DECA Hospitality AND tourism

What is CEM

to create emotional connections that keep customers coming back

What is CRM

a process used to help companies manage their interactions with customers/ potential customers

what is a buyers market

a time when a service or product is being sold for less than it’s intended worth

What is a seller's market?

A time when services and products are being sold for more Then their intended value

What are the characteristics of economic services

scarce, intangible, useful, and transferable

what is a fee-only advisor?

an advisor that earns no additional compensation beyond the fee that is paid to them by clients

What is a fee-based advisor?

an advisor that may also earn commissions on the sale of certain products

what is operational risk?

the potential for a buisness to suffer financial loss out of operational failure like mismanagement

What is Financial Risk?

the potential for a business to suffer financial loss because of an investment or venture

What is a reputational risk?

involves harm to a business's reputation because of negative news or bad publicity

What is Strategic risk?

when a buisness loses profit from unsuccessful buisness planning such as changes in leadership

What Is a compliance risk?

a risk that can effect a buisness due to a company's violation of federal laws

What is market segmentation

a technique used to divide customers into subgroups based of shared characteristics

What is a demographic segmentation?

separating customers based of age, gender, income, ect

What is psychographic segmentation?

grouping customers based off personality, Hobbies, lifestyle, ect

What is geographic segmentation?

grouping customers based on climate, culture, language, ect

What is behavioral segmentation?

the process of grouping customers based on spending habits, loyalty to your company, browsing habits, ect

What is a master budget?

an extensive overview of your businesses budget, includes all other budgets

What is an operating budget?

a detailed veiw of a business's expected income over the next few months to a year

What is a financial budget?

used to present a compamy’s strategy for managing assets, cash flow, income, ect.

What is a cash budget?

aims to help a buisness manage and measure its income vs expenses

What is a direct labor budget?

calculates the number of labor hours needed to produce units/products to balance hours vs payroll expenses

What is a static budget?

anticipates a fixed amount of sales, revenue and expenses through a period of time, doesn’t change

What is a capital budget?

helps a buisness plan for large investments or purchases of assets like machines or property

What is traditional budgeting?

creates This year’s budget based off last years spending

what is zero-based budgeting

allows buisness to start from zero and build up based on average of expenses

what is rolling budgeting?

focuses on short-term goals that allow for more in depth views of patterns

what is flexible budgeting?

adjusts based on changes in revenue, expenses, ect in real time