Business Administration
The costs of running a business
What are Operating Expenses?
The function of business that involves the moving, storing, locating, and/or transferring ownership of goods and services
What is Distribution?
A company that offers financial protection against unexpected events in exchange for regular premiums, providing compensation or assistance when a covered incident occurs
What is an insurance company?
The industry focused on delivering exceptional customer service and managing hotel operations?
What is the hospitality industry?
A promotional message designed to inform, persuade, or remind consumers about a product, service, or brand, often utilizing various media platforms to reach a target audience
What is an Advertisement?
In a Business, the theft of valuables that have been entrusted to another's care
What is Embezzlement?
An asset or property that a business owner pledges to a lender as security for a loan, ex: house, car, etc.
What is a Business Collateral?
A financial agreement where a borrower receives a sum of money from a lender with the promise to repay it, typically with interest, over a specified period
What is a loan?
The support and assistance provided to customers before, during, and after their purchase, aimed at enhancing their experience and ensuring satisfaction
What is Customer Service?
A person who buys products or services and also uses them
What is a Customer?
A form of business ownership that is owned by stockholders who have purchased units or shares of the company
What is a Corporation?
Describes the business (or business owner's) strengths, weaknesses, opportunities, and threats
What is a SWOT analysis?
A legally protected symbol, word, or design that distinguishes a company's goods or services from those of others, ensuring exclusive rights to its use
What is a Trademark?
A group of hotels operating under the same brand name and management structure, often providing consistent services and amenities across various locations
What is a Hotel Chain?
the desire and ability of consumers to purchase a good or service at a given price, influencing production and pricing decisions in the market
What is Demand?
The act of stealing a company's proprietary information, trade secrets, or intellectual property without consent
What is Business Espionage?
a sales-promotion technique in which a business returns part of the price that a customer pays for a good or service
What is a rebate?
a business model where an individual or group operates under the established brand, systems, and support of a larger company in exchange for fees and royalties
What is a Franchise?
The set of established criteria and benchmarks that organizations adhere to in order to ensure products and services meet customer expectations and regulatory requirements
What are Quality Standards?
The direct exchange of goods or services between parties without the use of money, often used to facilitate transactions in informal or alternative economies
What is a Barter?
A civil wrong that causes harm to another person or their property. It can be intentional, negligent, or the result of violating a statute.
What is a Tort?
Businesspeople prepare ___________ to estimate when, where, and how much money will flow into and out of a business during a certain period of time
A formal document sent to accompany other materials, providing a brief explanation of the contents and the reason for sending them
What is a Transmittal Business Letter?
The systematic approach to identifying emerging trends that influence guest preferences and industry standards
What is Trend Forcasting?
The technique of suggesting additional items to go with merchandise requested by a customer
What is Suggestive Selling?