HFT 4468 Fall 2019 Section 1269 Hospitality Revenue Management

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UNIVERSITY OF FLORIDA DEPARTMENT OF TOURISM, HOSPITALITY AND EVENT MANAGEMENT HFT 4468 Fall 2019 Section 1269 Hospitality Revenue Management

INSTRUCTOR Ron Gromoll Office: 190A Florida Gym

Tel: (352) 294-3064 E-mail: [email protected]. (preferred) (please put your last name and HFT 4468 in the subject line of all emails to me)

OFFICE HOURS Tuesday or Thursday 11:00am to 1:00 pm by appointment

CREDIT HOURS 3 Credits

LECTURES Tuesday Period 7 1:55pm – 2:45pm FLG 280 Thursday Period 7 & 8 1:55pm – 3:50pm FLG 280

REQUIRED TEXT Hayes, D.K., & Miller, A.A. (2011). Revenue Management for the Hospitality Industry. Hoboken, NJ: John Wiley & Sons, Inc. (ISBN 978-0-470-39308-6)

COURSE OVERVIEW

Hospitality and tourism managers are responsible for making strategic and proactive decisions regarding how to optimize firm revenues that are dependent upon the sale of a relatively fixed product supply and varying consumer demand. • Managers must dedicate critical attention to core product revenue optimization strategies and tactics in the hospitality industry due to the time-sensitive, and perishable nature of a service based product. • Such financial assessment is captured within the firm’s revenue management system, where the goal is to generate optimum revenue. • This course is designed to provide students with an applied understanding of the strategies and tactics used in hospitality revenue management and business analytics. • Fundamental principles and concepts of revenue management that include capacity management, duration control, demand and revenue forecasting, discounting, overbooking practices,, displacement analysis, rate management and sales mix analysis will also be discussed throughout the term. • In order to build a foundation for the revenue management material, the course will also incorporate key topics and applications in economic theory and hospitality accounting, finance, marketing and operations.

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COURSE OUTCOMES

Upon successful completion of this course, students will be able to:

• Describe internal and external factors influencing hospitality operations and revenue management/optimization of hospitality and tourism service organizations. • Describe the components and benefits of revenue management and optimization strategies and tactics. • Apply the strategic levers of a revenue management program including strategic pricing, perceived value, differential pricing, inventory and price management, demand forecasting, competitive set analysis, distribution channel management and evaluation of revenue management practices. • Use key indicators and performance evaluation measures (e.g., ADR, Occupancy, RevPAR, GOPPAR, Net Profit, RevPash, RevPASM, RevPSQFT) to evaluate a hospitality firm’s performance. • Explain and apply key business concepts – supply and demand analysis, economic and social impacts, cost analysis, pricing, discounting and premiums, rate fences, closeouts, overbooking, displacement analysis and ratio analyses – involved in managing a profit/nonprofit hospitality and tourism enterprise. • Familiarization with hotel property management systems and revenue management software.

COURSE FORMAT – HYBRID LEARNING ENVIRONMENT

The course will be taught as a seminar that may include: lectures, class discussions, online sessions, guest speakers, active learning exercises and field work time.

• Guest speakers will contribute to the student learning experience by providing industry and/or empirical perspective(s), as well as “real” industry application may join the class sessions. • Students are responsible for all reading assignments, handouts, lecture materials and take class quizzes and exams as outlined in the course schedule. • All students are expected to participate in class discussions, assignment and exam reviews. • Students are required to read all assigned materials prior to class and be prepared to discuss related content and project work with peers • You are expected to demonstrate respect to peers, guest lecturers, and the instructor during all class activities. • Any disruption of such a favorable teaching and learning environment may lead to disciplinary action. The professor reserves the right to enforce this policy. • Students are responsible for regular (daily preferred) visits to the Canvas class web site for class schedules and assignments. • All assignments should be submitted via Canvas unless otherwise noted.

Please be aware that while this course is primarily hosted live, there is extensive work to be conducted and submitted online. The use of the online learning platform can sometimes present

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significant challenges, particularly to students who are not ‘self-starters’ nor possess good time management skills.

