Marketing
What is the primary role of promotion?
To inform, persuade, and remind customers
What is the term for money a business owes to suppliers?
Accounts payable.
What is the primary role of a hotel in the hospitality industry?
To provide a place for guests to stay.
What is an entrepreneur?
A person who starts and runs their own business, taking on financial risks.
What is a manager's main role?
A) To help plan and organize work
B) To design new products
C) To calculate company profits
D) To handle customer complaints
A) To help plan and organize work
What are the 4 P’s of marketing?
Product, Price, Place, Promotion
What does ROI stand for, and how is it calculated?
Return on Investmen
What is an example of a service in the hospitality industry?
A) Hotel room service
B) Car sales
C) Software development
D) Phone manufacturing
A) Hotel room service
What is a business plan?
A roadmap for a business’s goals and strategy
What is leadership
Guiding and motivating others
What does "brand loyalty" mean?
When customers consistently choose the same brand over others
What is a balance sheet?
A financial statement showing assets, liabilities, and equity
Which of the following is a service provided in the hospitality industry?
A) Car repair
B) Hotel room cleaning
C) Software development
D) Grocery delivery
B) Hotel room cleaning
What is intellectual property?
What is a mission statement?
A statement of a company’s purpose
What is Market Segmentation?
A) The process of setting prices for products
B) The process of dividing a market into distinct groups of consumers
C) The method of creating advertisements
D) The process of launching new products
B) The process of dividing a market into distinct groups of consumers
What is a company’s break-even point?
The point where total revenue equals total costs, meaning no profit or loss.
Which of the following best describes the role of customer voice in branding?
A) Customer feedback helps shape how a company is perceived and how it brands itself
B) It determines the company’s pricing strategies
C) It defines the physical location of businesses
D) It outlines the legal obligations of the company
A) Customer feedback helps shape how a company is perceived and how it brands itself
What does channel management refer to in entrepreneurship?
A) Determining which promotional strategy to use
B) Managing the way products move from the manufacturer to the customerC) Deciding on employee roles
D) Setting company financial goals
B) Managing the way products move from the manufacturer to the customer
What is a performance review?
An evaluation of an employee’s work
What pricing strategy starts high and lowers over time?
Price skimming
What is a financial statement that shows a company’s profits and losses over time?
Income statement
What is corporate branding in the hospitality and tourism industry?
A) The process of offering individual services under a single brand
B) Creating exclusive discounts for guests
C) Focusing on managing a single location only
D) Designing seasonal promotions
A) The process of offering individual services under a single brand
What is venture capital?
Venture capital is funding provided by investors to startups in exchange for equity
What is benchmarking?
A) Comparing your company’s performance to others to improve
B) Reviewing your company’s financial statements
C) Creating a new marketing strategy
D) Evaluating employee performance
A) Comparing your company’s performance to others to improve