Hospitality and Event Management

Maslow's Hierarchy of Needs

A psychological theory categorizing human needs into five levels: physiological, safety, love/belonging, esteem, and self-actualization.

Herzberg's Two-Factor Theory

Proposes that job satisfaction and dissatisfaction arise from hygiene factors and motivators.

Hygiene Factors

Elements that prevent dissatisfaction but do not motivate, such as salary and work conditions.

Motivators

Factors that enhance job satisfaction and performance, including recognition and responsibility.

Service Marketing

Focuses on the intangible aspects of hospitality, such as customer experience and satisfaction.

The 7 Ps of Service Marketing

Product, Price, Place, Promotion, People, Process, and Physical Evidence.

Dynamic Pricing

A strategy used by hotels to adjust room rates based on market demand and competition.

Customer Relationship Management (CRM)

Systems used to manage guest information and preferences, enhancing the customer experience.

Event Management

The process of planning and executing events efficiently.

Liability Insurance

Insurance that protects hospitality businesses from claims related to guest injuries or property damage.

ADA Compliance

Standards ensuring accessibility for guests with disabilities in the hospitality industry.

Occupancy Rate

The percentage of available rooms that are occupied in a hospitality setting.

Crisis Management

Strategies used to respond to negative events and protect an organization's reputation.

Employer Compensation

Different types of compensation including salaries, bonuses, and benefits packages.

Financial Statement

Documents that summarize the financial performance of a business, including balance sheets and cash flow statements.

Maximizing Revenue per Available Room (RevPAR)

A performance metric used to assess a hotel's ability to fill available rooms at an average rate.

Training and Development

Programs designed to equip employees with the skills necessary for their roles and future growth.

Digital Marketing

Strategies using online platforms to promote hospitality services and engage customers.

Emergency Response Plan

A plan outlining procedures for various emergencies during events.

Reputation Management

Strategies used to influence public perception of a hospitality business.

Staff Recruitment

The process of attracting, selecting, and appointing people to fill roles within an organization.

Market Trends

Patterns and general tendencies observed in the market over time.