• Unlike traditional classroom settings in which each student gets the same class at a set time and day, the online setting is available to you 24 hours a day and gives students the opportunity to tailor some of the classwork to their schedule. Please note, however, this course is not self-paced. • There are select times during which units and course materials will be available to you. You can view module supplemental lectures and materials at any time during the dates in which the unit is open. • However, quizzes and exams will only be made available to you on the listed date(s) and time(s). Given the blended nature of this course, you should regularly check your UF email and course canvas site for class updates and announcements.

SYLLABUS, TEXTBOOK and CANVAS

• Once you have reviewed the syllabus and watch the course overview video, be sure to follow the schedule and review the module tabs posted on canvas.

COURSE REQUIREMENTS

Students must successfully complete all major components as described in the course syllabus/schedule (e.g., readings, cases, assignments, quizzes, exams, project, etc.) in order to pass the course.

For the purpose of student recognition and class communications, students are asked to submit a video introduction and to canvas.

ATTENDANCE (240 Points Total)

• Attendance is mandatory for each class meeting. There are 16 online class meetings on Tuesdays worth 5 points each and 16 class meetings on Thursdays worth 10 points each for a total of 240 points available. Roll is taken by sign in and on canvas and you should check it regularly in the event that there is a discrepancy, then students must meet with the professor to resolve within one week of the missed attendance date. • All students are to be fully prepared for class lectures and discussions with readings completed, online resources reviewed, text books in hand, assignments, quizzes, exams and project work completed and submitted. • Late arrivals and early departures will not count as being present for a class. Attendance will be taken daily throughout the term at the beginning of class. You are responsible for making sure that you hear your name and/or confirming your attendance in class on the scheduled day of class. If you fail to do so, then you will not be counted as attended. Arriving 20 minutes late or leaving 20 minutes early constitutes an absence. • Each student will receive attendance points for online applied learning or practicum teaching days as long as assigned work is completed and submitted. Attendance credit will also be applied on school holidays, closings etc. as appropriate.

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• The instructor reserves the right to organize seating in the classroom (e.g., no seating in the upper or back rows of the classroom, use of a seating chart, etc.). • Presentation Day Attendance Policies: o If a student is absent for an unapproved UF excuse on a day that their group is scheduled to present, then the student loses the 5 or 10 attendance points and they receive zero (0) points on the presentation part of the group project. o If a student is absent for an unapproved UF excuse on a day that they are not scheduled to present, then the student loses the 5 or 10 attendance points and also incurs a 25 point penalty towards attendance points. • For more information, please refer to the UF Attendance Policy below.

QUIZZES (120 Points)

There are twelve (12) quizzes covering each chapter’s material and related course content. The quizzes will be administered in class or online and are scored and the grades are posted towards your final grade.

DICSCOVERY LEARNING EXERCISES / ASSIGNMENTS (100 Points Total)

Students will be required to perform discovery learning exercises throughout the course. There are Five (5) DLE assignments worth 20 points each to be completed outside of class and submitted to canvas. Students must complete all assignments individually and by the scheduled submission due dates and method.

• The DLE’s present students with a real-life problem to be solved and entail using data analytics, critical thinking to develop solutions and inferences to business strategy and tactics.

• All DLE assignments are individually prepared and submitted but team analysis is allowed in order to foster additional learning. If you do collaborate with a colleague, be sure not to submit identical work – make the work your own and in your own words.

• Time permitting, some DLE’s may be worked on in class and or covered in class. Otherwise, students are expected to make an appointment with the instructor or TA to review.

• Unless a student has a UF approved excused absence, late submissions will not be accepted and there are no make-up assignments or exams

• Requirements for class attendance and make-up exams, assignments, and other work are consistent with university policies that can be found at: https://catalog.ufl.edu/ugrad/current/regulations/info/attendance.aspx

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There is one in class comprehensive final exam. (100 points)

• Exam will review important terms and concepts from readings, lectures and other class materials. Exams are intended to test your learning and readings from the textbook and other sources and may include a mix of short answer, essay, and multiple choice/true- false questions. • All exams will be administered during scheduled class dates and times and students will need to bring a calculator to class. Phones, tablets or computers are not to be used. The exams will only be available to students during the scheduled period. • You are required to complete each exam at one sitting and will be proctored. There are no make-ups.

