DECA Hospitality Cluster Definitions

Terms in this set (59)

private wrongdoing against another person, in which businesses can be held responsible

the legislative body of a country or state

having the power to make laws

regulations preventing a person or company from taking any actions to restrain free trade and competition in the marketplace

business process management

customer-centric businesses striving to align its objectives and activities with consumer needs, also involve innovation, flexibility and technology

organizational resources

everything the business uses to operate, including tangible and intangible items

analyzing is vital in order to adapt to current market

a government authority or license granting a right or title for a set period, includes the right to exclude others from making, using or selling an invention

corporate facilities

the appearance and design/rooms of a business' workplace

preconceived opinion that is not based on reason or actual experience

the ability to do or say the right thing in any circumstance

make secret or new information known

easy to perceive or interpret

trust disbursements

taxable income to beneficiaries who received the money

the process of keeping and interpreting financial records, interpretations may be different (some are more ethical)

the process of obtaining funds and using them to achieve the goals of the business

digital convergence

the tendency of digital services that were once separate entities (a thing with distinct and independent existence) to combine into new forms (ex. Internet offering phone service >> Skype)

a thing with distinct and independent existence

a list of a company's employees and how much they are to be paid

liquidation sale

when a company goes bankrupt and decides to sell all of its merchandise (ex. Target in Canada)

function of the legal procedure

to resolve disputes or claims in a fair manner

informal communication internally through a business (word-of-mouth)

open-door policy

business practice encouraging communication between employees and management

operations management

management of overseeing, designing, and controlling the process of production, day-to-day activities

small culture that develops under the dominant organizational culture

not being influenced by personal feelings or opinions when making decisions (adjective); a goal of the business (noun)

a decline in economic, business or another activity

having a confident / forceful personality

agreeing with a statement

the acquiring of a person's private identifying information, usually for financial gain

income statement

a financial statement measuring the company's performance over a period of time, consists of both revenue and expenses

practice of thinking and making decisions as a group, discouraging creativity and individual responsibility

channel management

the process of which the producer directs marketing activity through involving other parties that are part of their channel of distribution

management information system

a hardware or software, may be part of the overall information management program; database with financial information with regular reports on operation for every level of management

environmental scan

an analysis of external forces affecting a business' success

personnel policies

rules that govern how to deal with a human resources or personnel situation

return on sales

net profit as a percentage of sales revenue

trade association

a group that forms with people in the same industry or geographic area who collaborate to solve common problems

promoting activity, usually in retail

opportunity for the business to interact with its customers

trade character

a character used to advertise a company it's associated with

annual rate of consumption

quantity that must be replaced each year due to loss or damage

a game promoting something by incorporating it into an online game

product placement

manufacturers paying for their product to be featured in movies or television shows, gaining publicity

factual announcement sent to media to be used as a news item

joining of two companies to form a new company

distribution (exclusive)

involves making goods available only in a certain locations (usually one dealer per area)

distribution (selective)

distribution restricted to only a certain area

distribution (intensive)

widespread distribution, goods that are available just about anywhere

black market vs. gray market

black market: illegal products
gray market: violates written / unwritten agreements

financial analysis

examination of a business from various perspectives to understand the financial situation

monetary policy

actions of a regulatory committee (ex. government) determining the size and growth of money supply, affecting interest rates

domineering personality

individuals thinking they know more or better than the average person (ie. cocky)

when a borrower is late or overdue for an action

types of credit

unsecured loan: amount borrowed and signing a note promising to repay it
installment credit account: an account set up to handle one amount of credit to be paid off through regular installments
budget credit amount: short-term credit to be paid every 30 days
travel and entertainment card: self-explanatory, requires excellent credit history

personal budget

an estimate of how much money one will spend, helps see spending patterns

amount paid for the food ingredients

marketing concept

belief that all company activities should be aimed to satisfy consumers' wants and needs

statement of assets, liabilities, and capital of a business for a particular time, describing past income and expenditures over the last period of time

cash flow statement

a sheet showing the changes in the balance sheet, as well as how changes in balance sheet and income affect the cash (and cash equivalents)

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