Marketing
Demographics
the characteristics of a population with respect to age, race, and gender.
Sole proprietorship, partnership, corporation
Asset
Something of value
A small, local restaurant has decided to advertise its elegant atmosphere and qualified wait staff. This approach is an example of __________ marketing.
Service
what is the ability to convey information to another effectively and efficiently
barriers to entry
factors that make it difficult and costly for an organization to enter a particular task environment or industry
Methods used to protect intellectual property
Patents, trademarks, trade secrets, and copyrights
Unethical actions typically lead to an increase in
Financial risk
Employees need to have a thorough knowledge of business policies in order to _____
Explain policies to customers
Channels
What is the path through which messages are delivered
loss leader pricing
An item priced at or below cost to draw customers into a store
Describe the nature of entrepreneurship
Entrepreneurship is the development of a business from the ground up, including coming up with an idea and turning it into a profitable business
Equity
Ownership interest in a company
How are guest history records used by the marketing division of hotels/motels?
to prompt guest to return
Ethics
Basic concepts and fundamental principles of decent human conduct
SWOT and CREST analysis
SWOT - an analysis of a company's strengths, weaknesses, opportunities, and threats
CREST - an analysis of external factors; competition, regulatory, economics, social, technology
Determine feasibility of venture ideas
TMMD analysis: Time, money, market, determination
Break Even Point
Occurs when the inputs and outputs of a business are equal and a profit is being neither made nor lost.
Why is it important for hospitality and tourism businesses to be aware of, and react to, trends and
changes in the marketplace?
to remain competitive
Chain of command
What is the order in which authority and power in an organization is delegated from top management to every employee at every level of the organization
psychological pricing
pricing goods and services at price points that make the product appear less expensive than it is. Instead of $3.00 a retailer may set the price at $2.99
entrepreneurial planning considerations
Identify a real opportunity, create a plan to address that opportunity, forecast, funding, marketing, feasibility
Marginal Tax Rate
The amount of tax paid on an additional dollar of income.
A major reason travel professionals might join industry organizations is to _____
Keep up with industry issues, trends, statistics, and research
Tariffs
What are taxes on imports