DECA HLM Districts Study Guide

Restaurant Starup costs

$125,000 to $550,000 to star a restaurant. $451,966 average. With land costs average goes up to $700,866

Word-of-mouth

(WOM) marketing involves customers communicating with others about satisfaction with a business. Occurs in person or online.

resume

(n.) a brief summary; a short written account of one's education, working experience, or qualifications for a job

Industries

-Hospitality industry: Provides services to people who are away from home. -Recreation industry: A segment of the hospitality industry, provides services designed to provide rest, relaxation, and enjoyment. -Entertainment businesses: Part of recreation industry. Includes movie theaters, concerts, and plays. -Lodging industry: Consists of businesses that provide sleeping accommodations for travelers. -Travel businesses: Provide transportation. -Tourism industry: consists of businesses that promote travel for business and leisure.

Discuss considerations in accepting credit-card payments (FI:789) (SP)

1 Risks of losses related to fraud 2 - Risks of losses related to a data breach 3 Risks to your business reputation

Describe personal traits important to success in hospitality and tourism (El:090) (PQ)

1. Listening 2. Oral communication 3. Customer Orientation 4, Stress Tolerance 5. Quality Orientation 6. Work Standards 7. Multitasking

Selling methods

1. Offer related merchandise (cross-selling) 2. Selling larger quantities, (up-selling) 3. Calling attention to special sales opportunities

government's role

3 branches (execuitive, legislative, & judical)

PBX System

A PBX system is a private telephone system that designed to facilitate communication between employees while allowing adequate access to external phone lines.

Licensing

A business structure that requires the authorization or permission from an owner to another entity to use trademarked, copyrighted, or patented material for a specific activity, during a specific time period, for the profit of both parties.

youth camp

A camp, usually open in the summer and operated by an organization such as the YMCA, where children spend a set period of time learning activities in a relatively primitive setting.

maid cart

A cart stocked with all the supplies a housekeeper will need for the day, including a vacuum cleaner, duster, cleaning supplies, clean towels, and trash bags.

Interpret cash-flow statements (Fl:541) (SP)

A cash flow statement is a financial statement that summarizes the amount of cash and cash equivalents entering and leaving a company. The cash flow statement measures how well a company manages its cash position, meaning how well the company generates cash to pay its debt obligations and fund its operating expenses

Reconcile cash

A cash reconciliation is the process of verifying the amount of cash in a cash register as of the close of business. The verification can also take place whenever a different clerk takes over a cash register

Breakage

A certain number of gift cards won't be redeemed because they'll be lost or forgotten by those who receive the gift card. This is a concept known as breakage in the coupon and gift card business.

line chef

A chef in a smaller restaurant who is responsible for cooking everything on the menu to guests' specifications.

Planning a Response (block)

A common block to listening. Overcome the barrier by listening carefully to the speaker until they're finished then respond.

tour operator

A company that provides travel packages, either to travel agents or directly to customers.

retail travel agency

A company that sells travel arrangements, including lodging, to customers, either through packages or direct communication with a hotel.

global reservation system

A computerized reservation system in which guests can make hotel reservations at the same time they make airline and car rental reservations.

independent reservation system

A computerized, toll-free reservation system provided to smaller hotel operators by an independent company for a fee.

Franchise

A contractual agreement between a parent company and a franchisee to distribute goods or services.

short-order cook

A cook who prepares food such as hamburgers and French fries, often supporting a line chef.

corporate lodging operation

A corporation that owns and operates one or more lodging operations.

No-show

A customer with a reservation at a hotel who fails to show up and does not cancel.

No Show

A customer with a reservation at a restaurant, hotel, etc. who fails to show up and does not cancel

Use database for information analysis (NF:185) (SP)

A database is a collection of information that is organized so that it can be easily accessed managed and updated. Computer databases typically contain aggregations of data records or files, containing information about sales transactions or interactions with specific customers Standard transactional database measures are recency, frequency and value Increasingly businesses look to track customers and then look at customer journeys. A core aim of many types of analysis is to build a 'propensity model'. That is a model of those customers who are most likely act in a certain way Cross sales rates In particular, the data can be used to attempt predictive modelling. Label customers with segments, use database to find segments.

specialty rate

A discount rate offered to airlines, employees, or other pre-approved groups.

family plan

A discount rate often offered on the weekend by hotels that specialize in corporate business, used to attract budget-conscious tourists when rooms are not in demand by business travelers.

government rate

A discount room rate offered to government employees which tries to match the per diem offered to government employees.

senior rate

A discount room rate offered to guests over a certain age, usually 55 to 65.

group rate

A discount room rate offered to someone reserving a block of rooms at the same time, usually requiring a minimum number of room reservations.

Selective Distribution

A distribution strategy in which a producer sells a product through a limited number of middlemen in a geographic area

Transmittal (Letter of Transmittal)

A document used by a security holder to accompany certificates surrendered in an exchange or other corporate action. A Letter of Transmittal may also be a distribution list with the recipients of a memo, report or contract

reserve key drawer

A drawer at the hotel's front desk that holds extra keys for each room, in addition to the keys on the key rack.

Icon

A facility or landmark which is visually synonymous with a destination.

Cash flow statement

A financial summary estimating when, where, and how much money will flow into and out of business during a specific period of time

A La Carte Menu

A food and drink menu in which each item is listed and priced separately.

room block

A given number of rooms that are held in reserve, to ensure that overstays and clerical errors do not result in overbooking.

Gross Profit

A good indicator of how well a business is controlling its costs.

maitre d'hotel

A greeter in a restaurant, usually a man who seats customers at their tables.

Chain Affiliated

A group of hotels that are non-competing often owned by the same company.

suite

A group of rooms used as a unit

economy operation

A hotel catering to a traveler on a budget, with very few services or amenities; also called a budget hotel.

all-suite hotel

A hotel in which every room is a suite, with a bedroom and living room, catering to business travelers.

airport hotel

A hotel located near an airport, usually offering shuttle service to and from the airport, as well as meeting rooms, and early checkout.

American plan

A hotel pricing plan that includes three meals with the cost of the room.

Guaranteed Reservation

A hotel reservation that is paid in advance.

limited-service operation A hotel targeting budget-conscious travelers that offers guest rooms and limited guest services and few amenities.

A hotel targeting budget-conscious travelers that offers guest rooms and limited guest

Affiliated Hotel

A hotel that is a member of a franchise, chain or referral system. Membership usually provides special advantages, such as the use of a national reservation system.

resort hotel

A hotel with a number of onsite recreation facilities, offering a complete vacation in one location; often located near a beach, golf course, or popular recreation destination.

section master key

A key that opens all rooms in a section assigned to one housekeeper.

room rack

A large display found at a hotel's front desk that tracks the status of each room in the hotel.

Writing

A large volume of material and presenting it verbally wouldn't be practical, includes organization in writing. Permant records, legal documents, and letters (examples)

valet service

A laundry service offered to hotel guests.

continental breakfast

A light breakfast, usually consisting of muffins or sweet rolls, plus juice, coffee, or tea, often provided free of charge to hotel guests.

senior living service

A lodging for elderly guests that combines a health facility, luxurious rooms, and food and beverage service.

campground

A lodging operation offering guests either a place to pitch a tent or a space to park a recreational vehicle.

European plan

A lodging pricing plan in which no meals are included in the price of the room.

full-service hotel

A lodging property that offers a full range of services and amenities including recreational services, food and beverage services, a bell staff, a concierge staff, a housekeeping staff, a front desk, and maintenance.

non-guaranteed reservation

A lodging reservation for which the guest has not offered guaranteed payment, usually held until some set time in the evening, and then given to someone else if needed.

motor inn

A lodging similar to a motel, inexpensive and located near a highway, but with more than one floor and more services.

remind-o-timer

A machine that sounds a loud alarm to remind the front desk clerk to make wake-up calls to hotel guests.

date- and time-stamping machine

A machine that stamps a date and time on correspondence or forms; used to keep track of guest check in and check out, and hotel correspondence.

Gateway or Gateway City

A major airport, seaport, rail or bus center through which tourists and travelers enter from outside the region.

Explain the concept of market and market identification (MP:003) (CS)

A market is a group of consumers who have a common interest, need or want of a given good or service. This group of consumers also must be able to purchase the product. Marketers identify markets' common interests by classifying consumer's demographic, geographic and psychographic information.

Packaging

A marketing strategy that involves offering several products for sale together. For hotels this could be effectively implemented through the booking engine for upsells, services, event tickets, or other amenitities suchs as Internet access, meal plans, partking, etc. The price of the pricing may be bundled together so there is opacity to the individual prices of the products.

Buyer

A member of the travel trade who reserves room blocks from accommodations or coordinates the development of a travel product.

table-d'hote menu

A menu on which a complete meal or a few courses are offered together at a fixed price.

à-la-carte menu

A menu on which each item carries its own price.

folio tray

A metal tray that holds folio cards for each guest in the hotel, usually organized by room number.

Cash Flow Statement

A monthly plan that tracks when you anticipate that cash will come into the business and when you can expect to pay out cash.

Group Rate

A negotiated hotel rate for convention, trade show, meeting, tour or incentive groups.

cashier

A person in a restaurant or hotel who takes customers' money and gives them change.

destination market A popular tourist attraction, such as the Grand Canyon, that attracts a large number of visitors.

A popular tourist attraction, such as the Grand Canyon, that attracts a large number of visitors.

cleaning caddy

A portable organizer that holds all the supplies needed for cleaning the bathroom in a hotel room.

house limit

A pre-set limit on the amount guests can charge on a credit card before additional authorization from the credit card company must be received.

Identify factors affecting evacuation procedures/protocols (OP:527) (SP)

A preferred method for reporting fires and other emergencies; An evacuation policy and procedure; Emergency escape procedures Names, titles, departments, and telephone numbers of individuals both within and outside your company to contact Procedures for employees who remain to perform or shut down critical plant operations, operate fire extinguishers, or perform other essential services Rescue and medical duties for any workers designated to perform them.

telephone printer

A printer attached to the hotel's phone and accounting systems that keeps track of outgoing calls made by guests.

homestay

A private home in which the owners accept paying guests, and usually include breakfast with the cost of the stay.

bed and breakfast (B&B)

A private residence that has been turned into an owner-operated commercial inn, usually with only four or five guest rooms, and in which breakfast is included with the cost of the room.

ServSafe

A program which provides information and training about food safety and sanitation and facilities and equipment management

Frequent Guest Program

A promotional effort administered by a hotel brand that rewards travelers every time they choose to stay at the brand's affiliated hotels. Typical rewards include free-night stays, room upgrades, and complimentary hotel services.

key rack

A rack that holds keys for each room in the hotel.

mail rack

A rack that stores and organizes mail intended for hotel guests.

posted voucher rack

A rack where vouchers for hotel charges such as telephone calls and restaurant meals are stored after the charges have been posted but before they are checked by the auditor at night.

REIT: Real Estate Investment Trust

A real estate investment trust, or REIT, is a company that owns and usually operates income-producing real estate. The shares of many REITs are traded on major stock exchanges. Congress created REITs in the U.S. in 1960 as a means for investors to make investment in large-scale, income-producing real estate through the purchase and sale of liquid securities, a familiar investment opportunity. Prior to the creation of REIT's, investing in commercial real estate was available only to institutions and wealthy individuals. Through the sale of shares in a REIT, this investment opportunity is much more accessible. To qualify as a REIT, a company must have most of its assets and income tied to real estate investment and must distribute at least 90 percent of its taxable income to shareholders annually in the form of dividends. A company that qualifies as a REIT is permitted to deduct dividends paid to its shareholders from its corporate taxable income. As a result, most REITs historically remit at least 100 percent of their taxable income to their shareholders and therefore owe no corporate tax. Taxes are paid by shareholders on the dividends received and any capital gains. A REIT cannot pass any tax losses through to its investors.

