Finance
anything of value belonging to the narrower that is pledged to the lender to guarantee that the loan will be repaid
What is collateral?
meeting the needs of guests with kindness
What is hospitality?
how wealth is created and distributed in communities, how people allocate their resources and any matter that deals with human wants and their satisfaction
What is economics?
What is a tangible product?
the processes of communicating the value of and connecting a product or service to customers/clients/partners and society
What is marketing?
Using money from investors to pay off earlier investors in order to give the perception that their investment was successful
What is a Ponzi scheme?
season with the highest demand
What is a peak?
a tax on imports
What are tariffs?
Gains, losses, bankruptcy, investing (are all examples of...)
What is a risk?
Price, Place, Promotion, Product.
What are the 4P's of Marketing?
bond with a put option (option to sell)
What is a puttable bond?
food service, lodging, recreation, and travel & tourism
What are the four segments of the hospitality industry?
information in an unorganized form that have a relationship with current conditions, ideas, or knowledge
What is data?
An evaluation/study of an idea to determine if your business idea will wor
What is a feasible study?
Chains of businesses through which a service must pass in order to reach the consumer
What are channels of distribution?
practice of lowering labor costs by sending production overseas
What is offshoring?
is a period when the economy is slowing down and doing poorly
What is a recession?
a limit on either the quantity or value of a product that may be imported
What is a quota?
A written document that describes how you will operate your business
What is a business plan?
specific group of people that a marketing campaign is focused on attracting
What is a target market?
when two companies come together to form a new company
What is a joint venture?
a sales technique whereby a seller induces the customer to purchase more expensive items, upgrades or other add-ons in an attempt to make a more profitable sale
What is upselling?
a strategy in which an entity sets aside a sum as a protection against a probable loss, instead of transferring the risk by purchasing an insurance policy
What is risk retention?
The legal structure owned by one person
What is a sole-proprietorship?
Group of companies that all sell similar products
What is a market share?