HM 311 Chapter Notes - Chapter 12, 13: Dynamic Packaging, Team Building

• School: JMU
• Department: Hospitality Management
• Course: HM 311
• Professor: william Frye

Document Summary

Organizing, coordinating, staffing leading, controlling evaluating. Rack rate: price for an overnight accommodating, determined by front office management, for a particular room/ room type. Special room rate categories: corporate/ commercial rate, group rate, promotion rate. Incentive rate: family rate, package plan rate, distressed-innovation rate, complimentary rate. Competitive set: comparable properties in a market area (about 6-10) Forecasting: short term planning number of rooms available for future reservations. # of room reservations * % of no shows. Daily report of operations: (cid:894)(cid:373)a(cid:374)ager"s report(cid:895) su(cid:373)(cid:373)arizes hotel"s fi(cid:374)a(cid:374)(cid:272)ial a(cid:272)tivities duri(cid:374)g a 24 hour period. Occupancy %: # rooms occupied / # rooms available. Revenue management: based on supply & demand used to maximize revenues by lowering prices to increase sales during periods of low demand and raising prices during periods of high demand to increase revenue. Yield statistic: ratio of actual room revenue to potential room revenue. Wash factor: hotel"s deletio(cid:374) of u(cid:374)(cid:374)e(cid:272)essary group roo(cid:373)s fro(cid:373) a group (cid:271)lo(cid:272)k.