91 terms

Hospitality Exam 1023 DECA


Terms in this set (...)

sole proprietorship
form of business ownership in which the business is only owned by one person, and that person receives any profits made by the business
absorption of one company by another company
owned by two or more people and the profits are split between them
owned by people who own stock in the business and split the profits
channels of distribution
a chain of businesses or intermediaries through which a good or service passes until it reaches the end consumer. It can include wholesalers, retailers, distributors and even the internet itself
A collection letter is ______________________, and is _____________________________________________.
persuasive; Written notification of the pending amounts, meant to prod past-due customers to make a payment
A business performs "out of the ordinary" way when it _______________________.
performs outsourcing or when it offers virtual services.
finance company
a business that purchases borrower's contracts from sellers and receives the borrower's payments.
credit union
a financial cooperative set up to provide savings and credit services to its members; usually operates within a business or labor union
savings and loan association
a financial institution that offers savings accounts and makes loans to borrowers; most loans are for real estate purchases
commercial bank
full-service banks offering a variety of banking services, including checking and savings accounts, secured and unsecured loans, installment credit, and bank credit cards
customer-service mindset
an outlook that focuses on creating customer value, loyalty and trust; ex. treating the customer as always right
office memorandum
written internal communication means for exchanging information relating to day-to-day functions within the organizations
reconciling a bank statement is ___________.
the process of determining any differences between the bank statement balance and the checkbook balance
financial planning
an ongoing process to help you make sensible decisions about money that can help you achieve your goals in life; it's not just about buying products like a pension or an ISA
on-boarding activity
also known as organizational socialization, refers to the mechanism through which new employees acquire the necessary knowledge, skills, and behaviors to become effective organizational members and insiders
amount of satisfaction
how satisfied a customer is for a product/service
net profit
money left over after paying all the expenses of an endeavor
whole life insurance
life insurance that pays a benefit on the death of the insured and also accumulates a cash value
product marketing
process of promoting and selling a product to an audience
service marketing
promotion of economic activities offered by a business to its clients; process of selling telecommunications, health treatment, financial, hospitality, car rental, air travel, and professional services
A non- probability sample
is useful when the sample does not need to be representative of the whole population.
Process innovation
occurs when a business changes how something is done. If a restaurant chef changes the way steaks are prepared, this is considered ------- innovation because the cooking process has changed.
Product innovation
occurs when a business either creates or improves a product.
consumer regulation
protect the rights of consumers
Credit card Act of 2009
.to establish fair and transparent practices relating to the extension of credit under an open end consumer credit plan, and for other purposes
Customer relationship management systems
accumulate and track customer activities and allow for interactions between customers and businesses.
Transaction processing systems
collect data from user inputs and generate outputs that assist in the core operations of a business.
Supply chain management systems
allow companies to work with suppliers and partners to improve operations.
Decision support systems
give companies access to financial, marketing, and operational data that helps them to make better decisions.
Association rule learning
a data mining technique that finds relationships between pieces of data. In this scenario, ______ revealed that people who buy frying pans are more likely to buy spatulas. There is a proven relationship between frying pans and spatulas.
predicts a number based on certain data points.
assigns items to pre-determined categories (data mining technique).
finds items that are similar to one another to create groupings(data mining).
a published false statement that is damaging to a person's reputation; a written defamation
accounts payable
money owed by a company to its creditors
Brand promise
is communicated through many different touch points (not just advertising) and is not usually stated in words
experience economy
where customers want to have a good experience every time they deal with a business (after service economy); product is the experience with a business; basis of customer relations management
service economy
an economy or the sector of an economy that is based on trade in services
is the lowering of prices and is a worse economic indicator than inflation
can be in times of strong economy
by looking at your weaknesses and strengths you can determine your ______.
Best Alternative to a Negotiated Agreement
purchase documents
include information about the cost of the investment and any commissions or fees that were paid.
refer to managing the flow of goods and services from production to consumption.
sequential patterns
When mining data to anticipate behavior patterns and trends, the restaurant should check for _____________ in the data?
travel agents
Customer reservation systems are used by
