Finance
What is the amount of money a business earns from selling goods or services called?
Revenue
Target market
What is the process of making guests feel welcome and satisfied called?
Customer service
What is the process of assigning tasks and responsibilities to employees called?
Delegation
What is a person who starts and operates a business, usually taking financial risks, called?
Entrepreneur
What is the amount left after a business subtracts it’s expenses from its revenue?
Profit
What is the name, symbol, design, or combination that identifies a business or product?
Brand
What percentage of available hotel rooms are occupied is called what?
Occupancy rate
What does SWOT stand for?
Strengths, Weaknesses, Opportunities, and Threats
What document explains a company’s goals, strategies, market, and financial expectations?
Business plan
What financial plan outlines expected income and expenses over a specific period?
A budget
CWhat is the process of collecting information about customers and competitors called?
REDBULL BOOST
Market research
What is it called when an employee encourages a customer to purchase a more expensive version of a product or service?
Upselling
What is a measurable value used to evaluate how effectively a business is achieving a goal?
KPI - Key Performance Indicator
What is the point at which total revenue equals total costs?
Break-even point
What does ROI stand for, and what does it measure?
Return on Investment; it measures the profitability of an investment.
XWhat are the four Ps of marketing?
Product, Price, Place, and Promotion
What strategy do hotels and airlines use to adjust prices based on demand?
Yield management / dynamic pricing
What type of leadership involves employees participating in decision-making?
Democratic/participative leadership
What gives a business an advantage over its competitors?
Competitive advantage
A business has $10,000 in revenue and $7,500 in expenses. What is its profit?
$2,500
A company divides customers into groups based on age, income, interests, or buying behavior. What is this called?
Market segmentation
A hotel has frequent complaints about long check-in times. What should management improve?
RED BULL BOOST
The check-in process.
Employees keep missing deadlines because their responsibilities are unclear. What should the manager do?
Clarify employee roles.
An entrepreneur discovers that customers have a problem that current businesses aren’t solving. What does this represent?
A business opportunity