What is the term describing the process of setting goals and deciding how to achieve them?
Planning
What are the four P's of the traditional marketing mix?
Product, place, price, and promotion.
What financial statement reports assets, liabilities, and owner's equity at a particular point in time?
Balance sheet
What document explains a business's goals, target market, operations, and financial projections?
Business plan
What is the process of welcoming hotel guests and registering them called?
Check-in
What is the management function of a manager assigning tasks, groups, employees and determining reporting relationships?
Organizing
What do you call the specific group of consumers a company aims to reach?
Target market
What is the money a business earns from selling goods or services before subtracting expenses called?
Revenue
A new business interviews potential customers before launching a product. What is it conducting?
Market research
A restaurant forecasts more guests than usual for a holiday weekend. What three areas should management use the forecast to plan?
Staffing, inventory, and capacity.
What is the management function of a supervisor comparing actual sales with the sales target and adjusting the team's approach?
Controlling
A company launches a new product at a high price and gradually lowers the price over time. What pricing strategy is this?
Price skimming
A product sells for $80 and has variable costs of $50 per unit. What is its contribution margin per unit?
$30
What is the difference between revenue and profit?
Revenue is income generated from sales; profit is what remains after expenses.
What hotel performance metric is calculated by dividing room revenue by the number of rooms available?
Revenue per available room (RevPAR)
What is the management concept of a company giving employees authority to make customer-service decisions without waiting for a supervisor?
Delegation and Empowerment
A campaign costs $2,000 and generates $8,000 is attributed revenue. What is its return on ad spend (ROAS)? (you can use the formula)
A company has fixed costs $12,000, sells each unit for $40, and has variable costs of $25 per unit. How many units must it sell to break even?
800 units
A startup runs out of cash because customers pay invoices 60 days after receiving them. What business problem is this?
Cash-flow problem
A guest discovers that their reserved hotel room is unavailable. What should the employee do first to resolve the service failure?
Listen to the guest, acknowledge the problem, and clarify their needs.
What is an organizational principle that could address a company having high company turnover because workers receive conflicting instructions from multiple supervisors?
Unity of command
A brand has high social-media engagement but very few purchases. What should its marketing team investigate before increasing its advertising budget?
Conversion rates, audience fit, the offer, the landing page experience, or the purchase funnel.
A company has current assets of $90,000 and current liabilities of $60,000. What is its current ratio, and what does it measure?
1.5:1; short-term liquidity
A founder launches a simple version of a product, gathers customer feedback, and improves it before investing heavily. What business approach is this?
Lean startup approach; build-measure-lean
A resort wants to stabilize revenue during its slow season. Name one strategic approach it could use.
Off-season pricing, targeted packages, special events, or attracting a different customer segment.