Marketing
A recognizable logo, name, symbol, or design that identifies and distinguishes a company's product from competitors is called this.
What is a Brand?
A business that operates to make money for its owners is called a "for-profit," while an organization like a charity or food bank operates as this type.
What is a Non-Profit?
A detailed written plan that tracks expected income and spending over a specific period of time is called this.
What is a Budget?
The act of booking a hotel room, flight, or restaurant table in advance is called making a what?
What is a Reservation?
A person who takes on financial risk to start and run their own new business idea is called an what?
What is an Entrepreneur?
These are the traditional "4 Ps" that make up the marketing mix.
What are Product, Price, Place, and Promotion?
This term refers to the single individual who owns and runs a business all by themselves, keeping all profits but taking on all risk.
What is a Sole Proprietor (or Sole Proprietorship)?
The money left over after a business pays all of its expenses and bills is called this.
What is Profit (or Net Income)?
This term refers to businesses that provide lodging, such as hotels, motels, resorts, and bed-and-breakfasts.
What is Accommodations (or Lodging)?
A formal written document outlining a new startup's goals, target market, financial projections, and operational strategy is called a business what?
What is a Business Plan?
The specific group of customers that a company actively tries to reach with its products and ads is called its target what?
What is a Target Market?
When two or more people share ownership of a business, profits, and responsibilities, their business structure is called this.
What is a Partnership?
Money that a business owes to lenders, banks, or suppliers is called a debt or a what?
What is a Liability?
The welcoming and friendly treatment of guests and visitors by employees in hotels, restaurants, or events is called this.
What is Customer Service (or Hospitality)?
A quick, 30- to 60-second summary pitch designed to explain a business idea to potential investors is named after this boxy elevator ride.
What is an Elevator Pitch?
Gathering and analyzing information about what customers want and what competitors are doing is known as market what?
What is Market Research?
Moral principles and values that guide how a company and its employees should behave honestly are known as business what?
What are Business Ethics?
Things of value owned by a business, such as cash, inventory, equipment, and buildings, are called these.
What are Assets?
In the restaurant industry, this term refers to the menu options ordered individually rather than as part of a fixed multi-course set meal.
What is À la carte?
The point where a new business's revenue equals its total costs, resulting in neither a profit nor a loss, is called the break-even what?
What is the Break-Even Point?
Dividing a large audience into smaller groups based on traits like age, income, or habits is called market what?
What is Market Segmentation?
This type of business structure combines the pass-through taxation of a partnership with the limited liability protections of a corporation.
What is a Limited Liability Company (LLC)?
This basic financial document summarizes a company's revenues, expenses, and overall profit over a period of time.
What is an Income Statement (or Profit and Loss Statement)?
This metric, commonly abbreviated as ADR in the hotel industry, measures the average price paid for rooms sold on a given day.
What is Average Daily Rate?
Starting a business using only your own personal savings and early revenues, without relying on outside investor funding, is called this.
What is Bootstrapping?