COURSE PROJECT: HOSPITALITY CONCEPT REVENUE MANAGEMENT PLAN (350 Points)

The term project for this class consists of student teams developing a full service hospitality concept and developing a comprehensive revenue management plan for the property. There are four (4) sub-assignments that comprise this course project. Part 1. Concept Introduction and Team Planning Agreement (WORD) Part 2. Concept Description Report (PPT) Part 3. Concept Revenue Management Plan Report (PPT) (includes Part 2 and 3) Part 4: Team Peer Evaluation Form (WORD)

Part 1. Concept Introduction and Planning Agreement (Word Format - 50 Points)

Each student team is required to submit a hospitality concept introduction and teamwork planning and execution agreement. This project report will provide: • Concept Introduction: (e.g, name, location, size, amenities and attributes, theme, etc.) • Project Plan: Identification of Team Members; detailed project roles and responsibility of each team member, the expectations of each team member and quality rating, and the consequences of failing to perform expected duties on time. • The end product of this assignment will serve as a contract among team members and between the student and the instructor. That is why it is crucial to understand and spell out the expectations and consequences. In the past, teams used this contract to discipline team members who constantly failed to meet the expectations of the team. • This course employs a three-strike rule for group member disciplinary action if needed. o First Warning: If a group advises the instructor that there is a problem with a teammate and evidence is found to exist that the teammate is not participating, contributing or performing to the expectations set by the group, then the student

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receives a first verbal warning from the instructor and meets with the whole team to discuss. o Second Warning: If a group advises the instructor that there is still a problem with a teammate and evidence is found to exist that the teammate is again not participating, contributing or performing to the expectations set by the group, then the student receives a second written warning from the instructor and meets with the whole team to discuss. o If a group advises the instructor that there is still a problem with a teammate and evidence is found to exist that the teammate is still not participating, contributing or performing to the expectations set by the group, then the student receives a final written warning from the instructor and is dismissed from the team. o Remember, if you are dismissed from your team, you will receive an F for the project components that are not completed. There is no exception to this policy and there is no make-up or substitute assignment. o Also note that if that you quit a team, then you lose the opportunity to earn any remaining points on the project and will be required to perform and write a minimum 50 page independent research and position paper of the instructors choosing to complete the requirements of the project.

Part 2. Hospitality Concept Report (PPT Format - 100 Points)

Student teams are to develop and introduce a new full service hospitality concept (Large City Convention Center) to serve as the basis for their final project paper – a concept revenue management plan for the property. The project report outline and list of concept core offerings, amenities and features and amenities below. Each team will have the same type of property but will customize it to their preferences.

Once the concept introduction and planning agreement is approved by the instructor, teams are to prepare and submit a detailed full service concept description paper that would include, but not be limited to; the following components (prepare and submit in PPT Format):

Outline for the Hospitality Concept Report

• Cover Page (Concept Name, Names of Teammates, Team #, Date, Class) • Table of Contents • I. Introduction – Concept name, location, theme, ownership structure • II. Management and Staffing – Background, roles, organization chart, number and type of employees • III. Business Objectives and Goals – Financial, market, revenue, CSR, quality, service • IV. Strategic Direction - including vision, mission, values, differentiation, positioning statement, basic market strategy • V. Products and Services Mix – Size and structure, features, amenities and attributes, customer experience, look, feel, climate and culture of the property • VI. Target Markets – Segmentation schema, primary and secondary target markets, rationale, product/service preferences by segment, marketing stimuli targets respond to, etc.

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• VII. Marketing Strategy – Preliminary marketing mix strategies (4ps) to include price, promotion mix (short term and long term promotion ideas) advertising, public relations, place (distribution channels), partnership, programming and media (digital, web, social, traditional) tactics • VIII. Bibliography • IX. Appendix

Hospitality Concept Core Parameters – Large City Convention Center Complex

Each student team will use the same basic parameters in the design and development of a full service large city convention center to be used as the basis for the revenue management plan project. Your Convention Center is located in a US city of your choice and will be customized to meet your preferences. The parameters include, but are not limited to:

