DECA Hospitality and Tourism Cluster
Terms in this set (26)
Limited Liability Corporation, the members of the company cannot be held liable for the company's debts or liabilities. It combines aspects of a corporation and a partnership or sole proprietorship.
What the project will or will not do it is what needs to be achieved and the work that needs to be done to deliver a project.
Outputs divided by inputs
The formula used to measure productivity.
Checking over the ad to make sure it works, reads correctly, and looks good.
Offering your customers the option of paying for the products and services they purchase from you at a later date instead of upfront. Doing this can help you gain a competitive edge, enhance reputation, increase sales, and establish trust with customers.
American Marketing Association, Canadian Marketing Association
Examples of professional organizations
The process of increasing the attractiveness of a product to consumers by changing its physical appearance.
Customer evangelist or evangelism marketing
A type of word of mouth marketing where companies develop customers who believe, preach, and devote themselves to a particular product or service. In other words, a very, very loyal customer.
Voluntary debtor creditor relationship
Examples include loans of all types, credit lines and the use of credit cards. When a person purchases a car and finances the cost, the purchaser is voluntarily incurring debt. The same is true when a credit card is used to purchase goods or services; the purchaser is voluntarily creating a debt to the credit card company by using the card to make the purchase.
Involuntary debtor creditor relationship
Arises by operation of law or judicial proceedings. For example, if the employee of a small business is at fault in a traffic accident and injures someone, the business can be required to compensate the injured person. Similarly, if a house painter applies the wrong paint, or damages the carpets, a debt is created. The homeowner may insist that the painter correct the problem or provide compensation for the damage. Involuntary debt is the hidden risk to assets that can't be avoided. The impact of that risk, however, can be minimized.
An informal message, especially one sent between two or more employees of the same company, concerning company business.
A marketing technique that is focused on maximizing the word-of-mouth potential of a particular campaign or product, whether that is through conversations among consumers' family and friends or larger scale discussions on social media platforms. We are more likely to try something new if a person we trust suggests we check it out. Example: One week prior to its official grand opening, Wacky Wild Fun Park invited 200 teenagers to a complimentary "sneak preview Saturday" of all that the amusement park has to offer--its rides, food, and entertainment. At the end of the day, as each teen passed through the exit gate, park employees gave each guest five Wacky Wild Key chains to pass on to her/his friends. Park employees also reminded the departing guests to tell their friends about all the fun they had at the amusement park.
An economic system where capital goods are owned by individuals or private businesses. The production of goods and services is determined by supply and demand.
A one-way payment to a person for which no money, good, or service is given or exchanged. Example:When Brandon lost his job due to downsizing, the government sent him an unemployment check to help him cover his living expenses until he found another job.
A phase of the business cycle in which the economy as a whole is in decline. More specifically, contraction occurs after the business cycle peaks but before it becomes a trough.
Full line forcing
A business practice whereby a supplier encourages distributors/ retailers to stock or provide not only his principal products or services but additionally other products or services from his range.
A distribution of a portion of a company's earnings, decided by the board of directors, to a class of its shareholders.
An increase in the value of a capital asset (investment or real estate) that gives it a higher worth than the purchase price.
A bill; a document issued by a seller to a buyer identifying the products, quantities and agreed prices for products or services that the seller has already provided the buyer with. An invoice indicates that, unless paid in advance, payment is due by the buyer to the seller according to the agreed terms.
(Law of) Diminishing returns
Used to refer to a point at which the level of profits or benefits gained is less than the amount of money or energy invested.
The marketing mix
Price, place, product, and promotion
4 p's: place
Place is also known as channel, distribution, or intermediary. It is the mechanism through which goods and/or services are moved from the manufacturer/ service provider to the user or consumer.
One of the four elements of the marketing mix. Distribution is the process of making a product or service available for the consumer or business user that needs it. This can be done directly by the producer or service provider, or using indirect channels with intermediaries.
Uses components, parts or raw materials to make a finished good.
The sale and distribution of goods to specific customer types such as those most commonly referred to as resellers. It often occurs when large quantities of merchandise are purchased, referred to as purchasing in bulk, with the intent of reassembling, sorting, repackaging or distributing the goods in smaller lots. A wholesaler may specialize in the distribution of one product, or product category, or may offer a variety of goods. Additionally, a wholesaler may do business with particular business types or may have a more open selling policy. Wholesalers are often not involved in the actual production of goods, instead focusing on tasks more associated with distribution.
A business or person that sells goods to the consumer, as opposed to a wholesaler or supplier, who normally sell their goods to another business.