Marketing
A company logo is part of its_____
Brand identity
What is CRM?
Customer Relationship Management
People who travel for fun are called?
Tourists
This approach to business focuses on putting the customer's needs and satisfaction at the center of all business decisions/interactions.
Customer service mindset.
Entrepreneurs often find these groups of people who are most likely to buy their product.
target market?
A local bakery wants to promote its new seasonal cupcake. What is an example of sales promotion?
Coupons, price discounts, buy one get one free etc
What is a debtor?
The party that owes money or received goods on credit
In the hospitality industry, all inclusive means?
Rooms, meals, drinks, etc are all included
This is a specific benefit or value a company commits to deliver to its customers consistently through its products, services, and overall experience.
Brand promise.
When a business expands by allowing others to open locations under its name (like subway or mcdonalds), it’s using this model
franchising
A company finds that customers prefer its product because it lasts longer than competitors. Which type of competitive advantage is this?
Quality/durability
What is the business ownership type where the owner has unlimited liability?
Sole proprietorship
What is the primary purpose of the hotel concierge?
Assisting guests with services like reservations, directions, and recommendations
This type of business ownership provides limited liability protecting to its owners, meaning shareholders risk only their investments and not their personal assets if the business fails.
Corporation
This type of funding, often given by investors in exchange for ownership in the company, is called what?
equity
Fill in the blank: The 4 Ps of marketing are: Produce, _____, promotion, _____
Price, Place
What is GDP?
Gross Domestic Product
A travel agency wants to increase bookings for winter vacations. Which promotion is most effective?
Book in December and receive 20% off ski packages
this concept refers to the ability to recognize, understand and manage your emotions while recognizing and responding to other's emotions effectively.
Emotional intelligence.
A tech company in Waterloo tells investors how much revenue it expects to make in the next 5 years. This prediction is called what?
financial projections
A small clothing store notices younger customers are buying mainly through Instagram, while older customers prefer shopping in person. What is the best strategy?
Setup both instagram and add more attractive visuals to store.
What are the two economic forces that determine market prices?
Supply and demand
A hotel guest complains that their room service order was late and incorrect. As a front desk manager, what is the best first step to resolve the situation?
Apologize and fix instantly.
this process describes how businesses expand their operations, markets and supply chains across multiple countries, creating increased worldwide economic interconnection.
Globalization.
In DECA entrepreneurship events, judges often look for this statement that explains how your product or service stands out from competitors.
competitive advantage?