Marketing
A company wants to determine which age group is most likely to purchase its new product. What should it do first?
A.) Change its logo B.) Conduct market research
C.) Increase production D.) Reduce employee hours
Which financial statement shows a business’s revenues and expenses over a period of time?
A.) Balance Sheet B.) Income Statement
C.) Cash Receipt. D.) Purchase order
B. Income statement
A hotel guest complains that their room is not ready at check-in. What should the employee do first?
A.) Blame housekeeping B.) Ignore the complaint
C.) Apologize and determine how to resolve the issue
D.) Tell the guest to return tomorrow
C.) Apologize and determine how to resolve the issue
Which leadership approach involves employees in decision making?
A.) Autocratic. B.) Participative C.) Laissez-faire only
D.) Coercive
B.) Participative
What is the term for the total amount of money a business takes in from sales before any expenses are subtracted?
Revenue
What are the 4 Ps of marketing?
Product, price, place and promotion
A hotel has 150 rooms, of which 120 are occupied. What is its occupancy rate?
A.) 70%
B.) 75%
C.) 80%
D.) 85%
C.) 80%
An employee receives conflicting instructions from two supervisors. Which management principle is most directly involved?
A.) Unity of command. B.) Marketing Segmentation
C.) Product differentiation D.) Price elasticity
A.) Unity of command
A startup has fixed costs of $12,000, sells each unit for $50, and has variable costs of $20 per nit. What is its break even volume?
A.) 240 units B.) 300 units C.) 400 units D.) 600 units
C.) 400 units
A company divides customers into groups based on lifestyle, interests and values What type of segmentation is this?
Psychographic segmentation -
It focuses on lifestyles, interests, attitudes and values
A business earns $150,000 in revenue and has $90,000 in cost of goods sold. What is it’s gross profit margin?
A.) 30%. B.) 40% C.) 60% D.) 67%
B.) 40%
Gross profit = $60,000 (150,000 - 90,000)
Gross profit margin = $60,000 / $150,000 x 100 = 40%
This term describes the hotel industry practice of selling more rooms than are actually available to compensate for expected no shows.
The term is overbooking.
A company compares its performance metrics with those of leading competitors to identify improvements. What is this called?
A.) Outsourcing B.) Benchmarking C.) Downsizing
D.) Delegation
B.) Benchmarking
What is a value proposition?
A clear statement of the value a product offers customers
A retailer’s sales are declining despite high website traffic. What should its marketing team investigate first?
A.) Website conversion rate and customer purchasing Barriers.
B.) The CEO’s salary
C.) The company’s office location
D.) Employee uniforms
What finance term refers to the process of spreading out investments to reduce risk?
Diversification
A destination wants to attract visitors during its off-season. Which strategy is most appropriate?
A.) Eliminate all promotions.
B.) Offer seasonal packages and promote off-season attractions.
C.) Close visitor information centers.
D.) Increase prices without adding value.
B.) Offer seasonal packages and promote off-season attractions.
Strategic planning
A startup business interviews potential customers and tests a basic version of its product before investing heavily. What is it validating?
Market demand and product assumptions.
A brand charges premium prices because customers associate its products with exclusivity and superior quality. Which marketing pricing technique is it using?
Prestige Pricing
Free cash flow
A hotel charges different room prices depending on expected demand and booking patterns. What strategy is this?
Yield or revenue management
Revenue management adjusts pricing and inventory to maximize revenue from limited capacity
A company evaluates whether its actual performance meets established goals and takes corrective action when needed. What management function is this?
Planning, organizing, leading, or controlling?
Controlling
A.) Brand awareness B.) Cash-Flow management
C.) Product Positioning D.) Market segmentation
B.) Cash-Flow management