Hospitality and Tourism
Maintain appropriate personal appearance
Buying behavior explains the purchase decisions that consumers make on a daily basis. As a business function, this means understanding what consumers buy, why a consumer has decided to make that purchase, when the purchase was made and from what distribution channel and how often the product or service is used. Buying behavior can be influenced by a variety of internal and external factors including perception of brand, competition, society and consumer research.
Orient New Employees
Providing an orientation is a process that allows an organization to integrate a new employee and enable him/her to contribute to the team quickly. At this time, an employee will learn about personnel policies, company safety programs, and details about his/her position. Possible actions can include providing a mentor, providing work samples, and providing a Frequently Asked Questions document.
Display cultural sensitivity
A cultural sensitive employee will value diversity, be willing to adapt communication and behavior to be compatible with another's cultural norms and be willing to learn traditions and characteristics of other cultures.
Describe the nature of entrepreneurship
An entrepreneur is an individual that creates a new business, bearing the risks and enjoying most of the rewards. Entrepreneurship can include start-ups and franchises.
Discuss the nature of information management
Information management is the process of collecting and analyzing data that can be used in the strategic decision making process for a business. This can support a variety of business functions including developing customer databases, managing electronic purchasing decisions and monitoring competitor information.
Explain the role of ethics in human resources management
Ethics are standards set by organization that help ensure that people are treated fairly and honestly. In human resources management this includes making decisions that promote workplace cohesion, establishing standards and procedures that assures in all situations that individuals are treated equally. Ethics policies in the area of human resources can include discrimination, sexual harassment and treatment of employees. Ethical breaches in this area can damage a company's reputation, reduce employee loyalty and create litigation.
Describe the role of business ethics in pricing
In pricing, one of the primary roles of business ethics is to avoid price gouging. Price gouging happens when a price is set higher than normal from a sudden increase in demand.
Explain types of business ownership
There are three types of business ownership: sole proprietorship, partnership and corporation. A sole proprietor owns and operates a business by oneself. A partnership is owned and operated by two or more people and is jointly responsible for the businesses outcomes. A corporation is operated by several people and owned by stockholders.
Explain the concept of product mix
Product mix is the total number of product lines and individual products or services offered by a company, at times referred to as product assortment or product profile.
Explain marketing and its importance in a global economy.
As the global economy has expanded, brands must use technology and communication to establish themselves in a variety of markets.Marketing is a tool that is used to persuade customers and must be employed in order for businesses to sell their products.
Explain factors that influence customer/client/business buying behavior
Buying behavior explains the purchase decisions that consumers make on a daily basis. As a business function, this means understanding what consumers buy, why a consumer has decided to make that purchase, when the purchase was made and from what distribution channel and how often the product or service is used. Buying behavior can be influenced by a variety of internal and external factors including perception of brand, competition, society and consumer research.
Explain the nature and scope of the selling function
The selling function provides consumers with goods and services they want and/or need. Selling occurs at multiple levels in marketing including the retail store to a consumer and business-to-business (B2B). Selling is interacting with a customer or client with a planned and personalized form of communication that influences purchasing decisions. To build a clientele, a salesperson should concentrate on customer service and after-sale activities including order processing, departure, order fulfillment and follow up. Order processing should be quick and efficient; as a customer departs, a salesperson should reassure and educate the consumer as needed. Lastly, a salesperson should make sure the customer is satisfied during follow up.
Identify desirable personality traits important to business
Your personality is a set of characteristics that relate to a person's emotions, motivations, interpersonal interactions and attitudes. Highly desired personality traits most often include professionalism, being "high-energy", confidence, the ability to work independently and intellectual curiousity.
Describe strategies to protect intellectual property
Different methods to protect intellectual property include registering copyrights, trademarks and pantents, registering business, product or domain names, creating confidentiality, non-disclosure or licensing contracts for employees and partners, implementing security measures and avoiding joint ownership
Explain the responsibilities of finance professionals in providing client services
A financial professional, who works with clients to create budgets, retirement plans, investing strategy, must first have exceptional knowledge of the industry to respond to client needs. Additionally, communication skills are paramount as clients are discussing sensitive financial matters including marriage and planning for death. The ability to listen to clients and show empathy while being responsive to a client's needs will build trust and establish a long term relationship.
Identify sources that provide relevant, valid written material
When evaluating material, determine if content is fact, opinion or marketing information. Other factors can include validity of research, relevance, timeliness, authority of the author and evidence offered to support a claim. If you are validating written material, ensure that you have cross-checked information that is provided by the source.
Explain the importance of coordinating elements in advertisements
In order for an advertisement to be effective the primary message must be clear. To achieve this goal, each element (headline, copy, illustration and signature) must work together to cut through the clutter. The advertisement should be clean and use white space effectively. The copy should be easy to read and the signature should be distinctive.
Explain legal considerations for knowledge management
Securing information is the broad issue in legal issues facing knowledge management. As companies gather sensitive information about consumers and/or clients, they also face the legal responsibility to secure that data. As information is shared within an organization, legal issues that can be face include conflicts of interest, insider trading, and plagiarism.
Explain the need for entrepreneurial discovery
Entrepreneurial discovery is the process of detecting and matching product and market opportunities with one another in a manner that satisfies the market and the business. To do that, an entrepreneur or small-business owner must conduct research to discover what the market needs or wants.
Explain the nature and scope of financial globalization
Financial globalization is the worldwide development of economic, financial, trade and communication integration. This pushes business executives to consider broad views in the global marketplace as countries, and their economies, become interconnected and interdependent.
Describe health and safety regulations in business
In 1970, the Occupational Safety and Health Act was passed that created the Occupational Safety and Health Administration (OSHA). A business is responsible for protecting the safety, health and welfare of all employees. Therefore, a business must create procedures to manage risks that could cause injury and/or damage to employees, property and the environment.
Describe the regulation of marketing-information management
Businesses have a responsibility to manage information that they have collected regarding their customers, trends and competition. Recent legislation including the Identity Theft and Assumption Deterrence Act of 1998 and the Gramm-Leach-Bliley Act of 1999 provide legal ramifications if a consumer's privacy is not maintained as specified by federal law. To accomplish these goals from a business perspective, an Enterprise Information System (EIS) can be used to provide a central database.
Discuss types of inventory
Just-in-time (JIT) inventory coordinates materials so that they arrive just before they are needed for production. Quick Response Delivery (QSD) is the same type of inventory as JIT but is applied in the retail setting. A perpetual inventory system constantly checks what it in is stock. Any type of transaction is tracked in this system so that reordering is done in time to avoid lost revenue.
Describe methods of venture harvesting
Venture harvesting methods include buyouts, business mergers, outright sale, employee share ownership scheme and IPO
Discuss the effect of tax laws and regulations on financial transactions
There are four types of financial transaction tax: Securities, Currency, Bank and Automated Payment. These taxes, known as financial transaction taxes, help keep financial markets stable, allows for equitable tax collection across a nation and lowers the risk of tax evasion.