Business
What are the different types of legal structures in business? Name at least 3.
Sole proprietorship, partnership, corporation, S corporation, Limited Liability Corporation
What is the marketing mix?
Product, place, price, and promotion
What is GAAP?
Generally Accepted Accounting Principles
What is upselling?
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 a SWOT analysis?
An acronym for an organization's analysis of their Strengths, Weaknesses, Opportunities, and Threats.
What does CEO and CFO stand for?
Chief Executive Officer and Chief Financial Officer
What is the difference between consumer and customer
Consumer: the person who uses the product or service
Customer: the person who buys the product or service
What is the difference between Gross Pay and Net Pay?
Gross Pay: The total amount of money you earn.
Net Pay: The total amount of money you take home after subtracting taxes, insurance, and other expenses.
What are the 4 segments of the hospitality industry.
Food service, lodging, recreation, and travel & tourism.
Explain the principles of supply and demand.
If prices increase: Supply increases and demand decreases.
If prices decrease: Supply decreases and demand increases
Name at least 3 Soft Skills. Why are they important?
Creativity, Collaboration, Adaptability, Decision Making, Problem Solving, Communication.
Important for: building resume, interviewing, and advancing your career. Known as people skills.
What are the 4 stages of a product?
Introduction, growth, maturity, and decline
What are the 2 different types of loans? Define them.
Installment Loans: a type of agreement or contract involving a loan that is repaid over time with a set number of scheduled payments (ex: mortgage)
Revolving Loan: when you can borrow money up to a certain limit and pay it back as you wish (ex: credit card)
What are recessions and expansions?
Recession: a period of time when the economy is slowing down and doing poorly.
Expansion: a period of time when the economy is growing and doing well.
What is the difference between a public and private company?
Public: anyone can buy stock in the company.
Private: A company who's shares are not traded on public exchanges (stock market).
What are Channels of Distribution?
Paths that goods and services take from the producer to the ultimate consumer or industrial use.
How do marketers define a consumer profile? Name the 3 categories and define them.
Demographics: Define the population and their characteristics. Ex: gender, age, race
Geographics: Define the region and location of the consumer. Ex: Bristol, near the water, all 4 seasons
Psychographics: Define the consumers morals, thoughts, and habits. Ex: hobbies, spending habits, social status
What are assets, liabilities, and equity? Define them and what document they are found on.
Assets: Items and money that the company OWNS
Liabilities: Items and money the company OWES
Equity: Value of ownership
Balance Sheet
What is Brand and why is it important?
a name, logo, tagline, or any combination of these that distinguishes a product from its competitors. Having a distinguished brand will make consumers more likely to trust and come back to your company.
What is a franchise, a franchisor, and a franchisee?
Franchise: legal agreement in which a distributor buys the right to sell the franchising company products or service
Franchisor: the parent company of a franchise agreement that provides the product or service
Franchisee: the distributor of a franchised product or services
Name at least 6 departments in an organization.
Finance, Manufacturing, Marketing, Sales, Management, Legal, Service, IT, Logistics, Human Resources, Accounting
What are the 9 marketing functions?
Product/Service Planning, Purchasing, Financing, Distribution, Pricing, Risk Management, Marketing-Information Management, Promotion, Selling
What are stocks, bonds, mutual funds, index funds, and ETFs?
Stocks: purchase of a small part of ownership in a company.
Bonds: Loans issued by different levels of government.
Mutual Funds: Group of stocks managed by professionals.
Index Fund: Group of stocks that is passively managed.
ETF: Exchange Traded Funds. Similar to mutual and index funds except they can be traded like stocks.
What are the 4 leadership styles of a hospitality business?
Autocratic: the leader dictates policies and procedures, decides what goals are to be achieved, and directs and controls all activities
Consensus: participants have shared values and goals, and have a broad agreement on specific issues and overall direction
Democratic: involves a team guided by a leader where all individuals are involved in the decision-making process to determine what needs to be done, and how it should be done
Laissez Faire: leaders try to give the least possible guidance to subordinates, and try to achieve control through less obvious means
What is the accounting equation?
Assets = Liabilities + Equity