Marketing
What are the four Ps?
Place,Product,Price and, Promotion
What is profit?
The total money a company keeps after deducting all its expenses.
What is the primary purpose of the hospitality industry?
Provide services and accomodations to guests.
A group of individuals working together to achieve a common goal.
Team
What does an Entrepreneur run?
a business
What happens to price if demand increases?
It increases.
What is Revenue?
Revenue is the gross income without any subtraction of expenses.
This term refers to the process of meeting customer needs and ensuring satisfaction.
Customer service
This terms refers to a managers ability to motivate, direct and influence people.
Leadership
What drives Entrepreneurs to join the market?
Profit
What are demographics?
Groups of data that contain things like age gender and geography.
What is an emergency fund?
A cushion where extra money is saved and is only used when an unexpected event happens.
This is a document used to outline a hotel’s services, amenities, and prices.
Brochure
This aspect of management involves talking with team members to enhance understanding and productivity.
Communication
What is an Entrepreneur?
a person who bears the risk of running a business.
What is the largest social media company
Facebook/Meta
What is supply and demand?
Amount of product available and the amount of demand for it.
This term is the industry standard for providing food at large events.
Catering
Business managment is the process of?
Planning, organizing directing and controlling the activities of a business or team
What does an Entrepreneur provide society?
Innovation/New Products
What is brand equity?
The perceived value of a brand FOR MARKETING
What are the three C’s of finance?
Character, capital, collateral
A career in the hospitality sector that involves coordinating large gatherings such as weddings and corporate meetings.
Event Planning
What are the 5 functions of management?
Planning, Staffing, Controlling, Organizing, & Directing/Leading.
At what point will an Entrepreneur want to leave the market?
When they are making a loss