Marketing
What is the marketing mix, and what are its four elements?
The marketing mix consists of Product, Price, Place, and Promotion (4Ps)
What is the co-signer of a bank loan legally responsible to pay if the borrower defaults on the loan?
The balance of the loan owed.
What role do travel agencies play in the tourism industry?
Travel agencies assist individuals and groups in planning and booking travel arrangements, including flights, accommodations, and activities.
The legal structure a business owner chooses affects what aspects of the business?
Taxation rates and government regulation.
Name an example of a capital good.
Capital goods are defined as manufactured or constructed items that are used to produce goods and services: tools, machinery, buildings, vehicles.
Explain Distribution as a function of marketing
The function of moving a selling goods from producer to consumer
Explain the difference between a budget and a forecast in financial planning.
A budget is a plan for how money will be spent, while a forecast is a prediction of future financial outcomes.
Define the term "occupancy rate" in the context of hotels.
Occupancy rate is the percentage of available rooms or units occupied in a hotel or lodging establishment.
Explain the concept of networking in the context of professional development. How can effective networking benefit individuals in their careers?
Networking involves building and maintaining relationships with professionals in one's industry. Effective networking can lead to new opportunities, career advice, and industry insights. It helps individuals stay informed, gain support, and advance in their careers.
What information should be included on a résumé?
Education, work experience, and contact information
Explain the concept of market segmentation.
Market segmentation involves dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors.
What is the significance of a credit score in personal finance?
A credit score reflects an individual's creditworthiness and is used by lenders to evaluate the risk of extending credit.
What is the purpose of a concierge in the hotel industry?
The concierge provides personalized services to guests, such as booking reservations, arranging transportation, and offering local information.
Explain the three economic questions
What to produce, how to produce it, and how resources will be allocated
Name an example of non-verbal communication that expresses approval of an idea
Examples: nodding, smiling, eye contact
What is the difference between B2B (business-to-business) and B2C (business-to-consumer) marketing?
B2B marketing involves transactions between businesses, while B2C marketing involves transactions between businesses and consumers
Explain the difference between equity financing and debt financing.
Equity financing involves raising capital by selling ownership stakes, while debt financing involves borrowing money that must be repaid with interest.
What is the role of event planning in the hospitality industry, and how does it contribute to tourism?
Event planning involves organizing and coordinating events, conferences, or conventions, attracting visitors and enhancing the destination's reputation.
Provide an example of a business scenario where ethical considerations are crucial.
Examples may include issues related to product safety, employee treatment, or environmental sustainability, where ethical decisions are critical for long-term success.
Penelope wants to use an interactive channel to communicate with her employees. Which channel of communication should she choose?
A. A phone call
B. A voice mail
C. A letter
D. A report
What role does market research play in the marketing process?
Market research helps businesses understand their target audience, assess market trends, and make informed decisions about product development and marketing strategies.
What is the purpose of a cash flow statement in financial reporting?
The cash flow statement shows the inflows and outflows of cash in a business, providing insights into liquidity and financial health.
What is the difference between a product and a service?
Products are generally tangible items — something that your customers can physically hold in their hands. Services are typically intangible — something that you provide or perform for another person.
Describe the concept of productivity in business operations.
A measure of the efficiency of a person, machine, factory, system, etc., in converting inputs into useful outputs
If the money supply is low and the demand for money is high, interest rates on loans will:
Increase. The law of supply and demand states that increased demand and reduced supply drive prices (in this case, interest is the price of borrowing money) up.