Realistic Goal

A reasonable chance of achieving a certain goal.

inventory log

A record of all items that go into or out of a storage area.

p.m. room status report

A report detailing the status of each room, created by a housekeeping supervisor from section housekeepers' reports, usually created at the end of the day.

a.m. room status report

A report detailing the status of each room, created by a housekeeping supervisor from section housekeepers' reports, usually created by noon.

room status report

A report listing the status of each room for the day; given to the housekeeping manager to determine which rooms need to be cleaned or changed.

section housekeeper's report

A report made by a housekeeper to keep track of the status of the rooms to which he or she is assigned.

maintenance work order

A request, usually made by a housekeeper, to have maintenance or repairs performed on a room.

guaranteed reservation

A reservation in which the guest has presented a credit card, advance payment, or direct billing to ensure that the room will be held for a guest who arrives late, and ensures that the hotel will be paid for the room even if the guest does not show up.

central reservation system (CRS)

A reservation system utilized by a hotel chain that allows customers to call one number, usually a toll-free number, to make reservations at any hotel in the chain.

all-inclusive resort

A resort in which all amenities and services, including food and beverages, are included in the cost of the room. Example: Club Med.

standard resort

A resort where guest rooms are priced and paid for separately from activities, some services, and food.

station chef

A restaurant employee who actually makes the food, usually responsible for one portion of production, such as vegetables; also known as a production chef.

production chef

A restaurant employee who actually makes the food, usually responsible for one portion of production, such as vegetables; also known as a station chef.

sous chef

A restaurant employee who supervises production chefs and oversees the actual production of food.

du jour menu

A restaurant menu that features the specials of the day.

Casual Dining

A restaurant providing sit-down service in a causal, relaxed atmosphere. Menu prices are moderate and dress is casual.

National Restaurant Association (NRA)

A restaurant trade association representing 380,000 member restaurant establishments. Their goal is to "lead America's restaurant industry into a new era of prosperity, prominence, and participation, enhancing the quality of life for all we serve."

drive-up

A room (usually in a motel) at ground level and directly off the parking lot, that guests can drive up to.

complimentary room

A room for which the hotel does not charge a fee, often offered to a group paying for a specified number of rooms.

travel agent discount

A room rate discount offered to travel agents for their personal use.

rotary information rack

A round, rotating piece of equipment found at a hotel's front desk that is used to alphabetically keep track of registration information for guests.

career ladder

A sequence or related jobs - from entry-level to advanced - available at different education/training levels.

bell service

A service offered by luxury hotels in which a bell hop carries customers' bags to their rooms for them.

concierge service

A service provided by full-service hotels in which employees at a guest service desk provide information for guests, and sometimes secure restaurant reservations and theater tickets.

Restaurant Chain

A set of related restaurants with the same name in many different locations that are either under shared corporate ownership or franchising agreements. Typically, the restaurants within a chain are built to a standard format and offer a standard menu. Restaurant chains are often found near shopping malls and tourist areas.

restaurant chain

A set of related restaurants with the same name in many different locations that are either under shared corporate ownership or franchising agreements. Typically, the restaurants within a chain are built to a standard format and offer a standard menu. Restaurant chains are often found near shopping malls and tourist areas.

Do Not Disturb (DND)

A sign placed outside a guest room indicating that the guests don't want to be bothered until after check-out time.

Overbooking

A situation in which more room reservations have been taken by a hotel than what the hotel is able to accommodate.

Petty cash-fund

A small amount of money that a business keeps on hand for inexpensive business purchases. By maintaining a petty-cash fund, a business can easily pay for things such as steps flowers, and coffee supplies without writing a check or going through regular purchasing procedures. Several factors go into determining amount of money that should be allocated to the petty-cash fund. Factors include average number and dollar amount of transactions that it expects during a certain time period.

country inn

A small commercial inn that offers lodging and a restaurant, usually with six to 30 rooms, and generally offering breakfast included with the cost of a room.

bed and breakfast inn

A small inn, similar to but larger than a B&B (with as many as 30 rooms), which may also host weddings or other special events, and in which breakfast is included with the cost of a room.

Data processing

A small part of information management. Data are the necessary facts and figures, but is not useful unless it provides info.

corporate rate

A special discount rate for hotel rooms offered to business travelers.

per diem

A sum of money allowed to government and business travelers by their employers to cover their food and lodging expenses.

Dividend

A sum of money paid to an investor or stockholder as earnings on an investment

Gratuity

A sum of money, often a percentage of the pre-tax amount of the bill, given to a server for a service or favor, also known as a tip. Tipping varies among cultures and by service industry. A tip is never legally required, and its amount is at the discretion of the patron being served, in some circumstances failing to give an adequate tip when one is expected may be considered a violation of etiquette or unethical. In some other cultures or situations, giving a tip is not expected and offering one would be considered condescending or demeaning. In some circumstances (such as tipping government workers), tipping is illegal. In the United States, it is customary to give a tip at a restaurant to the waiter or waitress. 15-20% of the pre-tax amount is usually considered appropriate. The maitre'd, wine steward, bartender, other servers, the coat check, and car parking attendant may also receive gratuity at a restaurant.

Income Statement

A summary of income and exspenses.

cumulative attraction

A term for lodging located near other attractions such as amusement parks, convention centers, or well-known restaurants.

In the Weeds

A term that means it is really, really busy in the restaurant.

Menu Engineering

A tool in menu planning that uses the menu as a whole, not individual items that make up the menu, as a measure of profitability.

familiarization tour (FAM)

A tour provided by a lodging operator to familiarize travel agents with the facility, its location, and its amenities.

All-inclusive

A travel plan which includes all meals, drinks, tips, service charges, accommodations, and possibly other activities.

maintenance log

A written record of what repairs have been made and when, including scheduled and unscheduled repairs.

Efficiency

Accomplishing a task with minimum expenditure of time and effort

Use software to automate services (NF:106) (SP)

Accounting Software. QuickBooks: The industry standard in financial management Backup and Recovery. Mozy's remote backup service lets you select what you want to back up Blogging Tool Calendar CRM.

customer service

Activities and benefits provided by a business to its customers to create goodwill and customer satisfaction

Co-op Advertising

Advertising funded by two or more destinations and /or suppliers.

Explain promotional methods used by the hospitality and tourism industry (PR:082) (SP)

Advertising- broadcasting, billboards Personal selling- hotel representatives/travel agents/tour guides personally dealing with the customers Direct Marketing- ads using cookies, ads on home tv, emails, mail Sales promotion: deals, coupons, incentives Public Relations: community outreach programs, donating to charity

Front of House (FOH)

All areas the guests will contact, including: the lobby, corridors, dining room, meeting rooms, and restrooms. Employees who staff these areas have an emphasis on customer service.

Front of the House (FOH)

All areas the guests will contact, including: the lobby, corridors, dining room, meeting rooms, and restrooms. Employees who staff these areas have an emphasis on customer service.

Direct Spending

All expenditures associated with an event that flow into the host destination's local economy. Includes attendee spending, exhibitor spending and event organizer spending.

Describe the impact of mobile technology on the hospitality and tourism industry (NF:313) (SP)

All kangaroos hop easy communication thank you messages, social media, hand held marketing/promotion

Corporate Brand

All of the combined customer impressions and experiences associated with a particular company.

Touch Points

All the opportunities that businesses have to connect with customers and reinforce their brand value

Brazillian Steakhouses

All you can eat, sides served buffet style, customer selects meat they would like.

ABA

American Bus Association; comprised of bus companies, operators and owners

modified

American plan A hotel pricing plan that includes two meals a day with the cost of the room.

Business Productivity

Amount of goods or services produced by a business from a set amount of resources.

Principal

Amount you borrow

Strategical Alliance/Joint Venture

An agreement that involves two or more businesses entering into a relationship by combining complementary resources such as technology, skills, capital, or distribution channels for the benefit of all parties. The relationship is usually short-term for a single project/transaction.

Hub

An airport or city which serves as a central connecting point for aircraft, trains or buses from outlying feeder airports or cities.

Par Level

An average amount.

Economic System

An economy is the organized way a nation provides needs and wants of people, then using resources to produce goods and services.

open house

An event sponsored by a lodging facility in which prospective guests are invited to tour the facility, meet management, and usually enjoy refreshments.

Explain the relationship between the economy and hospitality and tourism (EC:136)

An example of a direct impact would be the employment that hospitality creates. An indirect impact is the further employment that's created as a result of hospitality, for example, the jobs created in the supply and delivery industry, marketing, or in the farming industry. Overall, the main factor taken into consideration is how much the sector contributes to a nation's GDP, the tax it contributes, and the employment it creates

Price Discrimination

An illegal activity in which a business charges different customers different prices for similar amounts and types of products.

Exclusive Dealing

An illegal agreement that forbids customers from buying goods and services from competitors. Many jurisdictions consider this practice illegal when it restricts trade.

Cooperative Partner

An independent firm or organization which works with a tourism office by providing cash or in-kind contributions to expand the marketing impact of the tourism offices program.

Elasticity

An indication of how changes in price will affect changes in the amounts demanded and supplied

hostel

An inexpensive lodging (usually a small inn) for students and other youth who are traveling on foot or bicycle, usually very inexpensive.

motel

An inexpensive, single-story hotel near a highway with guest rooms facing and directly accessible from the parking lot.

Intranet

An intranet allows company's employees to access and share information with others within an organization

Publicity

Any non personal presentation of ideas, goods, or services that is not paid for by the company or individual that benefits from or is harmed by it.

Carrier

Any provider of mass transportation, usually used in reference to an airline.

Asset

Anything of monetary value that you own, such as cash, checking, and saving accounts.

post

Apply a charge to a guest's folio.

Start Up Costs

Are projections of how much money you will need for your first year of opperation.

AVHRM

Association of Vacation Home Rental Managers.

Template

Basic layout that developers use to create a web page. Provides visual consistency as visitors click through different sections of the website.

Speaking

Being able to answer and discuss, speaking effectively. the most important parts of communication

Franchisor

Brand owner.

Brand Positioning

Branding strategy in which marketers create a certain image or impression of a brand as compared to those of competitors' brands.

Strategic risks

Broad and often concern the overall business environment. Can include competition, obsolescence, regulatory and political issues, and changing customer needs.

Stages of Business Cycle

Business cycle involves fluctuating levels of economic activity ranging from expansion to contraction. In periods of expansion, there is an increase in business growth, employment, and business and consumer spending. In periods of contraction, business growth slows, unemployment rises, and consumer spending decreases.

Track environmental changes that impact hospitality and tourism (e.g., technological changes, guest trends, economic changes, regulatory changes) (NF:287) (SP)

Business environment includes the external and internal factors that influence a business. External factors include political factors, macroeconomic factors, microeconomic factors, social factors, and technological factors. CRM shows your own impact Industry reports

"Search-friendly" URL

Businesses should strive to use an in-house classification for URLs by using clear, relevant keywords. Using applicable keywords in the URL is more likely to yield a higher placement in a search engine's results field when users want to find specific topics, articles, and authors.

Pie Chart

Businesspeople often use a pie chart to compare the parts of whole concept such as market share of a particular industry or geographic location.

Franchisee

Buyer; individual business operator

Buying Power

Buying power is the amount of money available. If consumers do not have money to spend, they cannot buy products.

Different Economic Systems

Capitalism, socialism, & communism

Balance Sheet

Captures the overall financial condition of the business at that particular moment.

Mutual Funds

Carries the advantage of professional management. Comes with a high price. High fees may cut into a mutual fund investor's returns. Mutual fund investors do not risk personal time and effort like entrepreneurs. Has high potential for return. No penalty for early withdrawal from mutual fund.

Carside To-Go

Carside To-Go; Also called curbside to-go. A traditional "sit-down" restaurant branches out to offer take home meals, packaged and delivered to the customers car. A service catering to the customers demand for convenience.

