BUSINESS MANAGEMENT AND ADMINISTRATION
Products that leave for another country
export
The event where a product or service is released to the public market
Launch
Information in an unorganized form (alphabets, numbers or symbols) that have a relationship with current conditions, ideas or knowledge
data
Small properties owned and/or operated by person(s) who live at the location. One daily meal is often included in amenities
BNB
Any form of direct contact between a salesperson and customer to fulfill their wants and needs
Personal Selling
Gathering data for the first time for a specific product, service and/or business
Primary Research
Expenses that cost the same amount every time.
Fixed expense
Awareness of and ability to understand one's own actions and reactions
self understanding
A business owned and operated by one person
sole proprietorship
This line on an income statement shows the cost of raw materials and labor to produce a finished product or service that is available to a consumer
cogs
Food and beverage products served to guests in their rooms. Also can be defined as cleaning of a guest room and resupplying materials by the housekeeping staff
Room Service
Occurs when a salesperson gains an agreement to purchase from a consumer
Closing the sale
A phrase in an advertisement that grabs the consumer’s attention, creates interest and encourages them to read a promotional message
Headline
Also called "take home pay," it's the amount of income left after payroll deductions.
Net income
A tax on imports
Tariff
A newly established business
start up
A system that monitors an individual, business or other organization’s financial standing.This includes recording and verifying financial information to determine a profit or loss for a given time period as well as the value of assets, liabilities and owner’s equity
accounting
The department responsible for cleaning guest rooms
House keeping
A concern or doubt that a consumer has for not making a purchase
objection
A question that encourages the consumer to respond with more than a “Yes” or “No” answer
Open ended question
When someone uses your name, social security number, credit card number and/or other personal information without your permission.
identity theft
To acquire goods or services to accomplish the goals of an organization
purchasing
Authorization or license granted to an inventor that prevents others from making, using, or selling their invention
Patent
The process of managing money for an individual, business or other organization
Finance
Location where a guest can locate a bell person who will escort the guest and his/her luggage to his/her room
Bell stand
The value placed on a good or service
price
Data that has been previously collected for nonmarketing activity and is available for a business’ use
Secondary Research
Money set aside for short-term goals
Savings
The process of establishing and maintaining authority over and throughout a business
Organizational control
When one company takes ownership of another, usually smaller, company
Acquisition
allows a business to maintain the optimum number of each item. In doing so, a business can operate production of a good or service, sales or customer service at a lower cost
inventory system
Employees and/or departments who have direct contact with guests
Front of house
Choices made about advertising, personal selling, sales promotion and public relations used to communicate, inform and persuade potential and current customers
Promotion
A catchy phrase or words that identify a product or business
Slogan
The ease with which an asset can be converted to cash without serious loss.
liquidity
Planned set of interrelated tasks to be executed over a fixed period and within certain cost and other limitations
project
Wealth or assets available to invest in a project or business
Capitol
The financial documentation for an individual, business or other organization. The most common records are a Cash Flow Statement, Income Statement, Balance Sheet and Tax Returns
Financial records
Employee in a full service hotel responsible for providing guests with information about local dining and attractions as well as assisting with guest requests
Concierge
Selling technique in which the seller matches a feature with an advantage or benefit that the customer wants or thinks is desirable
Features and Benefit selling
The process of gathering information, conducting analysis and presenting findings for a product or service to make marketing decisions
Marketing research
Legal process for selling most of the debtor's property to help satisfy debts that cannot be repaid, in exchange for relieving debtors of the responsibility of paying their financial obligations or protecting them while a plan is created and they try to repay debts.
Bankruptcy
Monitoring the opportunity for loss within a business
Risk management
A person that puts money into a project or small business, with the hope of eventually receiving profit
investor
for the sale or purchase of stocks, bonds, bills of exchange, commodities, fortunes and options, foreign currency which work as an exchange for capital and credit. In the United States, well recognized markets include the New York Stock Exchange (NYSE), the S&P 500, and the Chicago Mercantile Exchange (CME or Merc)
Financial Market
A strategy in hotel and airline industry of booking 5-15% more rooms/seats than are available in order to alleviate the loss of revenue from consumers who make reservations but who do not arrive
overbooking
A promise that is given to a consumer that a product will meet certain standards
Warranty
The function of moving and selling goods from producer to consumer
Distribution
The profit from an investment. also a street sign .
Yield
The process of building an effective work climate and creating opportunity for motivation, supervising, scheduling, and disciplining
Directing
A legal entity that is not taxable itself and distributes the profits to its owners, but shields personal assets from business debt like a corporation
LLC
Refers to the amount of income received by a company before any expenses are deducted
gross revenue
Strong storage container maintained in the vault area of a bank and rented to bank customers for safekeeping of valuables. Hotels often have safe deposit boxes available for guest use as well
Safe deposit Box
The study of internal and external factors that affect marketing strategy
SWOT
The process of helping a customer purchase a product or service and/or providing assistance after a purchase has been made
Customer Service
A written record collected by a credit agency that tracks a borrower's credit payments, whether or not the payments are made on a timely basis and how long the borrower has had various credit accounts.
Credit report