Marketing
A tactic that involves identifying strengths weaknesses opportunities and threats
What is a SWOT analysis?
This term refers to the amount of money a business has left over after subtracting all expenses from total revenue
What is net income?
This industry segment includes hotels, restaurants, attractions, and travel services that are focused on serving guests
What is hospitality and tourism?
When two parties work together to negotiate a result that is mutually beneficial, it is called a _____–_____ outcome
What is win-win?
A chance to provide a product or service that customers want
What is a business opportunity?
The four economic utilities
What is place, time, form, possession?
This financial statement shows a company’s assets, liabilities, and cash
What is a balance sheet?
This term describes the percentage of a hotel’s available rooms that are filled on a given night
What is the occupancy rate?
The type of risk a hurricane damaging your property is
What is location risk?
The type of pricing strategy that adjusts rates based on demand, occupancy, seasonality, and local events.
What is dynamic pricing?
The promotion strategy involves entering a raffle with a randomly selected winner
What is sweepstakes
The difference between a commercial bank and a credit union
What is local availability (credit unions are local and tend not to have in person locations) and fees (credit unions have lower fees)
This metric is the average amount each customer spends, which is found by dividing total sales by total guests
What is average check/per-person average?
The rate of people leaving a company
What is the turnover rate?
Zebba's Manufacturing Company received a shipment of raw materials. These materials would appear on an income statement as ____
What is Cost of Goods Sold?
The 5 types of promotion
What is advertising, sales promotion, personal selling, public relations, direct marketing, sponsorship, and online promotion?
This budgeting document lists a business's expected income and expenses over a specific future period, helping owners plan ahead financially
What is a budget?
This sector of tourism focuses on responsible travel to natural areas that protects the environment
What is ecotourism?
The legal concept that requires each party to exchange something of value for a contract to be enforceable
What is consideration?
The types of practices that can't open an LLC
What is law, medicine, accounting, architecture, and engineering?
The type of marketing used in scenarios like playing an ad at the Superbowl
What is mass marketing?
The amount of money others owe you
What is accounts receivable?
This term describes offering guests extra services or upgrades, like a bigger room or a meal add-on, to increase how much they spend.
What is upselling?
The change in the values, tastes, and habits of Americans is a component of __________ change.
What is social?
When developing a business plan for a new venture, an entrepreneur should include a comprehensive description of the customers the new business wants to attract in the ___
What is the target market overview?