Hospitality Management MA/GC (TCHS1-GC)

This course is designed to research and analyze the emerging political, technological, environmental, sociocultural and economic trends and issues in international and national travel and tourism and provide a framework for exploration relative to the travel and tourism system. Students learn to identify tourism trends that impact destinations planning, development, marketing and growth. Topics include techniques for identifying and researching trends and how to measure the impacts of trends on destinations in order to determine which products and services will meet the needs of the different generations of visitors and create authentic experiences that visitors are seeking when they travel.

Effective professionals must understand modern leadership and behavior within their organizations. The concepts of leadership versus management, the development of culture within an organization and the formation of effective contemporary leadership techniques are the focus of this course. Issues such as managing diversity, transformational leadership and modern leadership theory will be discussed in detail. Topics covered in this class include comparative leadership models effective communication, global leadership issues, individual and group motivational theory, team-building and managing change in organizational settings.

Strategic decision-making in hospitality and travel is usually underpinned by data analytics – data are a valuable commodity today, and professional success is often tied to the ability to generate and visualize insights from data sets. This course will provide students with a functional literacy in business analytics, using hospitality and travel data. They will be introduced to key analytical tools in MS Excel and statistical functions commonly used in business. Students will learn how to ask the right questions, evaluate data collection mechanisms, find patterns in data and build models, and communicate their findings to make sound recommendations.

This course will introduce students to a variety of technical and business writing practices. It teaches the fundamentals of good business writing, including protocols for business letters, electronic mail and formal reports and proposals. It will review inter-cultural communication, and the role of technology in delivering a clear and effective message. It will highlight the importance of evidence-based communications, and will cover academic research and writing practices, including the selection of reliable sources and accurate referencing. In addition, the course will cover how to create effective presentations, and will require students present individually and/or as a group.

The formulation and implementation of strategy is vital to the success in today?s business world. This course analyzes the strategy formulation process and the decision making process required for strategy implementation. Strategy planning, formulation, translation, feedback and evaluation are explored as well as the process of making effective decisions involving the long-term success of hospitality and tourism organizations. Topics include the principles of strategy formulation, factors effecting effective strategy implementation, criteria for success, measurement, and the tenets of effective decision-making within hospitality and tourism service organizations.

This course examines current techniques and practices used by industry consulting professionals. Both consulting firms and individual consultancies are explored to provide the range of possible career opportunities. Required technical, interpersonal and consulting skills are integrated through the use of case studies and hospitality and tourism examples. The criteria for successful consulting are outlined and discussed in detail. Topics include contracting, negotiating, diagnosing, data collecting, discovery, reporting, and project management.

This course examines various financial instruments, structures, and strategies by which hospitality and tourism businesses operate. Topics to be covered include important financial concepts such as time value of money, capital budgeting, operations budgeting, ratio analysis, sources of capital, and forecasting. Excel will be used in class and for homework assignments.

While many hotel brands are facing similar challenges and opportunities, there does not seem to be a single approach to dealing with these new dynamics and competitors may respond differently. A business model describes the rationale of how an organization creates, delivers, and captures value. This course addresses business model development so that students will be able to comprehend and apply all nine business model components to a hospitality organization.

This course presents a managerial as well as technical perspective to research. The research process is useful in every aspect of the hospitality and tourism industries. Quantitative and qualitative tools, techniques and methods of applied research are explored in the framework of general guidelines for empirical work. Topics will include sampling techniques, research design, data collection and problems of measurement. Statistical methods such as frequency, variability, sampling and observation will form the basis for performing applied industry research.

Design thinking is a method of applying creativity to come up with novel solutions and innovations to tough problems. It's the process of immersing in a problem space, thinking creatively around pain points and opportunity areas, and then iteratively developing totally new solutions. Focused on listening, user empathy, whole-brain thinking, collaboration, and experimentation, design thinking can be applied from business to architecture and from design and to new service development.

This course focuses on the marketing strategies involved in developing and implementing initiatives for hospitality and tourism products. Students examine different market strategies as they relate to single and multi-markets, with a look at the feasibility of a total market strategy. Emphasis is placed on positioning, product and service sub-strategy, communication, distribution and pricing strategies. The variables in marketing communication including analysis of media resources message creation, effectiveness and evaluation of promotion are explored.

