Business Management & Administration
What is the process of setting goals and deciding how to achieve them?
Planning
What is a person who starts and runs their own business called?
Entrepreneur
Money flowing into a business is called what?
Revenue
What is the main purpose of customer service in hospitality?
To meet or exceed customer expectations
What are the 4 P’s of marketing?
Product, Price, Place, Promotion
What is the term for giving employees the authority to make decisions?
Empowerment
Money needed to start and operate a business is called what?
Startup capital
What is the term for the money a business owes?
Liabilities
What term describes the main reason a traveler visits an area?
Primary travel motivator (or purpose of travel)
What is the specific group of customers a business aims to reach?
Target market
What document outlines the tasks and responsibilities of a specific position?
Job description
What is the term for a brief, persuasive speech to spark interest in your business idea?
Elevator pitch
What is the difference between assets and liabilities?
Owner’s equity
What is overbooking in the hotel industry?
Accepting more reservations than there are rooms available
Dividing customers based on lifestyle, values, or personality is known as what?
Psychographic segmentation
What type of communication includes facial expressions, posture, and gestures?
Nonverbal communication
A business that already exists but is purchased by someone new is known as what?
An existing business opportunity
A budget that estimates a business’s income and expenses for a specific period is called what?
Operating budget
In tourism, what is the group of attractions, transportation, and services that create the travel experience called?
Tourism product
What is brand loyalty?
When customers consistently choose one brand over others
What management function involves directing and overseeing employees to meet company goals?
Leading (or directing)
What document outlines a business’s goals, strategies, financial needs, and operations?
Business plan
What is the financial statement that shows a company’s revenue and expenses over a period of time?
Income statement
What is yield management?
Adjusting prices based on demand to maximize revenue
What type of research gathers numerical, measurable data?
Quantitative research