Finance
This is the money left after all expenses are subtracted from revenue.
Profit
This department in a hotel is responsible for cleaning guest rooms.
The four P’s of marketing include Product, Price, Place, and this.
Promotion
This document outlines a company’s goals and how it plans to achieve them.
Business plan
This person starts and manages a business, taking on financial risk.
Entrepreneur
This financial statement shows a company’s revenues and expenses over a period of time.
Income Statement
This term refers to the percentage of available rooms that are occupied.
Occupancy rate
This process divides a broad market into smaller groups of consumers with similar needs.
Market segregation
This leadership style involves employees in decision-making.
Democratic leadership
This is what makes a business different from its competitors.
Competitive advantage
This refers to spreading the cost of a long-term asset over its useful life.
Depreciation
This pricing strategy adjusts room rates based on demand.
Dynamic pricing
This type of research collects new data directly from sources like surveys or focus groups.
Primary research
This organizational structure groups employees by functions like marketing, finance, and operations.
Functional structure
This term describes money invested in a startup in exchange for ownership equity.
Venture capital
The formula Current Assets ÷ Current Liabilities calculates this important liquidity ratio.
Current Ratio
This organization promotes travel to a specific destination and is often called a DMO.
Destination Marketing Organization
This strategy positions a product as high-quality and high-priced compared to competitors.
Premium pricing
This management process involves setting goals, monitoring performance, and taking corrective action.
Controlling
This strategy involves introducing a new product to a small market segment before expanding.
Test marketing
This concept describes the point at which total revenue equals total costs.
Break-even point
This risk management practice ensures guest safety by identifying and minimizing potential hazards.
Loss prevention/risk management
This metric measures the percentage of people who take a desired action after seeing an advertisement.
Conversion rate
This analysis tool evaluates Strengths, Weaknesses, Opportunities, and Threats.
SWOT Analysis
This lean startup concept refers to the simplest version of a product that can be launched to gather customer feedback.
Minimum Viable Product (MVP)