• Full Service Convention and Meeting Facility o Minimum of 250,000 sq. ft. of Multi-purpose Convention and Meeting Space o Conventions, Exhibitions, Meetings, Events – Corporate, Social, Government • VIP Lounge (Bar, Restaurant, Meeting Rooms, Services) • Arena and or Theatre • Full Food and Beverage Banquet and Catering Operation • 1 Full Service Restaurant and Bar (Open 6am to 2am) • 1 Coffee Shop and Food Court Operation • 1 Club member Lounge • More than 40 Meeting and Breakout Rooms • Full Service Audio and Video Service • 1 Retail and Sundries Shop • 1 Business Center • Full Service Convention Sales and Services Department • Mix of Convention Set Up, Engineering, Maintenance, Storage, Purchasing and Receiving, Sales, Finance, Administration Departments • Custom Key Attributes, Amenities, Services Offerings TBD by Each Team

Part 3. Comprehensive Hospitality Concept Revenue Management Plan Report (PPT Format, 100 Points)

Each team will have developed their concept as outlined above and now will develop and a comprehensive revenue management plan for their entire concept. Students are to have identified their concept’s revenue centers and develop and apply each of the 8 revenue management tools to their operation. Each revenue generating department within the Convention Center must be addressed. This paper will include, but not be limited to, the following: • Detailed Hospitality Concept Report (All of the content above in Part 2). This PPT will become the first half of the final Revenue Management Plan Report • Revenue Management Plan for your Concept. This work will become the second half of the final Revenue Management Plan Report o Develop a separate section in the report on the application of each RM tool we learn in class (yielding a minimum of these 9 sections: Strategic Pricing, Perceived Value, Differential Pricing, Forecasting, Inventory and Price

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Management, Distribution Channel Management, Revenue Management for F&B, Evaluation of Lodging and F&B Revenue). o The report will include . Definition of the purpose of a revenue management plan (at the front of the report) o For each RM Section, a section introduction slide(s) that provides: . A clear definition and description of the RM practice or application, . An explanation for why we use the practice/ application in business in general, and, . A clear statement or rationale for why your team is using and implementing the RM practice/application in your business concept. . Then in each revenue application, you should provide two or more tactics or examples of use for each revenue center in your business. o Identification of key challenges in implementing your revenue management program. o Conclusions and Recommendations o Key Project Takeaways o Bibliography

Part 4. Team Peer Evaluation (100 Points)

Each student will also be evaluated by themselves and their teammates on their participation and contribution in the group project. • Group members will evaluate self and each other on a 10 point scale and Instructor will compile and average of the peer evaluation scores for each student on a 1-10 point scale and then convert that to a 100 point scale for the student score for peer evaluation points. • Peers will evaluate self and each other using the form on canvas. The criteria include:

• Attendance at meetings and work sessions • Preparation for meetings and work sessions • Participation and communication at meetings and work sessions • Quality of contributions • Help and support in planning and implementing activities • Preparation and Guidance on the project • Attitude and Cooperation in the project process • Dependability • Technical competency • Creativity and Initiative

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INSTRUCTOR PARTICIPATION (100 Points)

Active participation/discussion in class is very important as part of your performance evaluation for the class. If you are not in class, you cannot earn class participation points. • In assessing class participation, the instructor will consider participation in class discussion, efforts towards making class discussions informative and stimulating for all students, constructive attitude towards making the class productive for the whole group, and the completion of all assignments on time. • You need to be prepared for each class and be ready to speak and participate in class discussions.

GRADING SCALE

Students are reminded of the university regulations regarding the allocation of grades. A student’s overall performance in this subject shall be graded as follows: For more information please refer to the link to the undergraduate catalog web page https://catalog.ufl.edu/ugrad/ current/regulations/info/grades.aspx.

A = 94-100 C+ = 77-79 D+ = 67-69 A- = 90-93 C = 74-76 D = 64-66 B+ = 87-89 C- = 70-73 D- = 60-63 B = 84-86 F = 0-59 B = 80-83

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METHODS OF EVALUATION

The grade in this course will be computed as follows:

Course Component Points and Percentage Points

(A) Intro, Attendance and 350 Points Participation

Personal Intro Video (1 @ 10 points) 10

Attendance (16 @ 5 pts, 16 @10pts) 240

Participation – Instructor (1 @ 100 points) 100

(B) Assignments 100 Points

Discovery Learning Exercises (5 X 20 points) 100

Quizzes 10 x 10 points 120

Comprehensive Final Exam 1 x 100 points 100

(D) Group Project 350 Points

Concept Introduction (1 X 50 points) 50

& Team Planning Agreement

Concept Paper (PPT Format) (1 x 100 points) 100

Rev Mgt Plan Final Report (1 x 100 points) 100 (PPT)

Student Peer Evaluation (1 X 100 points) 100

Total 1020

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COURSE ANNOUNCEMENTS and SCHEDULE

Please check Canvas regularly for announcements, course schedule and assignments. The course schedule is tentative and subject to change. Changes will be announced in class and posted on Canvas. If a student misses class, the student is still responsible for these changes.

