The Cornell School of Hotel Administration on Hospitality: cutting edge thinking and practice41257

FFIRS.indd ii 3/16/11 8:46:37 PM The Cornell School of Hotel Administration on Hospitality www.hotelschool.cornell.edu FFIRS.indd i 3/16/11 8:46:37 PM FFIRS.indd ii 3/16/11 8:46:37 PM The Cornell School of Hotel Administration on Hospitality Cutting Edge Thinking and Practice Edited by Michael C Sturman Jack B Corgel Rohit Verma John Wiley & Sons, Inc FFIRS.indd iii 3/16/11 8:46:38 PM Copyright © 2011 by The Cornell University All rights reserved Published by John Wiley & Sons, Inc., Hoboken, New Jersey Published simultaneously in Canada No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, (978) 750-8400, fax (978) 646-8600, or on the web at www.copyright.com Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, (201) 748-6011, fax (201) 748-6008, or online at http://www.wiley.com/go/ permissions Limit of Liability/Disclaimer of Warranty: While the publisher and author have used their best efforts in preparing this book, they make no representations or warranties with respect to the accuracy or completeness of the contents of this book and specifically disclaim any implied warranties of merchantability or fitness for a particular purpose No warranty may be created or extended by sales representatives or written sales materials The advice and strategies contained herein may not be suitable for your situation You should consult with a professional where appropriate Neither the publisher nor author shall be liable for any loss of profit or any other commercial damages, including but not limited to special, incidental, consequential, or other damages For general information on our other products and services or for technical support, please contact our Customer Care Department within the United States at (800) 762-2974, outside the United States at (317) 572-3993 or fax (317) 572-4002 Wiley also publishes its books in a variety of electronic formats Some content that appears in print may not be available in electronic books For more information about Wiley products, visit our web site at www.wiley.com Library of Congress Cataloging-in-Publication Data: The Cornell School of Hotel Administration on hospitality: cutting edge thinking and practice / edited by Michael C Sturman, Jack B Corgel, Rohit Verma p cm Includes bibliographical references and index ISBN 978-0-470-55499-9 (cloth) ISBN 978-1-118-01620-6 (ebk) ISBN 978-1-118-01625-1 (ebk) ISBN 978-1-118-01626-8 (ebk) Cornell University School of Hotel Administration Hospitality industry—Study and teaching— New York (State)—Ithaca Hotel management—Study and teaching—New York (State) Hospitality— Study and teaching—New York (State) I Sturman, Michael C (Michael Craig) II Corgel, Jack B., 1948III Verma, Rohit IV Cornell University School of Hotel Administration Career Services Office TX911.5.C585 2011 647.94071—dc22 2010043313 Printed in the United States of America 10 FFIRS.indd iv 3/16/11 8:46:38 PM We are extremely thankful for the support of the Center for Hospitality Research, and to Glenn Withiam for all the work he did and contributions he made to the creation of this book FFIRS.indd v 3/16/11 8:46:38 PM Contents Foreword xi Michael D Johnson Chapter Four Paths to Success in the Hospitality Industry Michael C Sturman, Jack B Corgel, and Rohit Verma Chapter The Essence of Hospitality and Service Giuseppe Pezzotti Part I Success in Your Hospitality Career Chapter Preparing for a Successful Career in the Hospitality Industry 21 Kate Walsh, Michael C Sturman, and Bill Carroll Chapter The Listening Fast Track 37 Judi Brownell Chapter Developing and Managing Your Multinational Career 52 Jan Katz Chapter Becoming a Leader in the Hospitality Industry 65 Timothy Hinkin vi TOC.indd vi 3/16/11 8:48:07 PM vii Contents PART II Success Through Operations and Service Excellence Chapter Understanding and Predicting Customer Choices 83 Rohit Verma Chapter Guiding the Guest Experience 97 HaeEun Helen Chun Chapter Harnessing the Power of Your Culture for Outstanding Service 111 Robert Ford and Michael C Sturman Chapter 10 A Scientific Approach to Managing Hospitality Operations 127 Gary M Thompson Chapter 11 Motivating Your Staff to Provide Outstanding Service 142 Michael C Sturman and Robert Ford Chapter 12 How to Build Service Quality into Your Operation 159 Alex M Susskind Chapter 13 Demand Management 174 Bill Carroll Chapter 14 Revenue Management for Enhanced Profitability: An Introduction for Hotel Owners and Asset Managers 192 Chris Anderson and Sheryl Kimes TOC.indd vii 3/16/11 8:48:07 PM viii Contents Chapter 15 Competing Successfully with Other Hotels: The Role of Strategy 207 Cathy A Enz Chapter 16 Focus on Finance: Aiming for Restaurant Success 227 Alex M Susskind and Rupert Spies PART III Success as a Real Estate and Business Owner Chapter 17 Hospitality Property Ownership: Where You Fit In 247 Jack B Corgel, Robert Mandelbaum, and R Mark Woodworth Chapter 18 Hospitality Properties: How Much to Pay if You’re Buying; How Much to Ask if You’re Selling 270 Jack B Corgel Chapter 19 Gaining Maximum Benefit from Franchise Agreements, Management Contracts, and Leases 293 Jan A deRoos Chapter 20 Developing and Renovating Hospitality Properties 309 Jack B Corgel, Jan A deRoos, and Kevin Fitzpatrick Chapter 21 Planning and Programming a Hotel 321 Jan A deRoos Chapter 22 Measuring Hotel Risk and Financing 333 Peng Liu and Daniel Quan TOC.indd viii 3/16/11 8:48:07 PM ... education Founded in 1922 at the specific request of the hotel industry, the Cornell University School of Hotel Administration is the oldest school of its kind and the only Hotel School within an Ivy... 8:46:37 PM The Cornell School of Hotel Administration on Hospitality www.hotelschool .cornell. edu FFIRS.indd i 3/16/11 8:46:37 PM FFIRS.indd ii 3/16/11 8:46:37 PM The Cornell School of Hotel Administration. .. established the connection between the pineapple and hospitality Here at the Cornell School of Hotel Administration, this symbol embodies the concept of hospitality, as we study and teach the many