What is considered a simple form business model A chain that has a single owner investor who has full equity stake in all units owned by the company TEST 2 HFT1000 QUESTIONS CHAPTER 6 What is a brand What is a franchise What is a chain operation What is a mixed franchise What is considered a management franchise form Advantages of multi unit operations Disadvantages of multi unit operations ANSWERS A specific identity of a business intentionally created through a careful combination of Design of its products Services offered and other forms names slogans logo and signage Goal is to convey a personality for the business and consistent image in the minds of guests Mix of ownership between franchisor and franchisee A business under one management or ownership offering similar goods and services found in different geographic locations Mix of ownership some units are owned operated by the parent company franchisor and the rest are owned operated by other owners investors franchisees When the parent company franchisor also offers professional management services for its non company owned franchised units Market Reach Reaching many markets to increase sales and thereby increase profits Economies of Scale Cost advantages a company can derive because of its large size greater power to negotiate better lower rates for products and services needed from vendors Streamlined Operations Standardizing products and services simplifies operations allows for standardized operating procedures SOP s Enhanced Marketing Power Increased visibility gained through greater market reach Value Added Service Options Additional services for both customers and unit chain operations alike Access to Finances Company may have multiple options for raising money for growth Professional Management Enhanced legal requirements and complexity of operations has companies hiring professionals with a better understanding of a company s operating needs Operational Constraints Standardized operations can put restrictions on franchisees Financial Strain Franchisees pay the parent company through royalties incentives franchise fees marketing fees and other fees Franchisees also must comply if a new requirement is initiated across the chain which often means a new capital investment Legal Forces Complex structure of chain operations along with TEST 2 HFT1000 Describe what is a brand management owner operator contracts and partnerships may create legal challenges When a mega corporation owns multiple chain operations under a parent umbrella structure it refers to each chain operation as a brand Stresses the importance of the brand creates a distinctive brand image and differentiates each brand in the portfolio How many units are needed before a business is considered a chain 6 Why is there a need to hire professional managers to run hospitality chain operations Enhanced legal requirements and the complexity of operations in a chain What is customer relationship management CHAPTER 8 How does an industry association best meet the needs of its members Program that keeps track of the customers expenses and their likes and dislikes All industries will have governing documents that will include a mission statement and or vision bylaws and a board of directors that oversees the organization What are the characteristics of industry associations when they are created Member training and education Opportunities for networking Member recognition and support Promotion of specific industries to the public Legislative updates Industry trends and updates voice of the industry What are the reasons why industry associations are formed Associations can be created to meet the needs of individuals businesses and organizations in a certain geographic area Why do associations have by laws By laws and other governing documents help associations run smoothly By laws are Rules that govern the association s actions and are developed and adopted internally by the members Can be amended to meet the needs of the association If you want information relevant to your interest you turn to a book called Encyclopedia of Associations What are the functions of the national restaurant association What does a mission statement outline What is networking about What does it include The organization promotes the restaurant industry and related career paths promotes dining out and is committed to food safety in the industry Statement of purpose Guide for the activities of the organization Developed by the membership or governing board Meeting someone exchanging business cards and getting to know them Then follow up with email or phone call to talk more with them about company or them self It is Gradual process Why should students join an association Some have student reduced fees and you can gain valuable TEST 2 HFT1000 What do the following associations provide and promote National restaurant association American dietetic association American culinary federation American hotel and lodging association experience in your given field Sense of belonging Meet professionals and gain a competitive advantage Offers memberships to restaurants allied industries educators and students international companies and non profit organizations Promotes the restaurant industry and related career paths dining out and committed to food safety Promotes healthy lifestyles grounded in good nutrition and well being Student membership category Sponsors competitions awards and educational events for chefs and certification program Student membership category Promotes the interest of hoteliers throughout the United States and internationally Offers student memberships and extensive educational opportunities for members Which association provides diamond status and which provide a star Diamond American Automobile Association AAA Star Forbes Travel Guide What is a vision statement Where the association sees itself in the context of the industry Broader than a mission statement TEST 2 HFT1000
View Full Document
Unlocking...