IN-CLASS TECHNOLOGY USE POLICY

It is expected that all students arrive, on time, prepared for class and that all cellular phones and Internet connections are turned off during class unless students are invited to use their computers, tablets or phones for note taking, in class assignments or research only!

Reading the newspaper, doing other work, surfing the net, on social media or disrupting the class in any other form will not be tolerated. Eating in class is against HHP policies. If at any time you feel the need for assistance and/or information concerning the course, see Dr. Dunn as soon as possible.

TECHNICAL DIFFICULTIES AND UF HELP DESK

Online access is your responsibility. If you experience trouble accessing the course or your GatorLink account, or any other relevant issues, please contact the UF Computing Help Desk.

• Help Desk advisors are usually available 24 hours per day 7 days per week and can be reached via message, email or phone. You must have your UF ID number handy when calling so they can assist you. • Please email me immediately if you have any questions or trouble with the technology or content of the course. I will attempt to respond to your emails within 24 business hours of receipt. Please remember to include the course prefix and number in your emails and all correspondence must be presented in a professional manner.

WORKING WITH TECHNOLOGY

Please note that in this class, we will utilize technology. • Therefore, it is very important for you to know that you cannot rely on technology every time. To prevent any problems, always do your assignments well before they are due. If you leave it to the last minute, problems will arise such as internet connection not working, website not working, etc. • In addition, the instructor will use the announcement feature or email function to regularly communicate with you outside of class. Therefore, it is critical for you to check your UF Canvas Announcements and Email Account DAILY! • Unless approved by the instructor, cell phone, tablet and or laptop use is not allowed in class. And if approved by the instructor use of such devices is to be for class purposes only, not for personal purposes (e.g., social media, texting, etc.). Students will be asked to leave a class if breaching this policy. Students should print notes, PPTs, assignments for review and discussion in class.

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• Since we will be incorporating external software programs in the course, it is recommended that students have a laptop or ipad available when needed.

EMAIL ETIQUETTE

You are expected to communicate in a professional manner. Email communication should be courteous and respectful in manner and tone. Do not send emails that are casual or demanding.

• Please include your last name and the course number (HFT 4468) in the subject line of all emails. • Please use a proper greeting in your email, e.g. Dear Dr. Dunn. • Please do not expect an immediate response via email (typical response time will be within two business days). • If your email question is sent at the last minute (e.g. shortly before an assignment is due) it may not be possible to send you a response before the due time. • For emails with questions about class content, please consider use of Canvas discussion boards or indicate if you would not be willing to have the question and answer posted to the discussion board – it is often helpful for the class to see the answers to questions that commonly arise.

UF ATTENDANCE POLICY

Absences Students are responsible for satisfying all academic objectives as defined by the instructor. • Absences count from the first class meeting. • In general, acceptable reasons for absence from or failure to participate in class include illness, serious family emergencies, special curricular requirements (e.g., judging trips, field trips, professional conferences), military obligation, severe weather conditions, religious holidays and participation in official university activities such as music performances, athletic competition or debate. • Absences from class for court-imposed legal obligations (e.g., jury duty or subpoena) must be excused. Other reasons also may be approved. • The university recognizes the right of the individual professor to make attendance mandatory. After due warning, professors can prohibit further attendance and subsequently assign a failing grade for excessive absences. • Students are responsible to secure all class notes and assignments from their peers, teammates.

Religious Holidays The Florida Board of Education and state law govern university policy regarding observance of religious holidays. The following guidelines apply: • Students, upon prior notification to their instructors, shall be excused from class or other scheduled academic activity to observe a religious holy day of their faith. • Students shall be permitted a reasonable amount of time to make up the material or activities covered in their absence.

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• Students shall not be penalized due to absence from class or other scheduled academic activity because of religious observances. • Requirements for class attendance and make-up exams, assignments, and other work in this course are consistent with university policies that can be found at: https://catalog.ufl.edu/ugrad/current/regulations/info/attendance.aspx.”

