Marketing
A company divides its customers into groups based on characteristics such as age, income, interests, and purchasing behavior.
Market segmentation
What term describes money earned by a business from selling goods or services?
Revenue
A hotel has 300 rooms and 240 are occupied. What metric measures the percentage of rooms currently occupied?
Occupancy rate
The document that explains a new business’s goals, strategies, target market, and financial expectations.
Business plan
A manager assigns different tasks to employees based on their skills and responsibilities. What management function is this?
Organizing
A business sells a product for a very low introductory price to quickly gain customers and market share.
Penetration pricing
A business earns $80,000 in sales and has $50,000 in expenses. What is its net profit?
$30,000
I represent the average amount a hotel earns for each occupied room. I am calculated by dividing room revenue by the number of rooms sold. What am I?
ADR, or Average Daily Rate
An entrepreneur determines whether enough customers actually want a proposed product before investing heavily in development. What is this process?
Market validation
A manager compares actual sales results with the company’s sales goal. What management function is being performed?
Controlling
A customer purchases a phone and is persuaded to add a protective case and wireless charger. What sales technique is being used?
Suggestive selling
A company’s sales increase, but its cash balance decreases because customers have not yet paid their invoices. What financial issue is occurring?
Cash flow
A hotel has 200 rooms. On Saturday, 170 rooms are sold at an average rate of $180. Calculate the hotel's RevPAR.
$153
Calculation:
Room revenue = 170 × $180 = $30,600
RevPAR = $30,600 ÷ 200 = $153
A startup creates a basic version of a product with only the essential features to test customer interest. What is this called?
MVP
Employees repeatedly make the same mistake despite receiving instructions. What should management investigate first?
Training
A company discovers that customers recognize its logo but cannot explain what makes the brand different from competitors. What marketing concept needs strengthening?
Brand positioning
A business has a current ratio below 1. What does this most directly suggest?
Liquidity risk
A guest's flight is canceled, causing the guest to miss the first night of a nonrefundable hotel reservation. The guest arrives the following morning extremely frustrated and asks for the first night's charge to be removed.
What should the hotel employee consider before deciding how to handle the situation?
I'll take any good answer but here is a list
An entrepreneur calculates the sales level at which total revenue equals total costs. What is being determined?
Break-even point
A manager discovers that two departments are using different procedures for the same task, causing delays and errors. What should management establish?
Standard operating procedures
A company’s advertising generates thousands of clicks but almost no purchases. Which metric would best reveal whether the campaign is turning visitors into customers?
Conversion rate
A company is deciding whether to purchase equipment that will generate additional revenue for several years. Which financial analysis compares the investment with its expected future returns?
ROI
A resort experiences extremely high demand during holidays but low demand during the rest of the year. Adjusting room prices based on these demand patterns is an example of what strategy?
Revenue management
A startup has strong sales but is spending cash faster than it generates revenue. What major risk is it facing?
Cash burn
A company’s employee turnover is significantly higher than competitors'. Before simply increasing wages, management analyzes exit interviews, workload, leadership, scheduling, and workplace culture. What management approach is this?
Root-cause analysis