The concepts and techniques of hospitality managerial accounting are explored in-depth. The similarities and differences in the views of managers, creditors and owners are analyzed to provide an understanding of varying financial objectives and goals. Analysis and interpretation of financial statements, the formation of operational and capital budgets, and the use of ratio analysis are investigated. Additional topics include break-even analysis, pricing strategies, forecasting, and effective cash management.

This course explores the legal aspects and tactics incorporated in the process of acquiring, owning, and disposing of hotel properties. The focus is on understanding hotel/guest liabilities, the sales contract, ownership models, the management agreement, the franchise and licensing agreements, and the labor and employment contracts. Issues, such as the Americans with Disabilities Act, environmental factors, and compliance with governmental regulations, are explored. The course also includes the negotiation and preparation of basic lease, purchase, and sale agreements.

of the program; Applied Research for Hospitality and Tourism/Y65.1050. Designed to synthesize knowledge gained throughout the program of study. The Advanced Special Project is expected to combine applied research methods and theoretical knowledge to focus on a relevant topical area. Projects are to demonstrate mastery of topical areas covered in earlier master's courses.

Students examine current trends and issues that affect rapid changes and/or the evolution of the industry by conducting a group research project. Topics may cover a broad range of current industry concerns including policy, development, financing, operational issues, and management. The evolving sophistication of the industry is discussed as it relates to the current and future models of the hospitality and tourism market. Course normally taken in student?s last semester of study.

Effective professionals must understand modern leadership and behavior within their organizations. The concepts of leadership versus management, the development of culture within an organization and the formation of effective contemporary leadership techniques are the focus of this course. Issues such as managing diversity, transformational leadership and modern leadership theory will be applied to professional challenges set by industry partners. Topics covered in these challenges may include comparative leadership models, effective communication, global leadership issues, individual and group motivational theory, team-building, and managing change in organizational settings.

This course provides an in depth investigation of the management of technology and eCommerce strategies used by the hospitality industry. Creating the ?business case? for the acquisition and implementation of information technology (IT) in hospitality organizations is explored through various criteria including cost/benefit analysis and ROI models. Effective use of eKnowledge and eProcurement systems is also examined. Topics include IT strategy formulation and implementation; a survey of industry specific software and hardware; wireless technology; various distribution systems; cost and revenue impacts; organizational and customer impacts; and projected changes for the future.

The field of asset management has evolved over the past twenty years to become a leading profession in the hotel investment world. Asset management work to safeguard an owner’s property and enhance its financial performance. This exciting field requires a wide variety of skills, many of which will be explored in this course.

This course examines the evolution and future trends of the distribution and demand management in hospitality industries. This course will explain how hospitality distribution and demand management has changed due to the rise of digital distribution and revenue management. The course will provide students with the relevant knowledge, and practical skills required to develop distribution and demand management strategies and tactics. Topics include: distribution intermediaries, channel optimization, pricing integrity, dynamic packaging, competitive distribution analysis, integration of marketing in distribution outlets, negotiations with third-party providers, technological enhancements, and group and transient sales.

Data analytics is the process of drawing insights from raw information; the emerging field of big data involves analysis that can help reveal patterns, trends, or insights from extremely large data sets. This course offers an introduction and overview of core concepts and applications as applied to data analytics and business modeling. The history of data analytics and big data, as well as the advantages and disadvantages their use, are covered. Incorporating case material, the course will explore data applications utilized in the hospitality and tourism industries.

This course aims to bring the hospitality information systems and technology world into the Tisch Center for Hospitality and Tourism and create the next generation of tech-savvy hoteliers needed to meet the challenges of the digital world. The course builds technology skills and practical knowledge that is necessary to operate, succeed and stay competitive in today’s tech-enabled hospitality industry. The course addresses the Hotel Management Technology, including Property Management Systems (PMS), Point of Sale (POS) Restaurant Systems, Self-Checking Technology, Back Office Automation, Concierge Technology, Guest Services Tech, etc.; Revenue Management Technology, including Revenue Management Systems (RMS), Rate Shopping Technology, Group and Travel Demand Business Intelligence (BI), etc.; Distribution Technology, including Global Distribution Systems (GDS), Central Reservation Systems (CRS), Website Booking Engines (WBE), Channel Management Technology, Hotel Switch and API Technology, Online Travel Agency (OTA) Technology, etc.; Customer Relationship Management (CRM) Technology, including Guest Data Management (DMP) Technology, Guest Communication Technology, Marketing Automation, Loyalty/Guest Recognition Technology, Online Reputation Management Technology, Data Security Technology, etc.; Digital Marketing Technology, including Website Technology, Content Management System (CMS) Technology, Cloud Hosting Technology & Security, Social Media Technology, Web Analytics Technology, SEO Technology, Programmatic Technology, Demand Side Platform (DSP) Technology, Email Marketing (ESP) Technology, etc.; Next Generation Technologies already making their way into hospitality.