Catering Manager

Catering managers plan, organize and develop the food and beverage services of organizations and businesses, while meeting customer expectations, food and hygiene standards.

C of C

Chamber of Commerce

Channels or Media

Channel differs in terms of message-carrying capacity, the speed w/ which the message is delivered, cost, acccuracy, or quality of content.

Bed Tax (Transient Occupancy Tax of TOT)

City or County tax added to the price of a hotel room

Occasion Segmentation

Classifies buying behavior by important events

Heat map

Color-coded graphical representation that shows marketers the ways in which visitors interact with the website

Advertising Message

Color: tool used by advertisers use to create a certain mood. Placement: The way in which the advertisement's elements are arranged on the page. Reach: a quantitative measure of the number o different people in the target audience who are exposed at least once to an advertising message. Frequency: quantitative measure of the average number of times a target consumer is exposed to an advertising message.

Comply with strategies to protect digital customer data (e.g., information about customers, customers' credit-card numbers, passwords, customer transactions) (OP:518) (SP)

Comply with PCI rules Do not sell to third parties Stay Current on Encryption Practices. Limit Access to Customer Information in company Collect Only What's Necessary (ask if they wish to share or not). Make Customer Privacy Everyone's Business. Let Customers Know Their Information is Safe. How you are using the data how you are protecting it Firewalls

Hyperlink

Component of an electronic document that computer users click on to jump to another place within the document or into a different document.

Call Accounting

Computer based system that monitors all outgoing calls and presents collected information in a format that serves the user's needs.

Explain labor-relations issues (HR:452) (SP)

Conflicts, sexual harassment, annual leave disputes, bullying and other employee relations issues can negatively impact your organization. As a business owner or HR manager, it's your responsibility to prevent and address these problems before they escalate

Economy & Marketing

Consider the economic factors and how that will affect/ influence your marketing planning.

Accounting System

Consists of the methods and procedures used in consistently handling the business's financial information

Discuss the need for continuous improvement of the quality process (QM:003) (SP)

Continuous improvement provides an opportunity for a business to consistently assess its performance and understand how it can adapt operational practices to increase profitability and productivity.

Franchise Agreement

Contracts in which the franchisor grants the franchisee right to use the franchisor's name and proven method of doing business.

Car-side, Curb-side, To-go

Convenient pick up.

Hospitality and Tourism Products

Core of the hospitality and tourism product is to provide transportation, a place to sleep, food, or an experience for individuals whoa re away from home

Facilities

Core physical features: accommodation, restaurants, bars, and meeting rooms.

Form utility

Created when business alters or changes the shape or form of a product to make it more useful or satisfying for consumers

Relationship buying

Customers today prefer relationship buying to shopping around. Customers want to find businesses they feel comfortable with and stick with them.

Explain guarantees in hospitality and tourism (PM:314) (CS) .

D - A guarantee is an agreement assuming responsibility to perform something and offering security for that agreement. It is a promise, especially one given in writing, that attests to the quality of a product or service. E - Good night's sleep, safety, cleanliness, etc C - A- guarantees do not directly improve service quality, they inspire employees, which is good for the cycle of success

Explain the concept of product mix (PM:003) (SP)

D - A product mix is all the products that a company makes or sells. E - in hospitality this could be different types of rooms, packages, etc C - A - This includes the width, length, depth and consistency of the product mix. Width: total # of lines of products. Length: total # of products in each line. Depth: variations of each product (e.g. colour, size). Consistency: similarity between different products in use, function, etc.

Explain the nature of corporate branding (PM:206) (SP)

D - Corporate branding refers to the practice of promoting the brand name of a corporate entity, as opposed to specific products or services. E - The activities and thinking that go into corporate branding are different from product and service branding because the scope of a corporate brand is typically much broader. C- A - Corporate branding helps pave the way for a company to increase its market share through expanding its product footprint. An established, known brand requires less marketing effort to sell the company, products and services to a new market. Like Nike, branding pyramid

Describe the role of customer voice in hospitality and tourism branding (PM:317) (SP)

D - Customer voice includes opinions and reactions of customers towards your brand, it's their interests needs and wants E - If they promote a type of brand that does not agree with the interests of the customers, they won't be the most successful business in the market C - A - businesses can tailor the images of their brand to suit customers. This way businesses will experience more sales, and customers will have a larger selection of things that align with their interests. UNCERTAINTY REDUCTION THEORY

Describe the nature of product bundling (PM:041) (SP)

D - Marketers may use product bundling to package two or more complementary goods and services, usually for a lower price than had the products been purchased separately. E - bundling food packages with rooms C - A - bundle low demand products with high demand, demand forecasting

Explain the nature of product/service branding (PM:021) (SP)

D - Product/service branding is how a product interacts with its customers through design, logo and messaging and how its distinguishes itself from competitors. E - Branding can identify one product, a family of products, or all products of a company. Brands connote various benefits, (e.g. quality and reliability or fun and excitement.) C- A - The importance of branding is to build product recognition and customer loyalty, ensure quality and consistency, and capitalize on brand exposure. positioning map

Explain the nature and scope of the product/service management function (PM:001) (SP)

D - Product/service management involves any activities that focus on obtaining, developing, maintaining, and improving products and services based on market research. E - hospitality manages product through ensuring the hotel experience (rooms technology) will satisfy the customer C - A - ansoff matrix

Communicate core values of product/service (PM:214) (SP)

D - The driving force of the product/service E - Core values make business decision and educated customers about what the company is about, accountability, efficiency C- A- -Apple-Innovation -Starbucks-Consistent Quality

Choose hospitality and tourism vendors (PM:318) (SP)

D - Vendors must be selected with the utmost precision. E - Vendors must be talked to in person to see their offering and discuss how they will meet your needs. C - A - price, quality, stability, long term relationship potential, technology, harvard business review dynamic failure

Identify product's/service's competitive advantage (PM:246) (SP)

D - a condition or circumstance that puts a company in a favorable or superior business position and can build customer loyalty E - mcdonalds and apple have competitive advantages C- A- #1 Cost Leadership becoming the lowest-cost producer. This is achieved through large-scale production where companies can exploit economies of scale. If a company is able to do this, the company is then able to establish a selling price that is unable to be replicated by companies, which can reap profits #2 Differentiation In a differentiation strategy, a company's products or services are differentiated from that of its competitors. This can be done by delivering high-quality products or services to customers or innovating products or services. If a company is able to differentiate successfully, the company would be able to set a premium price on its products or services. #3 Focus Cost-focus: Lowest-cost producer in a narrow market segment Differentiation-focus: Differentiated products/services in a narrow market segment

Evaluate vendors' goods and services (PM:239) (SP)

D - evaluating the suppliers of you business, it affects quality, and can reduce supply chain costs as well as increase profits E - Vendor's merchandise can be evaluated by comparing with other vendors. Can also talk to other customers. Hire experts to do quality inspections, etc. C - A - kraljics supply matrix

Explain the concept of product in the hospitality and tourism industry (PM:081) (CS)

D - more than just a room: people, places, experiences E - you remember the experience of you hotel more, and that's what you pay for C - A - experience economy and millenials

Describe services offered by the hospitality and tourism industry (PM:095) (CS)

D - services are broad categories of hospitality that all senter around catering the needs of guests E -Lodging, restaurants, event planning, theme parks, transportation, and accommodation. C - A - core values of service model

Negotiate terms with hospitality and tourism suppliers (PM:319) (SP)

D - terms are certain conditions of you relationship with vendor E- Negotiating the right deal with your suppliers doesn't necessarily mean getting what you want at the cheapest possible price. You may want to negotiate other factors such as delivery times, payment terms or the quality of the goods. C- A- iceberg theory

Explain the nature of product extensions in the hospitality and tourism industry (PM:099) (SP)

D -Product extension is the strategy of placing an established product's brand name on a new product that is in the same category E -Deluxe room or express, cheaper room C- A - brand development strategy

limited service properties

Days Inn and Quality Inn is an example

Liability

Debt that you owe to others, such as credit card debt, shool loans, car payments, or taxes.

Fraud

Deception purposely carried out to secure unfair or unlawful gain. Ex. Providing inaccurate information on tax returns and money laundering

Vendor

Delivers food and perishables to restaurant or food service establishment.

Motorcoach

Deluxe equipment used by most tour operators in group tour programs. Amenities include reclining seats, bathrooms, air conditioning, good lighting and refreshment availability.

Inelastic Demand

Demand for a good or service is constant, event if product's price changes

mid tier

Describes a full-service hotel that caters to business travelers, usually with meeting rooms, some in-room services and amenities, a pool, and shuttle service to an airport or train station.

lower tier

Describes a full-service hotel that offers several services and amenities, but caters to a frugal customer.

stayover (S/O)

Describes a hotel room in which the guest is expected to stay another day.

understay

Describes a room in which the guest checked out before they were scheduled.

check-out (C/O)

Describes a room in which the guest is expected to check out that day.

overstay

Describes a room in which the guests have decided to stay longer than originally intended.

out-of-order (OOO)

Describes a room that cannot be used because of a maintenance or other problem.

vacant and ready (V/R)

Describes a room that the guest has checked out of and the housekeeping staff has cleaned.

vacant (V)

Describes a room that was not occupied the night before and is ready to be rented.

interception

Describes the ability of a lodging facility to intercept travelers going to or from an attraction, such as a business district or recreational facility.

upper tier

Describes the most luxurious of full-service hotels, usually with a variety of rooms, and many in-room services and amenities.

Explain the use of descriptive statistics in business decision making (NF:236) (SP)

Descriptive statistics are used to describe or summarize data in ways that are meaningful and useful. These can represent the entire population or at least a big chunk of it, Statistical research in business enables managers to analyze past performance, predict future business practices and lead organizations effectively. Statistics can describe markets, inform advertising, set prices and respond to changes in consumer demand. Descriptive analytics look at what has happened and helps explain why. By using historical data, managers can analyze past successes and failures. This is also called "cause and effect analysis." Some common applications of descriptive analytics include sales, marketing, finance and operations.

Floating Exchange Rate

Determined by supply and demand. Changes depending on the market.

Net Worth

Difference between your assests and your liabilities.

Dining Room Manager

Directs the dining room and coordinates food service activities. Supervise and train employees.

Explain the nature and scope of distribution (OP:522) (CS)

Distribution (place) includes the efficient managing of the acquisition of raw materials by the factory and the movement of products from the producer or manufacturer to business-to-business users and consumers. Raw materials and factories to the use of the company's products in the customers own lives

Explain the concept of place (distribution) in the hospitality and tourism industry (OP:529) (CS)

Distribution is the movement of a product from the company to the customer In hospitality and tourism, the usual product is a room, in which guests can spend a night in Therefore the concept of place is getting the room to the customer, and instead of agents and intermediaries, we have travel agents and trade shows to get that product to the target market Hotels also get products like shampoos and food items there is distribution involved there

Demographic Segmentation

Divides market on the basis of its physical and social characteristics. Ex. gender, education, age, and family life cycle.

Business Licenses

Documents that grant permission to operate a business

Cover

Each diner at a restaurant.

ESP System

Electronic device that connects guests wirelessly to their server. Offers instant, automatic table status changes that enable the Front of the House and Back of the House to move in sync. Sends real time alerts as well as trend reports to management

Concept

Elements in a foodservice operation that contribute to its function as a complete and organized system that serves the guests' needs and expectations.

Variable Labor

Employees paid on an hourly basis.

Router Software

Enables computer devices to access wireless Internet within a certain area.

Online Reservation Systems

Enables consumers to purchase travel, tourism, and hospitality products directly with the service provider.

Discuss the nature of enterprise risk management (ERM) (RM:062) (SP)

Enterprise risk management (ERM or E.R.M.) in business includes the methods used by organizations to manage risks and seize opportunities to achieve objectives. ERM provides a framework for risk management, which involves identifying specific circumstances relevant to the objectives.