Decentralized purchasing structure
a way of organizing purchasing in which responsibility and authority are distributed among many individuals and geographical districts; breaks down buying responsibilities and delegates buying authority to district managers who are more familiar with local stores.
Centralized purchasing structure
a way of organizing purchasing in which responsibility and authority are held in one department and/or by a few individuals.
Departmentalized purchasing structure
a way of organizing purchasing which combines elements of centralized and decentralized purchasing structures.
Concentrated buying
a tactic of purchasing fromonly a few suppliers in order to gain more favorable prices.
also known as purchasing agents, are are analyzers, negotiators and deal-makers. They research, evaluate and buy products for companies to either resell to customers or use in their everyday operations;
have buying responsibilities
fishbone diagram
also called a cause-and-effect diagram or an Ishikawa diagram, is a quality-control tool used to identify cause and effect.
blind testing
To avoid receiving biased input; With this technique, the food items are removed from their cans so that evaluators do not know for which brand they are providing feedback.
an evaluation procedure in which canned goods are opened and their contents compared. This does not ensure unbiased feedback, however.
type of software enables a business to track its opt-in customers' physical location via their computers or networking devices (e.g., smartphone). As illustrated in the question stem, a business can use the geolocation software to send targeted promotional content to their customers in real time.
an inventory control method that involves ordering goods just in time for them to be used or sold.
Webcast technology
involves broadcasting video content via the Internet.
Shadow box displays
are often built into a wall, and they are usually used to display expensive items.
Island, point-of-purchase, and counter displays allow customers to touch the merchandise.
processing measures
used to track how customers respond to the advertising.
Exposure measures
are used to track how many potential customers have been exposed to advertisements.
Market-share measures
help marketers determine if they have achieved the sales that they wanted.
Communication effects measures
used to track if customers are reacting to advertising in the way that advertisers had hoped.
Direct marketing
a promotional vehicle that comes to consumers' businesses and homes.
Personal selling
a form of promotion that determines client needs and wants and responds through planned, personalized communication that influences purchase decisions and enhances future business opportunities.
special order
a request for a custom product or a product that the property does not normally have on hand.
blanket order
an order that covers all or part of a retailer's seasonal requirements; typically are placed several months before the season and do not contain detailed specifications or shipping dates.
standing order
an order that involves sending specific products at set intervals.
open order
an order for staple goods that is placed with one of several available vendors who can meet the business's immediate requirements (e.g., time, price, quantity).
a place where sales are made
institutional advertisement
any type of advertising intended to promote a company, corporation, business, institution, organization or other similar entity; not a specific product
trade-in allowance
A reduction in the price of a new item when an old item is given as part of the deal
black-and-white laser
normal printer (laser jet, black and white ink)
digital color
a type of printing process that uses computer-based files to print high-quality promotional material such as advertisements
substitute selling
An attempt to sell an alternate product if the customer's intended purchase is currently unavailable
a unit of type size and line length equal to 12 points
operations functions
business function responsible for managing the process of creation of goods and services
prime-interest rate
the interest rate that commercial banks charge their most credit-worthy customers
sales-volume quota
amount of target sales that is assessed on daily or monthly basis; sales figures given to any particular person or region or distributor
(OSHA) Occupational Safety and Health Administration
an agency established to assure safe and healthful working conditions for working men and women by setting and enforcing standards
market segment
a group of people who share one or more common characteristics, lumped together for marketing purposes; most common distinguishing factor is trip purpose (business or leisure)
blue lines
Usually inexpensive, photographic proof from negatives where all colors are shown in blue
a fiber based photographic paper, from Kodak, not super expensive
effective use of type; involves the size, font, spacing, between letters and shapes
a sequence of drawings, typically with some directions and dialogue, representing the shots planned for a movie or television production, or television commercial.
streaming media e-mail
an email with video or audio content sent in compressed form over the Internet and played immediately
a company or employee of a company that transports commercial packages and documents
break-even point
the point of balance making neither a profit nor a loss; the point at which cost or expenses and revenue are equal
employee pilferage
involves the taking of small amounts or small articles without the consent of the company
a sales technique in which the travel agent review the features and benefits at the conclusion of a presentation