STUDENTS WITH DISABILITIES

The Dean of Students Office provides individualized assistance for students with documented disabilities. Services are based upon student need and impact of their specific disability. There is no requirement for any student to self-identify as having a disability. Students with disabilities requesting accommodations should first register with the Disability Resource Center (352-392- 8565, www.dso.ufl.edu/drc/) by providing appropriate documentation. Once registered, students will receive an accommodation letter which must be presented to the instructor when requesting accommodation. Students with disabilities should follow this procedure as early as possible in the semester.

THE UNIVERSITY OF FLORIDA “ACADEMIC INTEGRITY CODE”

In adopting this Honor Code, the students of the University of Florida recognize that academic honesty and integrity are fundamental values of the University community. Students who enroll at the University commit to holding themselves and their peers to the high standard of honor required by the Honor Code. Any individual who becomes aware of a violation of the Honor Code is bound by honor to take corrective action. The quality of a University of Florida education is dependent upon the community acceptance and enforcement of the Honor Code. …We, the members of the University of Florida community, pledge to hold ourselves and our peers to the highest standards of honesty and integrity. On all work submitted for credit by students at the University of Florida, the following pledge is either required or implied: “On my honor, I have neither given nor received unauthorized aid in doing this assignment”

Violations of the Academic Honesty Guidelines shall result in judicial action and a student being subject to the sanctions in paragraph XIV of the Student Conduct Code. The conduct set forth hereinafter constitutes a violation of the Academic Honesty Guidelines (University of Florida Rule 6C1-4.017). For further information regarding the honor code at the University of Florida, please visit the website of the Dean of Students: http://www.dso.ufl.edu/judicial/academic.php

EVALUATION OF INSTRUCTION

Students are expected to provide feedback on the quality of instruction in this course by completing online evaluations at https://evaluations.ufl.edu. Evaluations are typically open during the last two or three weeks of the semester, but students will be given specific times when they are open. Summary results of these assessments are available to students at https://evaluations.ufl.edu/results/UF

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SPECIAL SERVICES

Phone number and contact site for university counseling services and mental health services: 392-1575, or by going to http://www.counseling.ufl.edu/cwc/Default.aspx. The University Police Department: 392-1111 or 9-1-1 for emergencies

Week Date Ch. Topics Activities & Assignments

W1 8/20 Class Overview 8/22 Team selection and Intro Video project overview W2 8/27 1 Intro. To Rev. Mgmt. 8/29 Discussion Ch. 1 review question due W3 9/3 2 Strategic Pricing Team Planning Proposal Document 9/5 Discussion Discovery Learning Exercise Due Ch. 2 review question due W4 9/10 3 Value 9/12 Discussion Ch. 3 review question due W5 9/17 4 Differential Pricing 9/19 Discussion Discovery Learning Exercise Due Ch. 4 review question due W6 9/24 5 Revenue Manager's Role 9/26 Guest Speaker Ch. 5 review question due W7 10/1 6 Forecasting Demand 10/3 Discussion Discovery Learning Exercise Due Ch. 6 review question due W8 10/8 7 Inventory & Price Mgmt. 10/10 Discussion Concept Paper PPT Ch. 7 review question due W9 10/15 8 Distribution Channel 10/17 Guest Speaker Ch. 8 review question due W10 10/22 9 Eval. Of Rev. Mgmt. 10/24 Discussion Discovery Learning Exercise Due Ch. 9 review question due

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W11 10/29 10 Rev. Mgmt. for F&B Svc. 10/31 Discussion Ch. 10 review question due W12 11/5 11 Eval. Of Rev. Mgmt. F&B 11/7 Guest Speaker F&B Ch. 11 review question due W13 11/12 12 Specialized Applications Final Assignment PPT 11/14 Discussion Discovery Learning Exercise Due Ch. 12 review question due W14 11/19 13 Bulding Better Business 11/21 Guest Presentation Rev. Mgmt. Plan Final Report PPT Ch. 13 review question due W15 11/26 Student Peer Evaluation due 11/28 THANKSGIVING NO CLASS NO CLASS W16 12/3 Discussion Review for Final Exam

12/10 Final Exam

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