Person Trip Visit

Every time a person travels more than 100 miles (round-trip) in a day or stays overnight away from their primary domicile, whether for business or leisure purposes, they make one "person trip visit."

Place Utility

Exists when goods are services are available at the place where they are needed or wanted by customers

Possession Utility

Exists when ownership or a product is transferred from the seller to the person or business that will use the good or service.

Key phrases of the business cycle

Expansion, recession, trough, and recovery. Affecting businesses, consumers and government

Different administrations

FDA, CPSC, EEOC, OSHA, SEC, EPA, FTC

Administrative Services

Facilitate business operations through variety of administrative and clerical duties. Ex. information and communication management, data processing and collection, and project tracking. Often referred to as support staff positions

Secondary Information/Data

Facts and figures that have been collected for purposes other than the project at hand.

All-Suite Hotels

Features suites containing living rooms, kitchenettes, and bedrooms for guests with longer hotel stays or a wish for a more "homelike" stay. Frequent business travelers, family vacation groups, and those needing temporary living quarters all find this type of hotel very appealing.

Handle emergency situations in hospitality and tourism (OP:119) (CS)

Fire Call 911 Use emergency exists to get everyone out no elevators The hotel rescue team (security department and the managers, supervisors) check all rooms The front office and other management look after guests outside Death: should inform the general manager, chief security officer and the hotel doctor. This is not an alarming matter-no other guests need to be informed about it. call the police. The dead body must be removed through the staff entrance and room should be sealed till the police formalities are done. Contact relatives Accidents: house doctor should be called immediately informing him of the nature of accident and the condition of the patient. first aid treatment should given If a fracture is suspected the patient should be moved till the doctor comes, everything should be done according to his suggestion. Damage by guest: If anything is broken or damaged by a hotel guest then a damage report has to be prepared by the concerned department. manager has to determine an amount (more than cost price) and instruct the front office cashier to charge the amount to guest's account. Drunk guest: The shift duty manager has to handle the guest—better not to argue with the guest at all . The guest must be politely taken away from the bar/ public area to the office or to his room. Theft: value of the item has to be charged on concerned guest folio. make sure whether the guest has done it or not. If it is established after proper investigation that the money has been stolen by the hotel staff then it should be compensated by the hotel for the greater interest of the hotel's future business. Provide a safe

Fire Class A Fire Class B Fire Class C

Fire Class A: Fires with trash, wood, or other combustible materials as the fuel source. Fire Class B: Fires with flammable liquids such as lighter fluid as the fuel source. Fire Class C: Fires involving electrical equipment.

FIFO

First in-first out; a method for rotating inventory to make sure that the items that arrive first are used first.

Maintaining & Building a client

First step is making a sale. Then an after-sale activity by the sales and customers service staff, as well as (CRM) customer relationship management stratergies.

Semi-Variable Costs

Fixed until the business reaches a certain level of production; after that, they become variable.

General Management Carrers

Focus on planning, organizing, directing, and evaluating part or all of a business organization through the allocation and use of financial, human, ad material resources.

Human Resources Management Careers

Focus on the staffing activities that involve planning, recruitment, selection, orientation, training, performance appraisal, compensation, and safety of employees.

Food Service

Food & Beverage service businesses provide service to colleges & universities, hospitals, sports venues, parks & resorts, convention centers, and more. ARAMARK and Fresh Ideas are food service businesses.

Buffet Service

Food is set on tables, Guests help themselves

Organic

Food that is produced with high restrictions on the use of chemical pesticides, insecticides and herbicides. Livestock must be reared without the use of antibiotics and growth hormones and feed a relatively healthy diet. Many countries require producers to obtain special certification in order to market food as organic.

Attractions

General all-inclusive term travel industry marketers use to refer to products that have visitor appeal, like museums, historic sites, performing arts institutions, preservation districts, theme parks, entertainment and national sites.

Extended Stay

Generally, a hotel stay of seven or more nights.

Calculate credit-card processing costs (Fl:790) (SP)

Get credit card statement take the total amount deducted for processing and divide it by the amount of your total monthly sales that paid using credit cards. The result is your effective rate, the total amount your company is charging you

GDS

Global Distribution System

Outputs

Goods or services produced as a result of combining inputs.

Illustration

Graphic component of advertisement that visually ties headline and copy together. May include photographs, drawings, paintings, or a combination of media. Type of illustration has an impact on mood or tone of the advertisement.

Charter Group

Group travel in which a previously organized group travels together, usually on a custom itinerary.

Industry Trade Associations

Groups of persons working in the same industry who collaborate to further the industry's interests and goals. May actively involve in lobbying efforts to address regulatory issues that affect the industry. Can provide members with training and conduct research on behalf of industry.

shuttle service

Guest transportation from a hotel to an airport, train station, and sometimes local attraction, usually provided for free by full-service hotels.

Ambiance

Heightens the experience through the guest surroundings: decor, music, noise control and overall personality of the establishment.

Business Information Technology Employees

Help to align business and IT goals.

Blind Carbon Copy (BCC)

Hides email addresses from the email's recipients

Characteristics of a healthy economy

Highly productive, stable prices, and low unemployment.

Describe the development of the hospitality and tourism industry (PD:105) (CS)

Hospitality industry as an organised industry was formed in the 1950s or 1960s when a proper structure was formed. The industrial revolution which began in the 1970s facilitated the construction of hotels in Europe, England, and America with the French and Italian veterans following suit. Big cities had for busy travellers, now hospitality is very common for different reasons and there are many forms

Explain the roles and responsibilities of hospitality and tourism organizations (PD:398) (CS)

Hospitality provides essential services (i.e., lodging and food) for travelers, whether they are on the move for reasons of necessity, leisure or luxury. Hospitality is a major factor in every vacation and business trip, and is thus important to individual customers and to businesses. Give people a temporary home Safe and keep promise

Blocked

Hotel rooms held without deposit

Booked

Hotel rooms, airline tickets or other travel services held for a specific client.

Factors that affect the restaurant business environment

Household disposable income, gas prices, employement.

Method of Payment

How guests will pay for their room. Credit card, cash, and check are common options.

Eighty-six

If the kitchen runs out of a particular dish, the dish is "86."

Simulation

Imitation or an actual or plausible situation that enables trainees to practice their behavior and responses under certain circumstances. Often used for training purposes.

Value (artistic term)

In artistic terms, value is the degree of lightness or darkness on the surface of something such as an object in a drawing or photograph

Sample Plan

In marketing research, a sample plan is an outline for the sampling process that ensures that a truly representative sample of the population is selected in the most efficient way possible with the lowest potential for error.

Describe the concept of promotion in the hospitality and tourism industry (PR:121) (CS)

In marketing, promotion refers to any type of marketing communication used to inform or persuade target audiences of the relative merits of a product, service, brand or issue. This is used in the hospitality industry when business is slow, when a new product is released, it for those that are in specific destinations all year round to get more foreign attention

Advergaming

Inclusion of a product, brand, or company in a video game for promotion

En Suite

Indicates that a certain feature(s) is directly in the room, or adjacent to that room.

Price Markups

Indicates the difference between total cost and selling price

Forecast Sales for Industry

Industry revenue is expected to increase at a rate of 1.2%. Employment is expected to rise at 0.8%

Head in Beds

Industry slang referring to the primary marketing objective of accommodations and most destinations - increasing the number of overnight stays.

Heads in Beds

Industry slang referring to the primary marketing objective of accommodations and most destinations - increasing the number of overnight stays.

Know the purpose

Inform, Persuade, or entertain

Explain the types of promotion (i.e., institutional, product) (PR:002) (CS)

Institutional promotion is a marketing approach that demonstrates the goodwill of an organization or individual in order to boost its public relations appeal. Product promotion is to inform, persuade and influence the consumer's decisions on a certain product. You can advertise these things by using TV ads, billboards, magazine ads, etc.

Financial Aspect of a Business Plan

Institutions and inverstors want to know how abusiness will use their money.

Listening Distractions

Interfere with the ability to listen well. You may be distracted by thoughts about another subject. Foucus attention on speaker's words.

Discuss the nature of risk control (i.e., internal and external) (RM:058) (SP)

Internal: Internal risks are faced by a company from within its organization and arise during the normal operations of the company. These risks can be forecasted (human factors, technological factors and physical factors) External: External risks come up due to economic events that arise from outside the corporate structure. Cannot be controlled or forecasted (economic factors, natural factors, and political factors.) Control: The best way to manage business risk is to maintain an adequate level of capital. A company needs capital to carry credit insurance A company with a higher level of business risk should choose a capital structure that has a lower debt ratio to help ensure it can meet its financial obligations at all times.(plane analogy)

Acceptance

Involves accepting a risk's consequences because the potential payoff is higher than the losses.

Product Extension

Involves adding a similar good or service to an existing product line or product category.

Avoidance

Involves choosing not to do something that is considered risky

Psychographic Segmentation

Involves dividing the market by consumers' lifestyles or personalities. Ex. Health and fitness is a lifestyle factor

Feasibility Study

Involves evaluating the target market's interest in the product, as well as production and marketing costs.

Product Acquisition

Involves location and purchasing goods for business use or for resale.

Geographic Segmentation

Involves location factors such as physical location, climate, city size, etc.

Transference

Involves moving the impact of a risk to someone or something else. Is often used when the impact is measurable in dollars and cents. Insurance is one common transference device, along with contracts, warranties, and guarantees

Product Bundling

Involves packaging two or more similar products together and selling them at a single price that is lower than if the customers purchase the items separately.

Geographics

Involves segmenting a market by location

Radio Frequency Identification (RFID)

Involves storing an order's product information on a computer chip and then attaching it to the shipment's box, container, or pallet. When shipment arrives at business, warehouse personnel use computer scanners to receive the items.

Turndown Service

It is a performance provided in the luxury hotels and it consists in preparing the rooms for the next night. Concretely, it is the bed opening, the presence of a chocolate on the pillow and softened lights.

Track invoices (OP:184) (CS)

Keep a list of customers and invoices to track how much you are getting paid Invoice Ninja FreshBooks Wave Zoho.

Explain the nature of identity theft controls (OP:654) (CS)

Keep personal information, documents, social security number, PIN number to yourself. And track "your" behaviour (mail, credit card statements)

Identify techniques that can be used to capture and transfer knowledge in an organization (KM:005) (SP)

Knowledge is gathered through intranets, extranets, groupware, web conferencing knowledge is then stored in data warehouses. This information can then be shared through education, training programs, databases, automated knowledge systems

Four factors of production

Land, labor, capital, and entrepreneurship

Applebee's

Largest casual-dining chain in the world. Over 1990 Applebee's restaurants operating in 49 states, and 15 international countries.

in-house training program

Learning opportunities developed by the organization in which they are used

LTO

Limited Time Offer

Enumeration

Listing items in order, used when giving directions or exlplaining a process with steps.

Obtain hospitality and tourism information from online sources (e.g., search engines, online databases, blogs, forums, listservs, web analytics, social media, geolocation services) (NF:286) (SP)

Listserv- similar to mail list different types of statistics—from occupancy rates of lodging facilities and the demographic characteristics of typical visitors to the number of cars that drive the toll roads during vacation season. This type of information helps travel agents determine the best destinations for travel clients. It may also help convention planners determine the optimal site for a trade show or business meeting.

Comply with strategies for protecting business' digital assets (e.g., website, social media, email, etc.) (OP:517) (SP)

Locate and List. Establish Ownership and Value. Make sure you actually do own or who Create Protective Agreements. NDA Register Your Ownership. Copyright trademark patented Plan for the Future. If assets were to be lost or if the person responsible was lost. Contractual agreements or backup Backup!

Effective Selling

Maintaining a building a client is crucial for future sales. Begin with a customer relationship and make good impressions and provide great customer service.

Fiancial part of a buisness plan

Major component of a buisness plan. Creating financial statements.

