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the creation and maintenance of satisfying exchange relationships

discretionary income

the amount of money individuals have available to spend after paying for the necessities of life and other fixed expenses

six core standards of marketing

distribution, marketing information management, pricing, product/service management, promotion, selling, financing


determining the best way to get a company's products/services to customers

marketing information management

gathering and using information about customers to improve business decision making


establishing and communicating to customers the value or cost of goods/services

product/service management

designing, developing, maintaining, and acquiring products/ services for the purpose of meeting customer needs and wants


using advertising and other forms of communication to distribute information about products, services, images and ideas to achieve a desired outcome.


any direct and personal communication with customers to assess and satisfy their needs and wants


requires a company to budget for its own marketing activities and to provide customers with assistance in paying for the company's products/services

entertainment marketing

influencing how people choose to spend their time and money on entertainment

profit motive

making decisions to use resources in ways that result in the greatest profit


the study of how goods and services are produced, distributed and consumed


the study of the economics of the entire society


the study of relationships between individual consumers and producers

economic utility

the amount of satisfaction a person receives from the consumption of a particular product or service

form utility

the physical characteristics of a product or service are improved

time utility

the result of making the product or service available when the customer wants it.

time utility

the result of making the product or service available when the customer wants it

place utility

ensures that the product or service is available where the customer wants it

possession utility

making the product or service available at an affordable price, convenient


the possibility of financial gain or loss or personal injury

natural risk

includes weather conditions that cannot be avoided

human risk

results from customer dishonesty, employee theft, and employee incompetence. Inadequacy of training, or employees not following training

economic risk

due to changes in the business environment

speculative risk

either a gain or loss could result

pure risk

a chance of an even occurring that could only result in a lass

controllable risk

if a loss can be prevented or the likelihood of its occurrence reduced

uncontrollable risk

nothing can be done to prevent risk

insurable risk

a pure risk for which the chances of loss are predictable and the amount of the loss can be estimated

uninsurable risk

the chance that a dollar loss could occur and not be estimated

risk management

preventing, reducing, or lessening the negative impacts of risk by using the strategies of risk avoidance, insurance, transfer, and/or retention


legal responsibility

risk insurance

pays for predictable losses


cost of insurance

risk retention

assuming the cost of an uninsurable risk

risk retention groups

similar businesses facing similar risks pool resources, monitored.


guidelines for good behavior, a system for deciding what is right or wrong in a reasoned and impartial manner


high standards of rules and guidelines

character development

a progression in behavior where people advance from childish behavior to mature behavior based on principles


a plan that predicts the expenses to be incurred and the revenues to be received


a plan for how available funds will be spent

balance sheet

net worth= assets-liabilities

income statement

shows revenues and expenses for a specific period of time


traveling for pleasure

travel trade

all companies and individuals who create and market tours

direct economic impact

total of new spending resulting from the event or attraction

indirect economic impact

the portion of the money spent locally by visitors that is in turn spent by local residents

niche travel

travel planned around a special event


responsible travel to natural areas that conserves the environment and sustains the well being of the local people

sustainable tourism

enjoying while simultaneously preserving natural environments so that they may also be enjoyed in the future


the base of travel systems and utilities in an area


a company expanding into other countries making cultural changes when needed

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