Marketing
What are the 4 P's of Marketing?
Place, Price, Product, Promotion
What is the plan for managing income and expenses called?
Budget
What is process of taking guest reservations?
Booking
What type of utility do malls and shopping centers provide?
A. From
B. Time
C. Place
D. Possession
Place
The ability of a business to grow quickly without large increases in cost.
A. Expansion
B. Scalability
C. Growth
D. Diversification
Scalability
What is the specific group of consumers a business wants to reach?
Target
What is the record of money coming in and going out?
Cash Flow
Managing the balance between available rooms and expected demand is known as:
A. Scheduling
B. Capacity management
C. Distribution
D. Pricing
Capacity Management
Comparing company performance to industry standards is known as:
A. Appraisal
B. Execution
C. Benchmarking
D. Forecasting
Benchmarking
When revenue equals expenses and profit is zero.
Breakeven Point
What is the method used to communicate with customers about a product?
Promotion
Which term refers to what a business owns?
A. Liabilities
B. Equity
C. Revenue
D. Assets
Assets
Which practice ensures service quality remains consistent across all locations?
A. Personalization
B. Training
C. Standardization
D. Customization
Standardization
Which term describes the chain of command in a business?
A. Network
B. Culture
C. Hierarchy
D. Department
Hierarchy
Someone who provides money to a business in exchange for ownership or repayment.
Investor
What marketing concept focuses on how a brand is viewed compared to competitors?
A. Promotion
B. Differentiation
C. Positioning
D. Branding
Positioning
What is the reducing asset value over time?
Depreciation
Adjusting room prices and availability to maximize revenue is known as:
A. Forecasting
B. Capacity planning
C. Yield management
D. Budgeting
Yield Management
Giving employees decision-making authority is known as:
A. Delegation
B. Leadership
C. Empowerment
D. Motivation
Empowerment
A small-scale version of a product or service used to test the market.
Prototype
What is the value a brand holds based on customer perception?
Hint: (Assets = ________ + Liabilities)
Equity
The ability to meet short-term financial obligations.
Liquidity
A for of measuring guest satisfaction.
Feedback
What is assigning tasks and authority to others called?
Delegation
Offering repeated value to customers to ensure loyalty and long-term growth.
Retention