Conventions and Trade Shows

Major segment of travel industry business. Trade shows differ from conventions in that they have exhibit space that provides product exhibition and sales opportunities for suppliers, as well as information gathering and buying opportunities for customers.

Consensus

Making a decision by consensus means that each group member has equal power to say "yes" or "no." Is not majority or minority rule. Everyone has equal power

Identify information monitored for business decision making (NF:280) (SP)

Making most out of consumer patterns Using data to drive performance: , using analytics to measure key performance metrics across areas such as operational excellence, product innovation and workforce planning can produce calculated insights to solve complex business scenarios. Managing risk through analytics:

Place

Making sure that goods and/or services are available where customers need or want them. Can be a physical location or a site where a want or need is fulfilled. Ex. Hotel building lodging facility on Interstate 95

M.O.D.

Manager on Duty

Identify ways to segment hospitality and tourism markets (MP:035) (CS)

Market Segmenting is a technique that groups consumers with similar needs and common buying behaviors into segments. One way to approach market segmentation is to create a consumer persona or profile. Another approach is to look at them from both an inside and outside outside-location inside lifestyle.

Attendance Building

Marketing and promotional programs designed to increase attendance at conventions, trade shows, meetings, and events.

Pricing

Marketing function that involves determining and adjusting prices to maximize return and meet customers' perceptions of value.

Selling

Marketing function that involves determining client needs and wants and responding through planned, personalized communication that influences purchase decisions and enhances future business opportunities.

Cooperative Marketing

Marketing programs involving two or more participating companies, institutions or organizations.

Explain the use of marketing strategies in hospitality and tourism (MP:041) (SP)

Marketing strategies are plans that identify target markets and coordinate marketing mix activities in order to effectively sell the product/service. The product positioning and key points of difference must be taken into account when developing these strategies. Focus a specifically tailored room or experience to the right target market and get that information to them effortlessly

Gourmet

May refer to a person with refined or discriminating taste or to one that is knowledgeable in the art of food and food preparation. May describe a class of restaurant, cuisine, meal or ingredient of high quality, of special presentation, or high sophistication. Gourmet is an industry classification for high-quality premium foods in the United States.

Conversion Rate

Measures number of inquires that turn into sales expressed as a percentage.

Dinner Theateres

Medieval Times and The Dixie Stampede

Interest

Money paid for the use of money borrowed or invested.

Accounts Receivable

Money that is owed to a business. They are an asset to the business, but they do not have a physical presence.

Group Rate

Negotiated hotel rate for convention, trade show, meeting, tour or incentive group.

Primary Information

New information collected for the purpose at hand.

Guest Amenities

Not to be confused with "amenities", this is the term given to the range of disposable items provided in guest room bathrooms and includes such items as shampoo, lotion, conditioner, soap, toothpaste, toothbrush, shower caps, etc... The cost of these items are built into room rate.

Horizontal Conflict

Occurs between businesses at the same level in the distribution channel. When two franchisees compete for some market, horizontal conflict occurs over territory

Vertical Conflict

Occurs between different levels of the same channel, such as between franchisee and its franchisor

Double coincidence of wants

Occurs in a bartering system when each party wants something that the other party is willing to barter.

Breakeven Point

Occurs when a company's total sales equal its total expenses.

Full-line forcing

Occurs when a producer requires its intermediaries to carry an entire line of its products rather than one or a few of the items. Can be an illegal activity if it restrains trade and competition

Underemployment

Occurs when a worker is not working enough or is not fully using her/his skills and talents. Underemployment rate takes into account friction unemployment, downsizing, and technological unemployment.

preventive maintenance

Ongoing repairs to a facility's buildings and equipment that prevent breakdowns, slow deterioration, and maintain the quality of the facility.

Excursionist

People who travel to a site and return the same day

5 Important Finacial Documents

Personal financial statement, the start up costestimate, income statement, balance sheet, and cash flow statement.

Management Fuctions

Planning, organizing, and controlling.

Family style service

Platters and bowls of foods are set on the dining tables, from which guests serve themselves. Usually involves guests passing the containers to each other.

Equilibrium

Point at which the quantity supplied is equal to the quantity demanded.

Social responsible buisnesses

Policies & programs that address issues in the workplace. Guidelines for good behavior, ethical buisness are community- conscious

Financial Risks

Possible events or situations that directly influence a company's cash flow. Can be external or internal.

Hazard Risks

Potential events or situations that can cause injury or harm to people, property, or the environment. Most hazard risks can only cause business losses, not gains

Flowchart

Presents a visual depiction of activities or processes in sequential order by integrating text in a graphic format.

Communicate with customers

Pressure on companies to communicate and overcoming cultural barriers to listen with understanding.

Explain the concept of price in the hospitality and tourism industry (PI:029) (CS)

Price is how much is needed to be exchanged from a customer to a company on a certain product, it is affected by cost of production, demand, and monopolies Depending on the location, season, or popular brands, prices raise or lower.

Explain the nature and scope of the pricing function (PI:001) (SP)

Pricing is a marketing function that involves the determination of an exchange price. Effective pricing is important for customer satisfaction and for the continued success of a business. Perceiving exchange price optimal value and competitive prices for all products/services of the company. Thinking about costs, economic conditions, company objectives and strategies

Caterer

Primarily engaged in providing single, event based food services. Generally have equipment and vehicles to transport meals to events and/or prepare meals at an off-premise site. Examples include: graduation parties, wedding receptions, business and retirement luncheons and trade shows

Blog

Primary purpose of a corporate blog is to connect with company's target market in a more informal and personal way than through the corporate website. Blogs typically have articles podcasts, and videos about business-related topics that interest audience. Blogs should be reusable. Selling products is not primary purpose of blog.

Competitive Analysis

Process of comparing a business's income statement with that of its competitors to see how it is doing by industry standards.

The communication process

Process of exchanging messages between a sender and a reciever. Including listening, rading, speaking and writing. good communication.

Quality assurance

Process that businesses use to prevent defective products from being produced

Utility

Product's ability to satisfy a customer's wants or needs

Complementary

Products that are usually together

Explain the role of promotion as a marketing function (PR:001) (CS)

Promotion as a marketing function includes all the activities to inform, persuade, and/or remind consumers about products and services. Promotion is persuasive communication that prompts a target market to take action.

Explain the relationship between promotion and brand (PR:422) (S

Promotion refers to marketing activities used to persuade or inform customers about a good or service Branding is positioning an entity whether it be a product/service, or entire company to reflect certain values in order to attract and cater to certain customers They both involve attracting customers to unlock more revenue, but branding is more used to position products and company's to reflect values while promotion is just trying to get a message out there

Food Service Company

Provides food and beverages to institutional, governmental, commercial or industrial clients.

Full Service Restaurant

Provides food services to patrons who order and are served while seated and pay after eating. Range from casual to upscale dining. Includes privately owned, company owned and franchised restaurants. May specialize in a specific type or ethnic food or provide take-out services.

Convention and Visitors Bureau (CVB)

Purpose is to encourage tourism and convince businesses and organizations to hold conventions and trade shows in a particular city or region. CVB funding varies by jurisdiction. Can be funded by taxes or by local businesses or both. May operate as nonprofit marketing organizations overseen by the local government or chamber of commerce.

Server log

Purpose is to maintain a history of website page requests

Press kit

Purpose of press kit is to provide tools to obtain publicity through various media outlets. Should contain information about the business.

Plating

Putting the food on the plate is referred to as plating.

Explain the nature of quality management (QM:001) (SP)

Quality management is the act of overseeing different activities and tasks within an organization to ensure that products and services offered, as well as the means used to achieve them, are consistent. It helps to achieve and maintain a desired level of quality within the organization. Quality management consists of four key components, which include: Quality Planning - identifying the quality standards Quality Improvement Quality Control - ensuring consistency of integrity Quality Assurance - ensuring reliability

Process Performance Management

Quality-control method that involves supervising business and manufacturing processes to ensure their quality and efficiency.

Standard Room Rate

Rate charged daily for a hotel room.

Discuss types of inventory (OP:336) (CS)

Raw materials Work in progress Finished goods Maintenance repairs and operating inventory are supplies utilized in the production process, that is not ultimately seen in the end products themselves. MRO items may include: ... Plant upkeep supplies (lubricants, gaskets, repair tools)

Reading with meaning

Reading carefully, figure meanings & new words, analyze & evaluate in a short amount of time.

What are theDarden Restaurants (3% market share)

Red Lobster, Olive Garden, Longhorn Steakhouse, The Capital Grille, Bahama Breeze and Seasons 52

Mitigation

Reducing or controlling the impact of a risk if it occurs

Equity

Refers to the assets a company already owns

Explain the nature of regulations affecting the hospitality and tourism industry

Regulations are put in place to protect consumers' health and safety. All hospitality and travel-related businesses must comply with state and local laws governing fire, safety and health standards.

Conversion Study

Research study to analyze whether advertising respondents actually were converted to travelers as a result of advertising and follow-up material.

Zaget Survey

Restaurant guide on a 30 point scale

Restaurant industry Employment Fact

Restaurant industry employes 13 million people or 9% of the US workforce.

Zagat Survey

Restaurant review guide that compiles consumer comments instead of using professional food critics; rates restaurants on a numerical 30 point scale.

RevPAR

RevPAR is arguably the most important of all ratios used in the hotel industry. Because the measure incorporates both room rates and occupancy, it provides a convenient snapshot of a how well a company is filling its rooms, as well as how much it is able to charge. It should be noted that RevPAR, by definition, is calculated on a per-room basis. Therefore, one company can have a higher RevPAR than another, but still have lower total revenues if the second firm manages more rooms. Revenue per available room, or RevPAR for short, is a ratio commonly used to measure financial performance in the hospitality industry. The metric, which is a function of both room rates and occupancy, is one of the most important gauges of health among hotel operators. There are two ways to calculate RevPAR. The first formula is: Total Room Revenue in a Given Period, Net of Discounts, Sales Tax, and Meals --------------------------------------------- # of Available Rooms in Same Period Alternately, the same figure can be arrived by calculating Average Daily Room Rate x Occupancy Rate. Consider the following results from Company XYZ's latest quarter: Number of Rooms: 1000 Average Room Rate: $90 Average Occupancy Rate: 75% Total Room Revenue ((1000 rooms x $90/room x 75% occupancy) x 90 nights in the quarter): $6,075,000 Using the first formula and the information above, we can calculate that Company XYZ's RevPAR was: ($6,075,000/90,000) = $67.50 Using the second formula, we can arrive at the same answer: $90 per night x 0.75 = $67.50 Therefore, we can conclude that Company XYZ generated approximately $67.50 in revenue per day from each of its hotel rooms.

Russians and Hong Kong resident restaurant habits

Russians eat out at sit down restaurants an average of 0.3 meals per month. While Hong Kong residents eat out at sit down restaurants 8.7 meals per month.

Identify credit-card fraud prevention methods (OP:653) (CS)

SCREEN FOR SUSPICIOUS ACTIVITY look out for address mismatches: Address Verification Service (AVS) New customers who buy lots 2. LOCATE YOUR BUYER There are tools you can use to at least approximate where your customer is located verifying billing information 3. ADHERE TO BEST PRACTICES If a transaction looks fraudulent by your standards, don't accept it. 4. USE MULTIPLE FRAUD TOOLS 5. REMEMBER FULFILLMENT Fast, accurate fulfillment and consistent post-transactional communication will improve customer satisfaction, and with closer examination of order details, you could potentially spot fraud activity. 6. EXCELLENT CUSTOMER SERVICE Closer examine 7. EMPLOYEE AWARENESS 8. MAINTAIN PCI COMPLIANCE The PCI security standards are a universally-applicable set of rules for how to handle, transfer, and store sensitive data. You should maintain compliance with PCI standards at all times. 9. REVIEW PAST FRAUD DATA - patterns

Up-selling

Sales technique in which salesperson suggests a higher priced product than the one that the customer originally requests

Suggestion Selling

Sales technique in which the salesperson attempts to increase the customer's purchase by suggesting additional products to buy after the customer has made his original purchase decision

Explain sources of secondary hospitality and tourism information (NF:281) (SP)

Secondary data refers to data which is collected by someone who is someone other than the user Industry reports talks about trends, cheap way: going online to a trusted source

Tables

Sections of the database that contain specific categories or types of information about customers. Ex. A table that contains contact information may include fields that store the customer's name, telephone number, email address, etc. Another table might contain information about the customer's purchasing history-products, quantities, and dates of purchase.

upgrade

Sell a guest a room with additional features or amenities (and usually a higher price).