This course investigates the management of the human asset in organizations by examining the implementation of the strategies, plans and programs required to attract, motivate, develop, reward and retain the right people to meet the organizational goals and operational objectives of the enterprise. Topics include workforce/workplace value system analysis, human resource skill inventories, needs analysis, job analysis, description and specification; orientation and socialization; encouraging performance; uses and abuses of performance appraisals; recruitment, training, and development; compensation and benefits; discipline and motivation techniques.

This course is concerned the economics of individual companies and properties. Financial statement analysis, hotel operating arrangements, hotel budgets; per room cost analysis, setting room rates are discussed in-depth. The manner by which ROI can be impacted by establishing quantifiable operational analysis objectives is studied specifically in terms of productivity, service, and improving efficiency and effectiveness. Additional topics include setting goals consistent with customer requirements, controlling processes and improving capability, establishing systems of quality, benchmarking, production scheduling, inventory policies, and developing service systems. Prerequisite: Y65.3410 Hospitality Managerial Accounting

In this course, students learn how to integrate digital marketing formats into a marketing plan, and how to use digital marketing to achieve business objectives. The course will cover social media, email marketing, blogs, SEO and video marketing. It will examine how digital marketing supports Customer Relationship Management and loyalty programs, and how the success of digital marketing campaigns can be evaluated. Students will be introduced to a wide variety of existing and emerging digital marketing formats, and will review good practice case studies across the travel and tourism sectors.

During the course the students will be challenged to identify areas of need, to find and create business ideas, and to develop business concepts and opportunities. In order to facilitate this, the course will present key skill-sets in a series of lectures, help participants use this in a series of workshops, and further use a mix of theoretical analysis and practice-focused teaching methods.

A proof of concept (POC) is the preliminary rollout of a specific program, process, method, principle, model, product, or idea to demonstrate its feasibility. Students will develop prototyping and presentation techniques that demonstrate for a team, the use and function of digital products such as mobile apps and websites using advanced industry prototyping software. We will discuss concepts of product development pipelines and building use cases. The end assignment will be a proposal pitch that outlines (i) the planning concepts, (ii) feasibility assessment, (iii) visual mock-ups of a prototype.

The objectives of the course are to build your skills, frameworks and knowledge in entrepreneurial finance. The skills and frameworks are similar to those employed in traditional corporate finance, but are, of necessity, more focused on cash flow, returns and recognizable value. The context of entrepreneurial finance is different than that of traditional corporate finance. Most companies are at a relatively early stage of maturity and, by definition, are not publicly listed on exchanges. Entrepreneurial Finance is of growing importance every year, both domestically and internationally.

Sales and marketing within individual hotels is one of the most important aspects of revenue generation in the hospitality industry. This course investigates the typical sales and marketing operation in luxury hotels and contrasts these techniques with other industry market segments. Guest segment analysis and regional marketing techniques; analysis of local competition; impact issues; rate comparisons; revenue and cost management interfacing; corporate marketing integration; horizon analysis; and interdepartmental communications are examined in-depth.

The course focuses on supporting the student in her/his decisions and other action in the new business venture. It is assumed that students entering the course have a formulated business idea to be realized, as well as a genuine interest in pursuing this business idea in a company of their own.

The course focuses on the decisions and actions owner-managers take in recognizing and choosing opportunities, obtaining and allocating resources, challenging and directing personnel, and adapting personal goals and corporate strategies to changing personal and business conditions. In this process, the course examines management challenges that are typical of different stages in the business’s development – start-up, growth, change of direction, etc. Using this framework, the course will discuss issues of particular importance to rapidly growing firms such as developing networks, managing with limited resources, cash planning, delegation, and professionalizing the business as it grows, dealing with crises, while at the same time being careful to avoid stifling the entrepreneurial spirit as the organization becomes larger and more complex.

