Marketing
What is the main goal of Marketing?
Identify and satisfy customer needs and wants profitably
What is entrepreneurship?
The process of starting and running a new business
What is finance?
the management of money to achieve personal or business goals
What is hospitality?
the friendly and generous reception and care of guests or customers
What is business management?
the process of planning, organizing, leading, and controlling an organization's resources
What are the 4 P's of Marketing?
Product, Price, Place, and Promotion
What is the difference between an entrepreneur and an intrapreneur?
Entrepreneur - starts and manages their own business
Intrapreneur - develops innovative ideas within an existing organization
What is the difference between revenue and profit?
revenue - the total amount of money a company earns from sales
profit - what remains after subtracting all expenses from revenue
What is the main goal of the hospitality industry?
to provide excellent customer experiences that make guests feel welcome, comfortable, and satisfied
What is the difference between Management and Leadership?
Management - focuses on planning, organizing and coordinating tasks to achieve objectives
Leadership - focuses on inspiring, motivating, and guiding people toward a shared vision
What is the difference between market segmentation and targeting?
Market Segmentation - involves dividing a market into district groups based on shared characteristics (demographics, behavior, geography)
Targeting - involves one or more of those segments to focus on
Why is a business plan important for an entrepreneur?
outlines a company's goal, target market, strategy, and financial projections
clarify their vision
attract investors
guide decision-making as the business grows
What is the purpose of a balance sheet?
it shows a company's financial position at a specific point in time by listing its assets, liabilities, and equity
What is the difference between hospitality and tourism?
Hospitality - focuses on providing services such as lodging, food and entertainment to guests
Tourism - involves travel for leisure or business
What are the 4 main functions of managements?
Planning
Organizing
Leading
Controlling
What is the difference between brand equity and brand awareness?
Brand equity - the total value a brand adds to a product
Brand awareness - how easily consumers recognize or recall a brand
What are some key elements of a successful business model?
a clear value proposition
defined customer segments
effective revenue streams
efficient cost structures
strong distribution channels to deliver value
What does liquidity mean?
measures how easily an asset can be converted into cash
What is service quality?
how well a service meets or exceeds customer expectations
What is organizational structure?
defines how tasks, responsibilities, and authority are distributed within a company
What is Customer Lifetime Value?
the total revenue a business can expect from a customer over the duration of their relationship:
identify their most profitable customer segments
guide marketing investment decisions
focus on long-term customer retention rather than short-term sales
Explain the concept of scalability.
a business's ability to grow revenue without a proportional increase in costs
Explain the concept of the Time Value of Money (TVM).
a dollar is worth more today than a dollar in the future due to its earning potential
Explain the concept of revenue management in the hospitality industry
the strategic use of data and analytics to sell the right product to the right customer at the right time for the right price
Explain the concept of strategic management
the ongoing process of analyzing a company's environment, setting long-term goals, developing strategies, and implementing plans to achieve competitive advantages