Differentiate between service marketing and product marketing (MK:008) (CS)

Service marketing is based on an impression; the impression of the environment, the staff, and the attention given to the customer. Product marketing is based on a tangible product that the customer can use.

Room Service

Service provided by many hotel restaurants that allow guests to order food and drinks to have delivered to their room.

Fulfillment

Servicing consumers and trade who request information as a result of advertising or promotional programs. Service often includes an 800 number, sales staff and distribution of materials.

Pegged/Fixed Exchange Rate

Set by government and does not change based on market's fluctuations

Maitre d'

Short for maître d'hôtel, in the original French, literally "master of the hotel". In a suitably staffed restaurant or hotel is the person in charge of assigning customers to tables in the establishment and dividing the dining area into areas of responsibility for the various servers on duty. The maître d' may also be the person who receives and records reservations for dining, as well as dealing with any customer complaints. It is also his duty to make sure that all the servers are completing their tasks in an efficient manner. In small restaurants, the post is also known as the headwaiter or host.

Income Statements (profit-and-loss statements)

Show how much money the business has made or lost during a specific period of time, usually one year. Also known as earnings statements and operating statements.

Explain cash control procedures (e.g., signature cards, deposit slips, internal/external controls, cash clearing, etc.) (FI:113) (CS

Signature cards- signature card is a document that a bank keeps on file with the signatures of all the authorized people on that account. Deposit slips- DescriptionA deposit slip is a form supplied by a bank for a depositor to fill out, designed to document in categories the items included in the deposit transaction. Cash clearing- Cash clearing accounting for payments is a two-step process. It focuses on the use of a special cash-clearing control account to help provide an accurate cash-on-hand balance by including the effect of payment transactions that have been issued, but have not yet cleared the bank.

Catering

Single event food services. Transport meals or ingredients to events. EX: Wedding receptions, graduation parties and retirement luncheons.

Hors d'Oeuvre

Small appetizer served before the main meal, usually with cocktails. Typically one or two bites in size, they can be served hot or cold.

Planning goals

Small steps you take to get where you want to be from now.

Use analytical tracking tools (NF:205) (SP)

Social Metrics Advertising Tools- instagram twitter Testing/Optimization Tools- google content experiments Competitive Intelligence- moz User Behavior- google analytics

Sociocultural

Social interaction and the cultural determinants of behavior and mental processes

walk-in

Someone who wants to stay in a lodging, but does not have a reservation.

Table Turnover

Sometimes known as table turn, is the time it takes to "turn" a table over from one customer to the next. Restaurants are encouraging a high table turn to increase the number of customers served in hopes to increase profits. Operators have looked to environmental psychology to increase table turnover. Fast-paced music, warm colors, and uncomfortable seating all encourage diners to eat and get out of the restaurant quickly.

Special Room Rate

Special room rates often take the standard room rate and apply discounts, such as AARP and government.

Describe types of purchase orders (OP:250) (CS)

Standard Purchase Orders all of the key details are known at the time the order is made: the specific item(s) to be purchased, the quantity, the price, the delivery schedule, and payment terms. Sporadic purchases know exactly how much is needed Planned Purchase Orders (PPO) Exact delivery schedule is not known Committing to price and quantity but only tentative schedule of delivery As you lock certain dates you create releases Doesn't have to be all at once Blanket Purchase Orders (BPO) price and quantity not known shipping not known you can specify which item you want on certain delivery terms but nothing further until you make a release agree on a maximum quantity per time there can also be price breaks depending on quantity Contract Purchase Orders (CPO) specific item needed is not known You may agree on terms and condition but nothing further until items and quantities are known SPOs created by when referring to CPO when something is purchased from the CPO of the suppliers

Testimonial

Statement by an identified user of a product proclaiming the benefits received from use of the product

Generalization

Statement that is accepted as true by most people.They're supported by evidence & examples

consistent

Steady; regular

Interpret descriptive statistics for business decision making (NF:237) (SP

Step 1: Describe the size of your sample. Step 2: Describe the center of your data. Step 3: Describe the spread of your data. Step 4: Assess the shape and spread of your data distribution. Compare data from different groups.

dry storage

Storage for dry goods such as canned goods, boxed goods, napkins, and other items that do not need to be refrigerated or frozen.

Balance Sheet

Summary of a businessess's assets, liabilities, and owner's equality.

Corrosion-Resistant Materials

Surfaces that maintain their original qualities when they come in contact with cleaning solutions and other items.

Describe methods used to collect hospitality and tourism business information (e.g., observations, mail, telephone, Internet, discussion groups, interviews) (NF:283) (SP)

Surveys and questionnaires (completed in-person, online, by telephone, direct mail, or direct email) Trip diaries - Visitor recordings of trip details, Field tests- Assessing a situation under the conditions it is actually being used, Observations- Watching or observing a situation to record relevant facts, Comment cards- An informal way of soliciting feedback and information from visitors/customers. Web analytics- The measurement, collection, analysis and reporting of Internet data. Guest books- Informal recording of guest details on a voluntary basis; often designed like a tally sheet to record basic visitor profile information such as origin and party size. Visitor profile tracking A structured approach to provide a description of visitors based on demo- graphic and behavioural characteristics Interviews (completed by telephone or face-to-face) A way to capture in-depth and insightful in- formation; Focus groups Through a discussion led by a moderator, a sample gathering of respondents to get their direct feedback such as perceptions, opinions, beliefs and attitudes on an issue(s).

Travel security administration

TSA

Cornell Method

Taking notes in two columns

Explain ways that technology impacts the hospitality and tourism industry (NF:060) (PQ)

Technology has helped reduce costs, enhance operational efficiency, improve services and customer experience. . Technology has helped tourism and hospitality industries replace expensive human labor with technological labor. This helps reduce labor costs, but also helps avoid customer service issues, though there actually may be service issues due to lack of people

Short Message System/Service (SMS)

Technology that enables people to send text messages over cell phones.

Business Trends

Tendencies and changes in the business world

Creative Destruction

Term coined by Austrian economist Joseph Schumpeter, it describes how new goods and services can hurt existing products. This is one risk of innovation

Bussing

Term used for clearing off and resetting tables after guests have left.

Booking

Term used to refer to a completed sale by a destination, convention center, facility, hotel or supplier (i.e. convention, meeting, trade show or group business booking).

Central Reservations System

The ability of guests to make a reservation for one out of a number of hotels by contacting one agency, contracted by the hotels acting as a group, to operate this "central" reservation service.

Reading for meaning

The ability to differemtiate what is important from what is not, an important business skill.

folio

The account for a hotel guest during his or her stay.

Listening

The active mental process by which people recognize, assimiulate, asses, and evaluate what is heard.

Reading

The active mental process of recieiving amd understanding a message.

Productivity

The amount and value of goods and services produced from set amounts of resources

Cost of goods sold (cost of sales)

The amount of money a business pays for the product it will sell

par level

The amount of supplies needed to stock the hotel for one night.

Food Quality

The attributes of food that are acceptable to consumers. Temperature and taste are two characteristics considered when assessing food quality.

Explain the relationship between customer service and distribution (OP:523) (CS)

The better a company is at distribution, usually the better the customer service and satisfaction becomes. When distribution works well, consumers are not really aware of its importance, but it is the opposite when distribution doesn't work well. Dissatisfied customers results from poor distribution.

Setting

The circumstance under which communication takes place. These circumstances can include place, time, sights, and sounds.

Psychographic Segmentation

The division of a market on the basis of consumers' lifestyles and personalities

accessibility

The ease with which guests can enter, leave, and utilize a property, also applies to the ability of guests in wheelchairs or needing other assistance to utilize a facility.

bus staff

The employees in a restaurant who assist the waiters and waitresses, especially in clearing tables and refilling water glasses and coffee cups.

Invoice

The formal, printed record of a sale that included all necessary information of a sales transaction. Serves as a legal document or formal agreement in which one party takes possession of goods or services in exchange for payment within a certain time period. Information includes the buyer, the seller, items purchased, quantities, prices, delivery date, credit, discount terms, etc.

Rack Rate

The full, undiscounted published room rate (price).

Discuss managerial considerations in directing (SM:066) (SP)

The goal of management in directing is to create a work environment that mimics the mission of the organization Considerations are how to provide effective motivation to employees how to supervise operations how to evaluate performance in a respectful and efficient manner

Explain managerial considerations in organizing (SM:064) (SP)

The goal of management in organizing is to provide a plan that establishes what needs to be accomplished, who will do these tasks what the chain of command is and how deductions will be made Considerations are what resources to use and what is the best way possible to achieve these goals

Describe managerial considerations in staffing (SM:065) (SP)

The goal of management in staffing is to consider strengths and weaknesses of their employees Considerations are what responsibilities to give to the employees that will make them productive and comfortable

Describe the rights of customers in the hospitality and tourism industry (BL:135) (SP)

The guests have a right to expect that the facility provides clean linens and disinfected bathrooms. Guests expect that the locks on the doors are adequate to keep them safe from intruders or that measures have been taken to keep guests from tripping over loose carpet Guests have the right to expect that the food that they purchase is safe and free from bacteria.

Peaks and Valley

The high and low end of the travel season. Travel industry marketers plan programs to build consistent year-round business and event out the "peaks and valleys."

bell hop

The hotel employee responsible for carrying guests' bags to their rooms.

front office manager

The individual in a hotel responsible for managing the front-office staff, room reservations, guest services, and the night audit

entrée

The main dish in a meal.

Product/Service Management

The marketing function that involves obtaining, developing, maintaining, and improving a product or service mix in response to market opportunities

Tapas

The name of a wide variety of appetizers, or snacks, in Spanish cuisine. They may be cold or warm. In North America and the United Kingdom, tapas have evolved into an entire cuisine. In these countries, patrons of tapas restaurants can order many different tapas and combine them to make a full meal. The serving of tapas is designed to encourage conversation because people are not so focused upon eating an entire meal that is set before them. Also, in some countries it is customary for diners to stand and move about while eating tapas.

occupancy rate

The number of rooms that are occupied in a lodging facility on average.

Frequency

The number of times an advertisement appears during a given campaign.

Booking Engine

The online reservations system that enables guests to check room availability and rates, and book rooms.

High (Peak) Season

The period of consecutive months during which optimum revenues, room/suite occupancy and average room rates are generated.

waiter or waitress

The person who provides table or counter service to customers in a restaurant.

Operational Risks

The possible events and situations that can result from employee actions, core processes, and daily business activities. Are often things that can go wrong in short term.

tuition reimbursement

The practice of reimbursing employees' costs for college and university courses and degree programs.

Information management

The process of accessing, processing, maintaining, evaluating, and disseminating knowledge, facts, or data for the purpose of assisting business devision making. Deals with people, processes, and practices, not just hardware and software.

Information Management

The process of accessing, processing, maintaining, evaluating, and disseminating knowledge, facts, or data to assist business decision making

Nutrition

The process of nourishing or being nourished; The science or study that deals with food and nourishment, especially in humans; A source of nourishment, food. Good nutrition can help prevent disease and promote health. There are six categories of nutrients that the body needs to acquire from food: protein, carbohydrates, fat, fibers,vitamins and minerals, and water.

