers satisfaction as it relates to pain management and post discharge care. External Quality Indicators