Marketing Basics
What is a target market?
The specific group of consumers a business aims to reach
What is an entrepreneur?
Someone who starts and runs a business
What does ROI stand for?
Return on Investment
What does “front desk” or “front of house” mean?
The area where employees interact directly with guests (like check-in)
What is a credit score used for?
To show how reliable someone is at paying back borrowed money
What is market segmentation?
Dividing a market into smaller groups based on shared characteristics
What is a business plan?
A written document outlining a company’s goals and strategy
What is the formula for profit?
Revenue − Expenses = Profit
What is a room rate?
The price a guest pays for one night in a hotel room
What is interest?
The cost of borrowing money or the money earned from savings
What is brand loyalty?
When customers consistently choose one brand over others
What is a mission statement?
A short statement explaining a company’s purpose and values
What is a budget?
A financial plan for managing income and expenses
What is hospitality marketing focused on?
Creating experiences and promoting services that make guests want to return
What is the difference between a debit card and a credit card?
A debit card uses your own money; a credit card borrows money you must repay
What are the 4 Ps of marketing?
Product, Price, Place, Promotion
What is delegation?
Assigning responsibility or authority to another person
What’s the difference between fixed and variable costs?
Fixed costs stay the same; variable costs change with production
What is a franchise hotel?
A hotel owned by an individual or company that operates under a larger brand’s name
What is gross pay vs. net pay?
Gross pay is total earnings before taxes; net pay is what you take home after deductions
What is the difference between advertising and publicity?
Advertising is paid promotion; publicity is unpaid media attention
What is vertical integration?
When a company expands by acquiring its suppliers or distributors
What are assets and liabilities?
Assets are what a business owns; liabilities are what it owes
What is the purpose of a concierge?
To assist guests with services such as reservations, directions, and recommendations
What is the purpose of a credit report?
To show your credit history and financial behavior to lenders