The complexity of hotel operations has led to the large-scale adoption of hotel management agreements (HMAs) to control day-to-day operations and franchises which provide a valuable brand image that fosters traveler demand. These service providers greatly influence the revenue, profitability, and value of hotel assets, and therefore deserve a dedicated course of study. This class will explore HMAs and franchises from a variety of angles such as reviewing existing agreements, evaluating the economics of changing management or franchise for a hotel, and conducting mock contract negotiations.

Developing a meaningful customer experience requires consistent management of information and action. This course investigates structures, cultures, and the goals of organizations with the purpose of developing effective strategies for customer relationship management. Topics to be examined include: loyalty, life-time-value (LTV) of customers, service quality analysis, service recovery tactics, service experience design and delivery, analysis of customer touch points within organizations, developing service strategies consistent with corporate culture and mission, and implementing customer service necessary to achieve excellence and dominant market share. The role of technology in CRM management will be examined closely.

Hospitality Experience Design (HED) can be applied to various customer journey map touch points across hospitality organizations. HED is user-centered, co-creative, sequenced, holistic and evidence based method for creating hospitality experience value for customers. This course covers key principles of HED and provides opportunities to apply them to hospitality experiences.

This course explores the challenges and opportunities facing individuals and families involved in family business relationships. The course uses a systems model of the family and business to demonstrate the interrelationships and connections among the key stakeholders. This course is designed to provide an overview of the planning and management process required for family harmony and business continuity. The course is structured as a seminar on family business success factors. Each student group will select a family business and complete four exercises exploring their own selected family business situation. The first exercise will provide an overview of the family history and culture with three additional exercises addressing family participation, leadership development, and strategic planning. These exercises represent a foundation for the development of a comprehensive planning process for a family business.

Price management requires a commitment to a continuous systematic analysis of demand, competition, and product/service offerings. Pricing is the most sensitive or variable component determining the market mix. This course examines the meaning and importance of price-value relationships, the factors that determine pricing objectives and decisions, pricing in organizational markets, the evaluation and examination of demand, cost, profit issues, the selection of a pricing policy, distribution strategies and balancing operating cost and customer price sensitivity.

Predicting consumer behavior at the property level while optimizing room inventory and price is crucial to maximizing revenue potential and profit maximization. The intangible elements of changing demand, the perishable nature of the hotel product, the complexity of the hotel business (different market segments, length of stay and use of other products) and the strength of competition require tracking and measurement. Managing yield, manipulating price, and making constant and rapid changes are accomplished by means of data analysis techniques. Revenue Management requires a commitment to a continuous systematic analysis of demand, competition and product/service offerings. Hotel professionals must be capable of utilizing data-analysis techniques and financial models to forecast consumer behavior, price, competition and the optimal mix of business during peak, shoulder and valley seasons. Using financial statement data in business analysis as the framework the course explores financial and cost analysis, demand forecasting and prospective business analysis.

This course examines to use of statistics in the revenue management process. An understanding of revenue statistics is vital to the analysis and interpretation of effective revenue strategies. Course begins with a discussion of basic statistical procedures and builds to an investigation of current formulas used in hospitality revenue management computer solutions. Topic includes descriptive and inferential statistical procedures, revenue modeling, and an exploration of current and future techniques and procedures for maximizing yield potential in the hospitality industry operations.

The importance of managing the brand is fundamental to meeting revenue and sales goals. In an era of global competition the development and maintenance of integrated brand strategies impacts the marketing and development plan, the product and service offerings, distribution channels, and pricing. This course focuses on defining and analyzing brand competition, determining customers' attractiveness, and developing market forecasts. Topics include pioneering and innovative brand strategies, growth strategies, strategies for mature and declining markets, and defensive marketing strategies.

This course explores the elements and management of marketing channels. The need for effective and efficient distribution networks is fundamental to the development of global brands, loyalty, enhanced value, and cost reduction. The focus is on effective and efficient distribution of hospitality products and services from development to consumption. In light of changing technology this course explores the fluidity (or lack) of channel structure and the management of relationships among organizations that are linked together in a variety of distribution systems. The blending of revenue and sales goals is most clearly linked in the distribution channel.

This class is about creating positive change without authority in organizations. It will provide students with a practical toolkit for driving social and environmental change from within established organizations, while advancing core business objectives. It will draw on the first-hand experiences of intrapreneurs who have created business lines and organizational changes that are both financially viable and achieve outcomes beyond profits.

