Business Admin.
The four main functions of management
What is Planning, Organizing, Leading, Controlling.
This financial plan outlines expected income and expenses for a period of time.
What is a budget?
The hospitality industry is made up of lodging, food & beverage, recreation, and this sector.
What is travel and tourism?
These are the four main elements of the marketing mix.
What are Product, Price, Place, and Promotion?
This person starts and runs a new business, taking on financial risks.
Who is an entrepreneur?
This management skill involves assigning responsibility and authority to another person.
What is Delegation
This financial ratio measures how much profit is earned on an investment.
What is ROI (Return on Investment)?
This department ensures guests have positive experiences and receive assistance when needed.
What is customer service?
This term describes dividing a market into smaller groups with similar needs or behaviors.
What is market segmentation?
This type of funding is provided by investors to early-stage companies with growth potential.
What is venture capital?
This short statement explains a company’s purpose and direction.
What is a mission statement?
This describes how quickly an asset can be converted into cash.
What is liquidity?
This acronym refers to the average amount of money a hotel earns per occupied room.
What is ADR (Average Daily Rate)?
This group represents the specific consumers a business aims to reach.
What is a target market?
This type of program supports startups with mentoring, office space, and networking.
What is a business incubator?
This type of organizational structure has decision-making concentrated at the top.
What is a centralized structure?
This profit type equals total revenue minus cost of goods sold.
What is gross profit?
This measure shows the percentage of available hotel rooms that are occupied.
What is the room occupancy rate?
This growth strategy focuses on selling existing products to new markets.
What is market development?
These investors use their personal wealth to fund startups in exchange for ownership equity.
Who are angel investors?
This term refers to the number of employees a manager directly supervises.
What is span of control?
These three key financial documents include the balance sheet, income statement, and cash flow statement.
What are financial statements?
These technology-based systems help hotels maximize revenue by adjusting pricing based on demand.
What are revenue management systems?
This classic model stands for Attention, Interest, Desire, and Action.
What is the AIDA model?
This type of innovation disrupts existing markets by introducing simpler, cheaper alternatives.
What is disruptive innovation?