Marketing
This "P" in the marketing mix represents the distribution element, encompassing all activities and channels used to make a product available to customers at the right place and time
Place
This is the money that a person receives, usually from working a job or running a business
Income
This is the term for a person who buys or uses the services provided by a hotel, restaurant, or travel business
Guest
This business communication process involves actively paying attention, processing what a speaker says, and responding thoughtfully to ensure the customer feels heard and understood
Active listening
This classic phrase reminds employees to prioritize customer satisfaction above all else, even during difficult interactions
"The customer is always right"
This stage of the product life cycle is marked by slow sales growth, heavy promotional spending, and minimal or no profit as the item is first launched
Introduction
This is a plastic card issued by a bank that lets you pay for items directly using the money already in your checking account
Debit card
This is a document issued by a government that certifies a traveler's identity and citizenship, which is absolutely required to travel internationally across country borders
Passport
This core economic concept states that because society has unlimited wants but limited resources, choices must be made about how to allocate those resources
Scarcity
This document acts as a roadmap for a new business, outlining its goals, target market, financial projections, and operational strategies
Business plan
This indicator involves a specific group of customers upon which an organization focuses its marketing plan and promotional efforts
Target market
This type of financial institution is a member-owned, not-for-profit cooperative that typically offers lower interest rates on loans and higher yields on savings
Credit Union
This unique characteristic of service in hospitality means that an empty hotel room or unsold airline seat on a given night cannot be inventoried, saved, or resold the following day
Perishability
This fundamental business concept refers to a legally binding and enforceable agreement between two or more parties to do or not do something
Contract
This term describes the legal obligation of a business owner to protect the personal information and privacy of their customers
Confidentiality
This channel management indicator arises when disagreement or friction occurs among members of a distribution network
Channel conflict
This financial performance indicator measures the overall profitability or efficiency of an investment relative to its cost, calculated as net profit divided by the cost of the investment
Return on Investment (ROI)
This crucial guest-relations process involves promptly and empathetically resolving a customer's complaint to turn a dissatisfied guest into a loyal advocate
Service recovery
This safety and health procedure involves keeping retail aisles clear, cleaning up spills immediately, and ensuring emergency exits are never blocked
Risk management
This economic metric, crucial for pricing strategies, measures how sensitive the demand for a product is to a change in its price
Price Elasticity of Demand
This pricing strategy involves setting a high initial price for an innovative product to capture maximum revenue from early adopters before lowering the price over time
Price skimming
This core financial principle states that a dollar available today is worth more than the exact same dollar promised in the future because of its potential earning capacity
Time value of money
This foundational metric measures the average rental revenue generated per occupied hotel room during a specific time period
Average Daily Rate
This operational metric or concept refers to the continuous cycle of tracking, managing, and counting physical stock items to prevent stockouts, minimize storage costs, and protect against shrinkage or theft
Inventory
This active communication technique involves listening closely to a customer's complaint and repeating it back to them in your own words to ensure clarity
Paraphrasing; Reflective listening