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Burnout

Burnout is one of the more pernicious yet commonly misunderstood the effects of work stress. Work stress among hospitality industry employees can be understood as both a psychological and a physical condition, and typically results from a perceived threat or demand neither easily dealt with nor circumvented. Stressors may be external or internal forces, with strain the consequential adverse effect upon the employee; burnout may then follow.

Business centers

Business centers within hotels provide services to business travelers who require an office away from the office. It is now an expectation that a range of facilities and services are provided to meet their business needs.

Business environment

Hospitality management includes managing the provision of accommodation and food and beverage services within a wide range of establishments and occasions. These include hotels, motels, clubs, casinos, restaurants, fast food, bars, special event catering and other services, farm and bed & breakfast establishments, and in flight, shipping, rail, school, hospital, college and armed forces catering services, and government policy makers and regulatory agencies (Morrison, 1996).

Business risk

Business risk refers to the uncertainty in a firm's cash flows and returns consequent to its operating and environmental characteristics. Business risk varies across industries as well as across firms within a given industry. Demand variability or seasonality, input cost fluctuations, sales price volatility, operating leverage and a firm's ability to keep up with competition and to adapt its sales price to absorb cost fluctuations are some factors that can influence a firm's business risk. Such factors depend partly on a firm's industry characteristics.

Business-level strategy

Business level strategy defines an organization's approach to competing in its chosen markets. Business strategy can be competitive, i.e. battling against all competitors for advantage; and/or cooperative, i.e. working with one or more players to gain advantage against other competitors. Porter (1980) classified strategies into two generic types aim a broad segment of market (1) low cost leadership based on efficient cost production that enables the company to charge a lower price for its product than its competitors and still make a satisfactory profit.

Buying decision process

At every second of the day consumers are being bombarded with marketing information and promotional messages. Messages from television advertisements to Website banners may reaffirm information about a product, showcase new products that are being launched, identify special product/service promotions, as well as notify consumers about special discount offers. Consumers therefore must constantly answer the question of ‘which product/service should they purchase?’ In order to arrive at a decision, the consumer goes through a process called the Consumer Buying Decision Process.

Capital assets pricing model

The Capital Assets Pricing Model (CAPM) developed by Sharpe (1964) and Lintner (1965) describes the relationship between risk and required rate of return. The CAPM proposes that the required rate of return on a risky asset is composed of the risk free rate of return plus a risk premium, which is the excess market return over the risk free rate multiplied by the level of systematic risk of the asset. Systematic risk, often denoted as beta, is a measure of a stock's covariance with the capital market.      

Career planning and development

Career planning and development is the 'life long process of working out a synthesis between individual interests and the opportunities (or limitations) present in the external work related environment, so that both individual and environmental objectives are fulfilled' (Van Maanen, 1977: 36). It is a continual process that affects both the individual and the hospitality organization. For the individual in the hospitality industry it involves career planning and career outcomes and encompasses such issues as job change, mobility, and stages of a career.