Marketing

The process of planning and executing the conception.

Operations Management

The process of planning, controlling, and monitoring the day-to-day activities required for continued business functioning.

effective communication

The process of sending a message in such a way that the message received is as close in meaning as possible to the message intended

Production

The process or activity of producing goods and services

Net Rate

The rate provided to wholesalers and tour operators that can be marked up to sell to the customer.

Buying Cycle

The research process your potential guests go through

executive chef

The restaurant employee who plans the menu, purchases food and beverages, and supervises the kitchen staff.

rack rate

The standard rate for a room in a hotel; also known as the walk-in rate.

economic

The study of how people seek to satisfy their needs and wants by making choices

Back of the House (BOH)

The support areas behind the scenes in a property, includes: housekeeping, laundry, engineering, foodservice. Individuals who operate behind the scenes to make a guest's experience pleasant and safe.

Back of House (BOH)

The support areas that are behind the scenes in a property, they include: housekeeping, laundry, engineering, foodservice. Includes individuals who operate behind the scenes to make a guest's experience pleasant and safe.

Casual Employee

The term casual employee is not a familiar one to many Americans. Instead "temporary worker" or "independent contractor" is used. Defining what a casual employee is can get somewhat confusing, since the term can differ from country to country. In the US, the term___ is often used in universities. It refers to people, often students, who work less than 1000 hours per 12-month calendar year, on an irregular, infrequent or "as-needed" basis." Because the worker is considered a casual employee, he or she does not have access to benefits like worker's compensation, disability, company retirement plans, or health insurance.

shoulder season

The time of year when demand for rooms is at its lowest.

peak season

The time of year when demand for rooms is highest.

Average Daily Rate (ADR)

The total room revenue for a given period (day, month to date, month, year to date), divided by the number of rooms occupied for the same period. Frequently used as a measure of economic performance.

Explain security considerations in the hospitality and tourism industry (OP:115) (CS)

Theft Armed robbery Burglary, Violence against employees, guests, or patrons committed by employees, guests, patrons, or others; Other threats, such as bomb threats and hazardous substances sent though the mail Some things cannot be planned for, have each employee know their role in emergencies (who is responsible for the fire extinguisher)

McDonalds Locations fact

There are 12,804 McDonald's in the US as of 2010

Chinese Food Fact

There are over 40,000 Chinese restaurants in the US, more than McDonald's, Burger King and KFC combined.

Convention and Visitors Bureau

These organizations are local tourism marketing organizations specializing in developing conventions, meetings, conferences and visitations to a city, county or region.

Efficiency Room

This is a low-rent form of accommodation consisting of a kitchenette, a living area, and a sleeping area combined into one single room. These types of rooms are common in extended-stay hotels, also known as "apartment hotels."

Ratio Analysis

To determine how a business is performing as compared to other businesses in the industry.

Purpose of a resume

To highlight your accomplishments and prove that you are qualified for the position. To get an interview. To eventually get the JOB!

The primary purpose of the lodging industry is what?

To provide sleeping rooms for guests

Gross Sale

Total of all sales for any period of time/

Executive Chef

Train and manage kitchen personnel and supervises/coordinates all related activity.

Business Travel

Travel for commercial, governmental or educational purposes with leisure as a secondary motivation.

Travel Seasons

Travel industry business cycles including: Peak: Primary travel season Off Peak: Period when business is slowest Shoulder: Period between peak and off peak periods when business is stronger, but has room for growth.

transient consumer market

Travelers.

Describe current issues and trends in the hospitality and tourism industry (NF:048) (SP)

Trends: social media use, targeting to teens/children, emphasis on customer service Issues: customers have high expectations, technology is growing rapidly, community/value over quality

connecting rooms

Two hotel rooms that are located next to each other and are connected by a door.

adjoining rooms

Two hotel rooms that are located next to each other, but not connected by a door.

tour package

Two or more travel services put together by a tour operator, such as air transportation, accommodations, meals, ground transportation, and attractions

Institutional/Corporate Promotion

Type of promotion that aims to create a certain image in the eyes of consumers.

Chambers of Commerce

Typically, a Chamber of Commerce will specialize in local economic development that can include tourism promotion.

CBP

US Customs and Border Protection

Obtain business information from customer databases

Uncover personalization opportunities through your CRM -stores personal information of the customer like contact information, communication history, customer history 2. Use your CRM database to find your highest-value clients Those who only waste time with complaints and service requests but are not profitable enough. Those in the middle tier, whose spends are neither the lowest nor the highest. Those in the top tier, who spend the most with you and thus deserve your highest attention. 8020 rule 3. Use your CRM database to learn from your own sales process Find what closed your recent sales, because a CRM database keeps a log every action taken during the customer journey, 4. Make more money from your existing customers by analyzing your CRM database records Patterns- customers who spend high up sell high and vice versa 5. Unlock more revenue by understanding and retaining more customers Because your CRM system captures every customer interaction on a single screen, you get to see what's working. But most importantly, you will also see what's NOT working. If you have a lot of customers leaving you, your CRM database will give you an understanding of their problems.

USCG

United States Coast Guard

Identify challenges with the use of unstructured business data (NF:285) (SP)

Unstructured data is the freeform information that is mined from things like social media posts, notes made by a call center agent, email-very relevant Gathering, storing, verifying, using it

Practice safe and sanitary handling/disposal of wastes/recyclables (OP:134) (PQ)

Use gloves And boxes or bags Separate trash and recyclables Keep trash away from customers Educate employees

Persuasion

Used to convince others of the value or importance of an idea or thing, essential skill in marketing. Learn needs and propose a way to fulfill them

Bar graphs

Used to show changes over time or to compare figures between different groups

Monitor hospitality and tourism sales data (NF:288) (SP)

Using databases to track transactions and customer journeys CRM such as hub spot CRM Helps identify trends and selling cycles, establish sales forecasts, and determines if objectives are being met

commercial hotel

Usually a large hotel designed for business travelers, offering dining service, and often meeting rooms, free breakfast, and other amenities.

Corporate Culture

Values and ideals that an organization encourages among its employees

Mapping

Visual Method of note-taking that involves writing the main topic in a circle and writing supporting ideas on lines around the circle.

Identify environmental sustainability issues in hospitality and tourism (OP:658) (SP)

Water usage -- Energy usage -- Food waste -- Pollution -- Garbage/waste --

Cross Contamination

When bacteria or chemicals from one product are allowed to come into contact with another product. This is one reason each employee is assigned to a specific station.

Negligence

When business is not doing something necessary or required. Ex. When hotel breaches the duty of care

Elastic Demand

When demand is elastic, consumers adjust demand for products based on price. Demand changes when prices change. Prices go up = consumers purchase less

Misrepresentation

When one party makes a false statement to a second party with the intention of making the second party behave a certain way. Ex. Business falsifies records to convince bank to lend it money

Cooperative advertising

When producers provide channel members with financial support to cover advertising expenses.

Time Utility

When products are available at the time they are desired

Behavior Segmentation

When segmenting by behavior, marketers consider factors such as the market's product knowledge, purchasing habits, and responses to products.

Listening Emotional Barriers

When you have a negative emotional reaction occurs to something someone says, it prevents from concentrating, instead keep an open mind.

How does an economy work?

Which goods & services should be produced? How should the goods & services be produced? For whom should the goods & services be produced.

Customer advocacy

Word-of-mouth promotion and referrals from a business's current customers to its potential customers

Prepare written reports for hospitality and tourism decision-making (NF:292) (SP)

Write an executive summary. • Plan the contents. • Propose the introduction. • Perform your findings. • Make conclusions. • Write your recommendations.

feature

a basic, physical, or extended attribute of a product or purchase

work ethic

a belief in work as a moral good, demonstrated by a willingness to perform to the best of one's abilities

ecotourism

a branch of tourism encompassing adventure tourism and sustainable development of regions for future generations

résumé

a brief summary of a job seeker's personal information, skills, work experience, education, activities, and interests

hotel

a building where travelers can pay for lodging and meals and other services

mission

a business's purpose or goal

return on investment (ROI)

a calculation used to determine the ability of a product to generate profits

portfolio

a collection of work samples designed to highlight strengths, skills, and competencies

marketing mix

a combination of four basic marketing strategies, known as the four Ps—product, price, place, and promotion

Amtrak

a company that operates a railroad system with combined passenger and rail service throughout the continental United States

changeability

a condition of being subject to change or alteration

job application

a document that job seekers fill out to help employers screen applicants

benefit

a feature advantage of a product

commission

a fee or payment for services based on a percentage of products sold

compensation

a form of payment that may include wages, benefits, and/or incentives in return for work

informational interview

a formal or informal interview with a professional to help the job seeker learn more about a specific career field or company

hospitality industry

a group of businesses composed of establishments related to lodging and food-service management

tourism industry

a group of businesses that encompass travel/transportation vendors for air, rail, auto, cruise, and motor-coach travel, and promote travel and vacations

professional/trade organization

a group or association dedicated to a specific trade or profession

fine dining

a high level of attentive table service, expensive-looking furnishings and decor, and fine cuisine

concierge

a hotel staff member who helps guests make arrangements for transportation, restaurant reservations, event reservations, and entertainment tickets, and advises guests about activities in the area

guest service agent (GSA)

a hotel staff member who performs all of the functions of a desk clerk/agent, concierge, and valet

hallmark event

a local or regional event with national or possible international appeal that occurs once or annually

niche market

a new market in tourism that bases travel on specific interests, such as ecotourism

sample

a number of people who are representative of a study's population

occupancy percentage (OCC%)

a percentage calculated daily and based on the number of rooms sold as a percentage of the total number of available rooms

Entrepreneur

a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so.

entrepreneur

a person who organizes, manages, and takes the risk of owning and operating a business

follow-up

a phone call or thank-you note from the interviewee to the interviewer after the interview takes place

Location

a place or position

lodging

a place to sleep for one or more nights

resort

a place where people go to relax and have fun

customer satisfaction

a positive feeling or reaction customers have when a business or product meets their needs

package tour

a prearranged tour that offers value, guaranteed sightseeing, and a quality product

frequent-flyer program

a program in which an airline offers free travel, upgrades, and discounts to program members

average daily rate (ADR)

a rate based on total sales for the day divided by the total number of sold rooms

revenue per available room (revPAR)

a rate that reflects a hotel's revenue per available room

survey method

a research method that involves gathering information from people through the use of surveys or questionnaires

observation method

a research method that involves watching people and recording their actions by audio, visuals, or writing

experimental method

a research method whereby a researcher observes the results of changing one or more marketing variables

destination resort

a resort property in a specific location with a concentration of resources or facilities

quick-service restaurant (QSR)

a restaurant offering speedy basic services, convenience, and consistent quality at low prices

full-service restaurant

a restaurant where a customer sits at a table, gives an order to a server, and is served food at the table

loyal customer

a returning customer or guest who refers friends, family, and colleagues to an establishment

incentive

a reward that is usually in the form of money but may be stock options, profit-sharing privileges, a company vehicle, and/or a bonus program

meal plan

a room rate that includes meals; some choices of meal plans are European Plan, Continental Plan, Bermuda Plan, Modified American Plan, and American Plan

windjammer

a sailing ship that offers passengers the opportunity to sail privately and work with a crew

performing arts

a segment of the entertainment industry that includes the exhibition of live presentations by artists, such as actors in theaters or performance artists in other venues

consumer show

a single- or multi-day exhibition held at a convention or civic center arena

target market

a specific group of consumers that an organization selects as the focus of its marketing plan

intangibility

a state of being abstract, as are things that cannot be touched

market segment

a subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs

yield management

a system of maximizing revenue through adjusting room rates according to demand

Maslow's hierarchy of needs

a theory that explains what motivates people to act in certain ways or make certain decisions

charter tour

a tour in which a tour operator buys all the seats on an airplane, train, or bus and resells them to travelers

customized tour

a tour that is more expensive than a package tour and is designed specifically for an individual tourist

chain

a type of business that has more than one location with the same name under the same ownership

franchise

a type of business that is set up through a franchise agreement, which is a contract between a franchisor and franchisee to sell a company's goods or services at a designated location

market segmentation

a way of analyzing a market by specific characteristics to create a target market

marketing plan

a written document that provides direction for the marketing activities of a company for a specific period of time

career plan

a written statement of career goals and the necessary steps to achieve them

Identify the elements of the promotional mix (PR:003) (SP)

advertising, sales promotion, public relations Direct marketing, personal selling. All elements used should be coordinated to achieve the company's goals and to target the identified markets, clearly communicating the same underlying message.

