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DECA Hospitality Cluster Definitions
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Terms in this set (59)
torts
private wrongdoing against another person, in which businesses can be held responsible
legislature
the legislative body of a country or state
legislative
having the power to make laws
antitrust 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
patent
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
prejudice
preconceived opinion that is not based on reason or actual experience
tactful
the ability to do or say the right thing in any circumstance
disclose
make secret or new information known
transparent
easy to perceive or interpret
trust disbursements
taxable income to beneficiaries who received the money
accounting
the process of keeping and interpreting financial records, interpretations may be different (some are more ethical)
finance
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)
entity
a thing with distinct and independent existence
payroll
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
grapevine
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
subculture
small culture that develops under the dominant organizational culture
objective
not being influenced by personal feelings or opinions when making decisions (adjective); a goal of the business (noun)
downturn
a decline in economic, business or another activity
assertive
having a confident / forceful personality
affirmative
agreeing with a statement
identity theft
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
groupthink
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
merchandising
promoting activity, usually in retail
touch point
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
advergaming
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
news release
factual announcement sent to media to be used as a news item
consolidation
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)
delinquent
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
food cost
amount paid for the food ingredients
marketing concept
belief that all company activities should be aimed to satisfy consumers' wants and needs
balance sheet
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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