Marketing
The specific group of customers a business aims to reach.
What is Target Market?
A business that provides lodging to guests.
What is a hotel?
Money left after expenses are paid.
Someone who starts up and runs businesses.
What is an entrepeneuer?
A person who oversees employees or business activities.
What is a manager?
Dividing a broad market into small groups based on similar characteristics.
What is market segmentation?
Helping customers and meeting their needs.
What is Customer Service?
A plan for how money will be earned and spent.
What is a budget?
A new business, usually looking for early funding or help.
What is a startup?
People working together to reach a common goal.
What is teamwork?
Product, Price, Place, and Promotion
What are the 4 Ps of marketing?
The percentage of rooms that are being used in a lodging establishment.
What is occupancy?
Something valuable that a person or business owns.
What is an asset?
A plan describing how a business will operate and succeed.
What is a business plan?
Giving a task or responsibility to another person.
What is delegation?
Paid communication used to promote a product, service, or a business.
What is advertising?
What is tourism?
Money or debt that a business owes.
What is a liability?
The main benefit a business promises to provide customers.
What is a value proposition?
The ability to guide and influence others toward a goal.
What is leadership?
Creating a recognizable identity and image for a business or product.
What is branding?
What is RevPAR?
The ability to pay short-term bills and debts.
What is liquidity?
The point where a business's revenue equals its costs.
What is the break-even point?
Setting long term goals and deciding how to achieve them.
What is strategic planning?