competitive advantage

an advantage over competitors due to greater value to consumers through lower prices or more benefits

consolidator

an agent who buys unsold products in bulk from suppliers and then resells the products at a discount to intermediaries or to consumers

intermediary

an agent who does not work directly for a travel provider but sells his or her products for a fee

production

an assembly-line process by which food is prepared, plated, and expedited by teams at various food stations, such as salad, cooking line, prep, and dessert

certification

an authorization stating that one has fulfilled the requirements for practicing in a field or career

apprenticeship

an educational, hands-on experience working in an established business under the guidance of a skilled worker

hub-and-spoke system

an effective network for an airline formed by a hub, or a large airport, connected to other smaller airports called spokes

commercial site

an establishment, such as a restaurant, where a food-and-beverage business competes for customers

ethics

an expression of the standards of right and wrong based on conduct and morals in a particular society or a system or theory of moral values and principles

transient guest

an individual traveler with a reservation, staying in a hospitality property for a maximum of 30 consecutive days

meeting planner

an individual who coordinates every detail of meetings and conventions

on-site facility

an institutional or noncommercial establishment, such as a hospital or corporation, that provides meals for people involved with the property

service

an intangible thing that is a task performed for customers by a business

convention and visitors bureau (CVB)

an organization that works with meeting planners to provide tourist information services to business and leisure travelers

therapeutic recreation

any recreation that includes activities to help a person's emotional, mental, or physical health

commercial recreation

any recreational activity for which a guest pays a fee

recreation

anything a person does to relax or have fun; play

Conventions and trade shows

are effective to reach many customers not reached with the regular sales force

mini-vacations

are for the purpose of visiting friends and relatives

amateur sports

athletic activities and competitions for athletes who do not get paid

relationship marketing

building relationships with customers by adding value to the interaction that will lead to long-term customer satisfaction and retention

meeting and incentive travel

business travel by employees to attend a business meeting or as a reward for having met or exceeded company goals

Provide first-aid (OP:657) (CS)

clean the injured area by savlon, detol, iodine or just aftershave lotion—whatever appropriate medicine is available in your hand. Bandaids

amenities

comforts and conveniences

Paralympics

competitions in which the world's best athletes with physical disabilities showcase their talents

exemplary guest service

consistent hospitality service that exceeds guest expectations

quick-counter service

customer stands at the counter, order food, pays for it, waits while the order is assembled, and then receives the order

diversity

ethnic variety as well as socio-economic and gender variety in a group or society

supporting products

extra goods or services that accompany the core product to add value or to differentiate it from the competition

variables

factors that can cause something to change or vary

market segments actually

focus on sets of needs and expectations of the customer

public recreation

free or paid recreation that takes place on state and federal lands and in city, state, or national parks

products

goods and services that have monetary value

facilitating products

goods or services that aid the use of the core product

market segments

groups of consumers categorized by specific characteristics to create a target market

hospitality/tourism trends

include sociocultural/economic and technological/geopolitical

service perception

influenced by the physical facilities and other visible elements

economy

is always fluctuating, creating cycles of upswings and downturns

Describe types of indicators used to manage business risk (e.g., key risk indicators, key performance indicators, key process indicators) (RM:088) (SP)

key risk indicator is a measure used to indicate how risky an activity is. They provide an early signal of increasing risk exposures in various areas Key Performance Indicator is a measurable value that demonstrates how effectively a company is achieving its objectives. Used to evaluate success at reaching targets. A Key process Indicator (KPI) is a metric that is chosen that will give an indication of performance and can be used as a driver for improvement.

Explain career opportunities in hospitality and tourism (PD:272) (CS)

management, tour guide, travel agent, server, rooms division, cleaning services Broadcasting, marketing, distribution, etc

Flexible communication

means being open to other ideas, perceptions, and new information.

convention hotel

meeting and banquet facilities for large groups booked in their guest rooms

Retention rate

metric expressed as a percentage and indicates a business's ability to keep customers over a certain period of time

ambiance

mood, feeling; general atmosphere

Discuss the role of ethics in hospitality and tourism (PD:400) (SP)

moral principles that govern a person's behavior or the conducting of an activity. Builds good customer value and good brand image by being fair and legal Tell customers about policies, do not lie or embellish, inform customers of any inconveniences

selling up

offering a more expensive or upgraded version of the original recommendation

table service

orders are taken at the table, and food and beverages are brought to the table

primary research

original research conducted for a specific marketing situation

prestige pricing

pricing based on consumer perception

cost-plus pricing

pricing products by calculating all costs and expenses and adding desired profit

Discuss the nature of managerial planning (SM:063) (SP)

process used to determine the vision of a business and then translating that into organizational goals and an operational plan for achieving these goals

Economic indicators

productivity, gross domestic product (GDP), stable living, CPI, consumer confidence, and unemployement rates.

hospitality-specific traits

professional characteristics needed in the hospitality industry, including a positive personal attitude, good work ethics, maturity, and good personal appearance, as well as leadership and time-management skills

full service

provide many services to their customers

franchise company

provides an individual a business with an established identity, along with training, advertising support, start-up assistance, and tested operating procedures

secondary research

published data that have been collected for some other purpose

geopolitical

relating to politics, especially international relations, as influenced by geographical factors

technological

relating to, or involving, technology

Labor-intensive industry

relies on a large workforce

Life Care Facilities

require the services of foodservice and lodging personnel

fluctuation

rise and fall, continual variation

bed-and-breakfasts (B&Bs)

small unique inns that offer a full breakfast with a night's stay

guest or uniformed services

staff members in uniforms, including the bell staff, valets, security officers, concierge, and door or garage attendants

behavioristics

statistics about consumers based on their knowledge, attitudes, use, or response to a product

geographics

statistics about where people live

demographics

statistics that describe a population in terms of personal characteristics, such as age, gender, income, ethnicity, or education

psychographics

studies of consumers based on social and psychological characteristics, such as attitudes, interests, and opinions

market segments are

subgroups of consumers who share a specific set of needs and experiences

Digital Menu

subset of digital signage, digital menu boards allow for restaurants to display vivid digital content on an LCD, plasma, or projector screen. The eye-catching content can be changed instantly from a remote location and allows for content scheduling or day-parting. Events and promotions can also be displayed.

leadership

the ability to influence others to work toward the goals of an organization or group

time management

the ability to plan, track, and accomplish tasks efficiently within a designated period of time

demand

the amount or quantity of goods and services that consumers are willing to buy at various prices

supply

the amount or quantity of goods and services that producers provide at various prices

back of the house

the area in a hospitality establishment that guests usually do not view, including all areas responsible for food quality and production, such as the kitchen and receiving, office, and storage areas

front of the house

the area in a hospitality establishment that guests view, such as the entrance and the dining room/ Staff that the customers meet

front of the house (lodging)

the area in a lodging facility that guests view, such as the lobby

back of the house (lodging)

the area in a lodging facility where support services take place, which guests usually do not view

foodservice

the business of making and serving prepared food and drink

utility

the concept of conveying the value of products through appropriate and convenient placement, adequate information, and easy exchange

seasonality

the concept that certain destinations appeal to travelers at certain times of the year, based on climate and geography

lifelong learning

the continuing development of knowledge and skills that people experience after formal education and throughout their lives

positioning

the creation of an image for a product in the minds of customers, specifically in relation to competitive products, including services

customer loyalty

the customer's faithfulness to a business and its product, demonstrated by the customer purchasing the product again

Describe the interdependence of segments of the hospitality and tourism industry (PD:399) (SP)

the dependence of two or more people or things on each other. Food and beverages, Travel and Tourism, lodging, and recreation.

markup

the difference between the retail or wholesale price and the cost of an item

goal

the eventual desired outcome

destination

the final stop of a journey, or the goal for travelers

motivation

the force that moves a person to action

hospitality

the friendly and generous reception and entertainment of guests, visitors, or strangers.

guest satisfaction

the fulfillment of guests' needs and wants regarding receiving quality hospitality products

operations

the functions of a business that focus on the daily procedures necessary to maintain a business or establishment

empowerment

the granting of authority or power to front-line personnel for handling and solving guests' problems

night auditor

the hotel staff member who does the night audit and balances the guests' accounts each evening

marketing concept

the idea that an organization needs to satisfy its customers while also trying to reach its organization's goals

globalization

the increasing integration of the world economy

marketing environment

the internal and external factors that influence marketing decisions and the ability of the marketing plan to reach its goal

mega-event

the largest type of event, which is a unique, "must-see" happening that has international appeal

core product

the main product that the customer is buying

cross-selling

the method of selling the customer additional related products tied to one name

disposable income

the money left from a person's gross income after taking out taxes

indirect channel

the path a product takes using intermediaries between the producer and consumer

direct channel

the path a product takes without the help of any intermediaries between the producer and consumer

channel of distribution

the path a travel product takes from the producer to the consumer, or traveler

infrastructure

the physical components of a destination, such as hotels, restaurants, roadways, and transportation, that support tourism

entry-level

the position of an employee at the beginning level of a particular career

perishability

the probability of a product ceasing to exist or becoming unusable within a limited amount of time

marketing

the process of developing, promoting, and distributing products, or goods and services, to satisfy customers' needs and wants

destination marketing

the process of developing, promoting, and distributing specific locations to satisfy travelers and maintain appeal as long as possible

distribution

the process of getting the product to the consumer

nonverbal communication

the process of giving and receiving messages without words, via eye contact, hand gestures, and body posture

economic multiplier

the process of how money filters through a local economy and is spent and re-spent, creating income for other businesses

quality control

the processes an organization uses to maintain its established quality standards

e-tail

the sale of goods or services to the customer by means of the Internet

Hospitality and Tourism Industry

the service industry that includes lodging, restaurants, event planning, theme parks, transportation providers, and cruise lines.

aesthetic pollution

the spoiling or contamination of the natural beauty and features of an environment, due to poor planning and design of tourism projects

objectives

the steps that lead to the goal

market research

the systematic gathering, recording, analyzing, and presentation of information related to marketing goods and services

product mix

the total assortment of products that a company makes or sells

personal selling

the type of selling that involves direct interaction between sales associates and customers

business-to-business selling

the type of selling whereby one business sells goods or services to another business

price

the value placed on goods or services being exchanged

elasticity of demand

the variation of consumer demand due to a change in price

product life cycle

the various stages that a product goes through during its existence, from development, introduction, growth, and maturity to decline

travel

to go from one place to another

sustainable tourism

tourism that allows a destination to support both local residents and tourists without compromising future generations

leakage

tourist dollars spent on imported goods so that revenue ends up in foreign economies

tourism

travel for pleasure rather than business or necessity; also, the business of organizing such travel

VFR travel

travel for the purpose of visiting friends or relatives

business travel

travel for the sole purpose of conducting an individual's or company's business

leisure travel

travel for the sole purpose of enjoyment

dependables

travelers who prefer familiarity and creature comforts and seldom try anything new or different

venturers

travelers who tend to be the first to discover a new, unspoiled destination

buying signals

verbal or nonverbal signs of a customer's readiness to buy

hotel engineering department

works closely with the housekeeping department to pay close attention to sensory experiences delivered to the guests