Solutions to the Hospitality Industry's Labor Shortage

A shortage of labor exists in the hospitality industry, even to the point that many vacant positions go unfilled. The author discusses some solutions to the problem, including a look at retirees, working mothers, and the disabled.

Ethics In The Hospitality Industry: A Management Control System Perspective

Hospitality managers may assume that unless under control, ethics in their operations are out of control. This article proposes a management control system for ethics.

Franchising in the Hospitality Industry: Accounting Aspects

Franchised businesses are a powerful factor in the American economy. The author provides a general overview of the area, citing statistics supporting its growth in the industry. Attention will be focused on accounting aspects of franchising, placing major emphasis on issues associated with the recognition of franchise fee revenue.

Restructuring In The Hospitality Industry

In her dialogue entitled - Restructuring in the Hospitality Industry - Elisa S. Moncarz, Associate Professor, the School of Hospitality Management at Florida International University, intends for you to know the following: “Recent years have seen a proliferation of restructurings of major American corporations creating an extremely important issue that has affected U.S. business. This article discusses restructuring issues in the hospitality industry, focusing attention on its causes and motivations, as well as on its benefits and perils. The author considers the impact of restructuring on investors and management while examining recent restructurings involving hospitality firms.” In defining the concept of restructuring, Associate Professor Moncarz informs you, “Restructuring entails the implementation of fundamental and comprehensive modification of a company's operational and/or financial structure.” “It has, indeed, become fashionable to take a company apart and put it back together in a different form,” the author says. Additionally, Moncarz refers to a Wall Street Journal study, dated August 1985, which reveals that nearly half the large American corporations were, or were soon to be restructured in the 1984/85 time frame. There are several distinct types of restructurings and the author wants you to be aware of some of them. “…threats of takeover attempts, the larger part of all restructuring have been initiated willingly in order to expand or divest a company's line of business (i.e., operational restructurings) or redirect its finances (i.e., financial restructurings),” the author reveals. “Two principal types of operational restructurings are mergers and acquisitions [M&A], and divestitures [disposing of unwanted units or assets],” Moncarz further defines the concepts of expansion and divestiture. The author explains several types of financial restructuring sketches used in the hospitality industry, including stock re-purchasing, debt issuances and redemptions, swapping debt for equity, and effective theories of realigning debt through extending loans and/or revising terms. To expand their businesses, Moncarz makes anecdotal reference to several major food and beverage corporations that have successfully employed operational restructuring principles. The author wades into the shallow end of the hostile takeover pool by explaining some of the corporate restructuring concepts used to repel that aggressive technique. Walt Disney Company completely redesigned their entire upper level management structure in a successful effort to thwart a hostile takeover bid by corporate raider Saul P. Steinberg, Moncarz informs. To close, the author touches on leveraged buyouts [LBOs], and stock repurchases to divest unwanted divisions and immobilize hostile takeover attempts. A lengthy table of - Selected Restructurings in the Hospitality Industry [1982 to date of article] – is also included.

Essays on Competition in the Pharmaceutical Industry

Chapter 1: Patents and Entry Competition in the Pharmaceutical Industry: The Role of Marketing Exclusivity Effective patent length for innovation drugs is severely curtailed because of extensive efficacy and safety tests required for FDA approval, raising concern over adequacy of incentives for new drug development. The Hatch-Waxman Act extends patent length for new drugs by five years, but also promotes generic entry by simplifying approval procedures and granting 180-day marketing exclusivity to a first generic entrant before the patent expires. In this paper we present a dynamic model to examine the effect of marketing exclusivity. We find that marketing exclusivity may be redundant and its removal may increase generic firms' profits and social welfare. Chapter 2: Why Authorized Generics?: Theoretical and Empirical Investigations Facing generic competition, the brand-name companies some-times launch generic versions themselves called authorized generics. This practice is puzzling. If it is cannibalization, it cannot be profitable. If it is divisionalization, it should be practiced always instead of sometimes. I explain this phenomenon in terms of switching costs in a model in which the incumbent first develops a customer base to ready itself against generic competition later. I show that only sufficiently low switching costs or large market size justifies launch of AGs. I then use prescription drug data to test those results and find support. Chapter 3: The Merger Paradox and R&D Oligopoly theory says that merger is unprofitable, unless a majority of firms in industry merge. Here, we introduce R&D opportunities to resolve this so-called merger paradox. We have three results. First, when there is one R&D firm, that firm can profitably merge with any number of non-R&D firms. Second, with multiple R&D firms and multiple non-R&D firms, all R&D firms can profitably merge. Third, with two R&D firms and two non-R&D firms, each R&D firms prefer to merge with a non-R&D firm. With three or more than non-R&D firms, however, the R&D firms prefer to merge with each other.

