Marketing
What is market segmentation?
Answer: The process of dividing a broad consumer or business market into subgroups based on shared characteristics.
Dion works in the production planning department of a company that makes machinery. This machinery is then sold to companies that use it to create vehicles. Dion's company's output is considered:
A. human resources.
B. consumer goods.
C. industrial goods.
D. intangible products
C
What is a budget?
A financial plan that outlines expected income and expenses over a certain period.
What is the most important skill needed in this cluster?
Communication
Define guest experience.
Answer: The overall satisfaction a guest receives during their interaction with a service or venue in the hospitality industry.
Name one of the 4 Ps of Marketing.
Answer: Product, Price, Place, or Promotion.
True or False? You do not not not not not mention swot and bet during a case study
True
Define Return on Investment (ROI)
A measure used to evaluate the efficiency of an investment, calculated as the ratio of net profit to the initial cost of the investment.
Name one instructional area of business administration →
Business Law, Communication Skills, Customer Relations, Emotional Intelligence etc. (just check the doc. on DECA website)
Name one of the most important factors in hospitality and tourism →
Customer satisfaction, Flexibility, Location, Marketing to target audience etc. (if something around that is named give them the points)
Define Target Market
Answer: A specific group of consumers at which a company aims its products and services
Name one Performance Indicator from Entrepreneurship:
Build product/service brand.
Describe marketing functions and related activities.
Explain factors that influence customer/client/business buying behavior.
Demonstrate connections between company actions and results.
Recognize/Reward others for their efforts and contributions.
What does liquidity mean in finance?
The ability of an asset to be quickly converted into cash without a significant loss of value.
Define customer management relationship →
Customer Management Relationship is basically a system companies use to manage their interactions with potential and current customers, in order to improve their customer relationships and retention
What is a loyalty program in the hospitality industry?
A rewards program designed to encourage repeat business by offering points or perks to frequent customers
What does the term "brand loyalty" refer to?
Answer: When customers consistently prefer a particular brand over competitors due to satisfaction.
What's the primary difference between venture capital and angel investors in terms of funding and involvement in a startup?
Answer: Venture capital involves larger sums of money, often later-stage funding, and usually more control over business decisions, while angel investors provide smaller sums in early stages and often have less influence on operations.
What is a balance sheet used for?
A financial statement that provides a snapshot of a company's assets, liabilities, and equity at a given time.
Name one performance indicator in Business Administration
Define the nature of legal procedure, Explain the concept of self-esteem etc. (refer to DECA Business Admin. document)
What role does location play in the success of a hospitality business?
Location can significantly affect a business's accessibility, customer flow, and overall success.
What is the primary goal of a marketing strategy?
Answer: To increase sales and customer engagement by identifying target audiences and effectively reaching them
What is a unique selling proposition (USP), and why is it important for an entrepreneur to define it early on?
A unique selling proposition (USP) is a distinct benefit that sets a business apart from its competitors. Defining it early helps entrepreneurs focus their marketing and product development, ensuring they attract their target audience effectively.
What is the difference between a stock and a bond?
A stock represents ownership in a company, while a bond is a loan made to a company or government, promising repayment with interest.
Name one of the Business Admin. VPs (just first name)
You should have said Trisha ;) but it’s okay if you said Zarar too I guess…
What is the importance of flexibility in hospitality?
Flexibility allows businesses to adapt to changing customer needs, market conditions, and unforeseen challenges to maintain satisfaction.