Business Management +Admin
This term refers to a business's guiding beliefs and principles
What are core values?
A person who starts and run their own business
What is an Entrepreneur?
Anything of value owned by a business
What is an asset?
Front-line employees who check in guests at a hotel
What is the front desk?
The 4 P's of marketing are Product, Price, Place and
The process of gathering information to make business decisions
What is a market research?
Money invested into a startup by private investors
What is venture capital?
Money owed by a business to others
What are liabilities?
A package that includes a hotel room, meals, and entertainment
What is a resort package?
A specific group of customers a business aims to reach
What is a target market?
A written document that outlines a company's future goals and steps to achieve them
What is a business plan?
A business owned and operated by one individual
What is a sole proprietorship?
This financial statement shows income and expenses over a period of time
What is an income statement?
This term describes guest expectations of service quality
What are service standards?
When a company sells products online only
What is e-commerce?
This law protects consumers from false or misleading advertising
What is the FTC Act?
A company's plan for how it will make money
What is a revenue model?
A measure of how easily an asset can be converted to cash
What is liquidity?
Systems hotels use to manage reservations and room inventory
What is PMS/Property Management System?
A brands unique identifier, like a logo or symbol
What is a trademark?
A detailed record of every financial transaction made by a business
What is bookkeeping?
Agreement that allows a person to run a business using another company's name and system
What is a franchise?
Investment type where ownership in a company is purchased
What are stocks?
Offering additional products/services to increase a sale in hospitality
What is upselling?
The strategy of setting prices lower than competitors to gain market share
What is penetration pricing?