Trends in the foodservice industry : convenience foods

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Essays on competition in the pharmaceutical industry

Chapter 1: Patents and Entry Competition in the Pharmaceutical Industry: The Role of Marketing Exclusivity. Effective patent length for innovation drugs is severely curtailed because of extensive efficacy and safety tests required for FDA approval, raising concern over adequacy of incentives for new drug development. The Hatch-Waxman Act extends patent length for new drugs by five years, but also promotes generic entry by simplifying approval procedures and granting 180-day marketing exclusivity to a first generic entrant before the patent expires. In this paper we present a dynamic model to examine the effect of marketing exclusivity. We find that marketing exclusivity may be redundant and its removal may increase generic firms' profits and social welfare. ^ Chapter 2: Why Authorized Generics?: Theoretical and Empirical Investigations Facing generic competition, the brand-name companies some-times launch generic versions themselves called authorized generics. This practice is puzzling. If it is cannibalization, it cannot be profitable. If it is divisionalization, it should be practiced always instead of sometimes. I explain this phenomenon in terms of switching costs in a model in which the incumbent first develops a customer base to ready itself against generic competition later. I show that only sufficiently low switching costs or large market size justifies launch of AGs. I then use prescription drug data to test those results and find support. ^ Chapter 3: The Merger Paradox and R&D Oligopoly theory says that merger is unprofitable, unless a majority of firms in industry merge. Here, we introduce R&D opportunities to resolve this so-called merger paradox. We have three results. First, when there is one R&D firm, that firm can profitably merge with any number of non-R&D firms. Second, with multiple R&D firms and multiple non-R&D firms, all R&D firms can profitably merge. Third, with two R&D firms and two non-R&D firms, each R&D firms prefer to merge with a non-R&D firm. With three or more than non-R&D firms, however, the R&D firms prefer to merge with each other.^

Recruitment, Selection and Retention of Managers In the Hotel and Restaurant Industry

The recruitment, selection, and retention of competent, reliable, and motivated managers has been the cornerstone of any successful organization. This is generally a complex assignment due to the subjectivity involved in determining what traits are needed to make a good manager. In order to determine the status of the hospitality industry with regard to managerial concerns, leaders in the hotel and restaurant industry were surveyed on these issues.

Teleconferencing Technology: Recent Development and Implications for Hotel Industry

Even though the popularity and usage of teleconferencing is evident primarily outside the lodging industry, lodging operators cannot choose to ifnore the role teleconferencing will play in meeting the changing needs of guests. The authors discuss the factors that spurred the growth of teleconferencing, the opportunities and threats faced by lodging operators, and suggestions for taking advantage of the technology.

Management Retention Factors in the School Foodservice Industry

Management retention in the school foodservice industry has been a growing concern for school district decision makers due to the large numbers of managers reaching retirement age and the shortage of qualified people to fill the positions. As with other foodservice positions, turnover rates and the shortage of service employees will continue to be challenges well into the 21st centery. The current study employed by a self-administered questionnaire and asked 101 school foodservice managers in Central Florida to rate their perceived importance of and their perceived experience with 20 employment characteristics of their job. There were significant differences in 17 of the 20 characteristics thus highlighting significant gaps between perceived importance and perceived actual experience on the job and what would keep them from changing jobs. Management and human resources implications are discussed.

Differential Impacts of Information Technology Services in the Korean Hotel Industry: A Study of Management Perceptions

Successful introduction of information technology applications in various operations of hotel management is vital to most service firms. In recent decades, technologies of information, automation, and communication are increasingly recognized as essential components of a hotel company’s strategic plan. In this study, 62 super-deluxe hotels (5 star), deluxe hotels (4 star), and tourist hotels (3 star) in Korea are examined for differences in the impact of information technology services on guest’ satisfaction, guest convenience, and operational efficiency. The findings generally suggest that the impacts of information technology-enhanced services vary according to the category of hotels in Korea. The results of the study are expected to assist managers in the selections and implementation of information technology systems in their hotel.

The International Hotel Industry in the New Millennium

The top priorities of 170 hotel managers from 25 countries were identified as human capital, understanding customers, use of capital, alignment of stakeholder interests, use of information technology, and valuing brands in a Cornell University study.' The authors discuss how managers in a hotel's functional departments are ultimately responsible for addressing each of these concerns and issues.