Hospitality and Tourism test ICDC

Same product bundling

offering more than one of the same particular products for sale

Quality assurance

businesses use to prevent defective products from being created, not just to eliminate or correct them after they've already been produced.

Quality control

businesses use to check for defects after products have been created

Quality improvement

ongoing commitment and willingness to make changes for the purpose of maintaining quality

If you want product specifications about equipment, you should

Contact the vendor directly

Buffer inventory

surplus in stock that a business maintains in case of an unexpected need

Transit inventory

inventory that has been shipped by the seller but not yet received by the buyer

Perpetual inventory

recording method that continuously updates inventory information

Just-in-time inventory

inventory method in which goods are ordered so that they arrive when they are needed, rather than being stockpiled

What type of information concerning policies and procedures do employees often extract from an internal business report?

New personnel regulations

Cash flow

amount of cash a business has to work with at any given time. Credit cards can increase cash flow

individual (personal) influence on buying behavior

Age. tends to affect a person's needs, wants, tastes, preferences

buying behaviors

Social influence - family. time - situational influence. Culture - separate influence

Business risk

increased because of the chance of accident or injury - lead lawsuits, and losses.

Economic risks

risks caused by changes in the market

preparing personal property inventory

include detailed descriptions, locations, serial numbers, dates purchased, purchase prices, current values, photos and/or videos, and receipts. Include family heirlooms and photographs and garages and sheds

Psychographic segmentation

customers into groups based on variables such as customers' personality and lifestyle—in other words, customers' individual qualities or traits

Behavioral factors

separate markets based on rate of use, benefits derived, loyalty response, and occasion response

Blaming others for your mistakes means

you are giving up control over your own life

Trustworthiness

being reliable and deserving of others' confidence

Lien

Legal claim to an item of property that protects sellers if the buyer does not complete payments

rebate

a return of part of the price a customer pays for a good or service, usually offered by the product's manufacturer

ledger

the accounting record for a specific department or area of the business.

Which of the following sources of credit to finance the purchase of a home?

Savings and loan associations

Enterprise risk management (ERM)

a firm-wide strategy that looks to identify, evaluate, and prepare for potential hazards, losses, and dangers with a company's operations, finances, and objectives.

What should you do when you have a final draft of a job application?

Proofread

accrual accounting

method journalize income and expenditures at the time they occur even if no money changes hands at that time.

Managerial accounting

reporting financial data to internal users.

Tax accounting

recording transactions for tax purposes.

descriptive statistic

describe basic features of data in a study. is average, or mean.

When ethics are considered and followed in information management

Information is better protected

Pull promotional strategies

products directly to the ultimate consumer or industrial user to generate customer interest in the products

push promotional strategies

promote their products to intermediaries who then promote the products to customers

Selling-activity

guidelines for selling activities that involve interaction with customers or potential customers

Prospecting policies

guidelines established by management to guide the search for new clients.

Service policies

guidelines that govern the support a company provides to a customer after the sale

Terms-of-sale policies

guidelines covering the aspects of a sale with which customers are most concerned, such as credit, price, etc.

Three types of credit card processing fees

interchange, assessment, and payment processing fees.

Assessment fee - cost goes to credit card brand.

Interchange fee - goes to issuing bank though card brands

Payment processing fees - go to processor or company that manages card payments.

Copyright

protects movies, music and books. Protect physical.

Patents

protect processes and inventions

Trademark

protect symbols

Administrative agencies

issue three different types of rules: interpretative rules, procedural rules, and legislative rules.

Common law

Created by court decisions rather than through legislation

Policies

guidelines on how employees should act

Which of the following refers to the values and ideals that an organization encourages among its employees:

Corporate culture

Gross Profit

money left after cost of goods expense subtracted from total income.

Lockouts

Company strategy in business is closed and employees not allowed to work. Strategy to pressure labor unions

Picketing

Union members stand near company entrance duing strike and carry signs or chant.

Tourism can positively contribute to economic development:

Better access to roads.

Increase infrastructure.

Maslow's Hierarchy of Needs

Social needs, along with safety and physiological needs, make up the category of low-level needs.

. High-level needs are comprised of esteem and self-actualization needs

accommodating negotiating style

-concerned with the relationship between the people

-tend to neglect their own needs in favor of helping the other person

-"you win - i lose"

Settle loss now for long term. Do something not like now

Collaborative Negotiations

Both sides work together to maximize the outcome or create a win-win result. Requires open discussions and a free-flow of information between parties

combative negotiating style

you only consider your interests and fight to achieve a desired outcome at any cost

Avoidant Negotiation Style

a person's relationships and outcomes are not important, party has another plan to meet his/her needs

Investment bank

Firm specialize in help issue securities.

Demographic segmentation

segmenting markets by age, gender, income, ethnic background, and family life cycle

behavioral segmentation

rate of use, benefits derived, loyalty response, and occasion response

psychographic segmentation

dividing a market into different segments based on social class, lifestyle, or personality characteristics

Framing

Common external Factor that influences decision making. One person presents a matter to another person.

What department decides pricing in large businesses

Marketing

Mixed product bundling

different types of products for sale.

Pure product bundling

selling products that can only be bought in a bundle, not separately

brand personality

what a brand would be like if it were a person

institutional promotion

building or reinforcing a favorable company image. change a particular attitude toward a firm or its products; inform customers of the company's interest in social or environmental issues; inform the public about the company's future; inform customers of the company's name and its type of business

Product promotion

persuade customers to buy a particular good or service

Avoidance risk response strategy

choosing not to do something that is considered risky

Risk control methods to limit risk

separation, loss prevention, and duplication.

Enterprise risk management

organization wide, top-down strategy that is used to identify, assess, and prepare for potential losses, dangers, or hazards with a company's finances, operations, and objectives.

Disadvantage: rely on management estimates and inputs

yield percentage

annual dividend divided by the current stock price

Zoning

the practice by some newspapers of printing special editions that are targeted to specific areas, or zones, within the circulation area.

implied warranty

unwritten, unspoken warranty understood by the customer and the seller that the product will perform as expected.

dummy invoice

blank form on which the contents of a shipment are listed by receiving workers.

Matrix Organizational structure

combines divisional and functional organizational structures. employees answer to two different managers or department heads, rather than one

What is a benefit of directing

employees can coordinate work.