HTM 290 HTM Strategic Management

Lecture Hours: 4
Credits: 4

Reviews and refines essential skills needed for career success in the hospitality and tourism industry. Covers developing competency in creative problem-solving, critical thinking, effective oral and written communication, ethical reasoning, quantitative analysis, and the use of technology. Uses an industry-validated hotel management simulation tool to provide students with an applied learning experience.

Prerequisite: Second-year standing in Hospitality Management or Tourism and Travel Management programs.
Student Learning Outcomes:

Apply operations tactics and strategies within a hotel and within the broader competitive set.
Target and manage business priorities through use of quantitative analysis and creative problem-solving.
Use ethical reasoning and critical thinking skills to manage the interrelationships of the Balanced Scorecard.
Analyze qualitative and quantitative data to effectively communicate and manage strategies for long-term profit optimization.
Evaluate strategic trends in the external environment.
Apply effective forecasting techniques to maximize operational efficiency.
Describe how managerial accounting is used in the hospitality business cycle.

Content Outline

Competitive Set and Differentiation
Market Position and Target Market
Strategies for Driving Value for Guests
Build a Staffing Model and Training Plan to Insure that Guest Expectations are met
Forecast Business Levels and Budget Operational Costs by quarter to Drive Gross Operating Profit (GOP)
Ensure an Adequate Return on Capital Employed (ROCE) for the Owners
Drive Employee Engagement Metrics
Strategic Management Process
- Forecasting
- Monitoring
- Adapting
Service-Profit Link and Balanced Scorecard
Managerial Accounting in Hospitality
- Income statement
- Balance sheet
- Cash flow statement