Food is one of humankind’s most basic needs, and food service is a fundamental part of the hospitality industry. This course will explore different types of food service operations together with the associated organizational and administrative requirements. Topics will include planning, design, marketing, purchasing, and cost controls. This is a classroom course and does not have a kitchen lab or food preparation section.

Hotel investment underwriting requires complex, multi-faceted analysis. This course will work through the many steps involved, such as analyzing historical data, researching comparative benchmarking data, and developing estimates of future operating performance. This information, together with a variety of historical and forward-looking investment metrics, is then further developed into an indication of market value. Throughout the course, students will be exposed to conventional market materials such as offering memorandum, appraisal reports, letters of intent, and more.

This course examines the role of the asset manager and the various disciplines incorporated into this function. Topics include investment underwriting, operations analysis, portfolio management, strategic investment analysis, market strategy, management contracts, franchises and the asset manager's involvement with the property management team. The course utilizes skills taught in other classes as they relate to the asset management function, such as valuation techniques, acquisition, market/economic analyses, and legal and environmental issues. The overall emphasis of the course is value enhancement strategies for owners and managers of lodging facilities.

This course examines financial statements and processes that establish fiscal responsibility and accountability in the hospitality industry. Analyzing the financial background of a business, this course offers in-depth insights about managing and financing effectively. The subjects to be covered include time value of money, analysis of financial statements, capital budgeting, operational budgeting and forecasting under short- and long-term economic scenarios, debt and equity management, project financing, risk management, investment strategies, and working capital analysis. Financial modeling is used extensively throughout the course.

The creation of entrepreneurial profit-driven enterprises is the foundation of any evolving business environment. This course examines and entrepreneurial process as it relates to the hospitality industry. The individual skills needed by the prospective entrepreneur as well as the physical, demographic, economic, and financial environment of new ventures are explored. Topics include opportunity recognition; entry and marketing strategies; the elements of successful business plans; venture capital, debt and equity financing techniques; organizational structures; and legal and tax considerations.

Hotel development is a complex, multi-faceted process. This course provides an overview of the critical steps from project conceptualization to grand opening. Because understanding market supply and demand is fundamental to effectively assessing the potential of any proposed existing property, this course introduces students to the principle elements of market analysis both conceptually and as applied to the New York City hotel market. Other strategic issues critical to evaluating new hotel projects such as branding, consolidation, management trends, etc. will be addressed.

Being able to prepare investment analyses is important, but the art of communication the results of such analyses in a clear, concise, and compelling manner is equally important. Students will use market data to prepare a variety of reporting formats commonly used in the hotel investments sphere. Students will use provided investment data and conclusions – there will be little emphasis on analysis in this course but rather on the presentation of data.

An analysis of organizations that provide services as products is necessary to provide an understanding of the forces in this environment (technological, economic, competitive, social, cultural, political and legal forces) that impact the customer service relationship. This course investigates structures, cultures, and the goals of organizations with the purpose of developing effective strategies for customer relationship management. Topics include analysis of customer touch points within organizations, service challenges in the next millennium, developing service strategies consistent with corporate culture and mission, and implementing customer service necessary to achieve excellence and dominant market share.

Hospitality is a multi-faceted sector that offers a wide scope for study. This course provides advanced study on a selected topic or emerging issue in international hospitality management. Special topics course offerings can vary from term to term: topics are selected based on student demand and faculty expertise. Students can take multiple sections of special topics courses with advisor approval.

An Independent Study provides the opportunity to work with a faculty member on a well-defined specific topic via independent study. Approved topics should be extensions of existing courses previously taken in areas in which no tourism courses are offered. The course content may be but is not limited to a specific course in the Graduate degree program but may also be designed for the student to research a topic that is not included in the current curriculum. Requires prior approval of appropriate faculty advisor.

The individual thesis is designed to allow students to undertake an original piece of research; demonstrate an ability to select and define and focus upon an issue at an appropriate level; develop and apply relevant and sound methodologies; analyze the issue; develop recommendations and logical conclusions; be aware of the limitations of research work. The students will also be expected to demonstrate an awareness of any ethical dilemmas that arise in their research.

This course provides students with limited industry experience an opportunity to work in a hospitality, travel or tourism enterprise. Building a career requires appropriate industry work experience to strengthen the students knowledge and skill formed in the classroom. Students are expected to complete a one hundred and fifty (150) hour work experience approved by the Tisch Center.