Hospitality and Tourism Vocabulary Set 1 Flashcards
Defamation
the publication of an untrue statement that subjects an entity to ridicule or contempt
Battery
intentionally touching another in a harmful or offensive way without justification
Negligence
failure to take proper care in doing something
Joint Venture
an arrangement that involves two or more business entering into a relationship by combining complementary resources such as technology, skills, capital, or distribution channels for the benefit of all parties
Licensing
a business structure that requires the authorization or permission of an owner for another entity to use trademarked, copyrighted or patented material for a specific activity, during a specific time period, for the profit of both parties
Franchise
a contractual agreement between a parent company and a franchisee to distribute goods or services
Intermediary
A person who acts as a link between people in order to try to bring about an agreement or reconciliation; a mediator.
Retailer
A person or business that sells goods to the public in relatively small quantities for use or consumption rather than for resale.
Content Calendar
A content calendar organizes the way content is created, posted, and promoted.
Customer Relationship Management (CRM)
Customer relationship management is the combination of practices, strategies and technologies that companies use to manage and analyze customer interactions and data throughout the customer lifecycle.
Online Travel Agencies
Online travel agencies are third-party intermediaries that provide travel services and make travel arrangements for customers.
Subsistence
Subsistence occurs in traditional economies when the people consume everything they produce in order to satisfy their basic needs for food and shelter.
Communism
Communism is a type of command economic system in which the government owns and controls the means of production and distribution and makes all economic decisions.
Socialism
Socialism is a type of command economy in which the government owns some basic means of production, but there is private ownership of businesses as well .
Traditionalism
the upholding of customs and beliefs, sometimes so as to resist change. It is a belief that forms the basis for traditional economies.
Gross Domestic Private Investment
Gross domestic private investments are purchases by the business sector. They include residential investment and nonresidential investment, as well as changes in value is included in GDP investment.
Personal Consumption Expenditures
purchases by individuals, rather than businesses.
Intermediate Products
Intermediate products are those that are part of another finished product.
Trade Publications
Trade publications provide information about trends, patterns, and outlooks for the future. They are specifically related to the industry in question, such as the airline or tourism industry as a whole.
Supply Chain
A supply chain is a network between a company and its suppliers to produce and distribute a specific product or service.
Market Research
Market research is how companies gather information about customer needs and wants.
Core Value
Core values describe what is most important to a business and what the business wants to be known for
Corporate Brand
Corporate brands are composed of all the combined customer impressions and experiences associated with a particular company.
Personal Sources
Personal sources are contacts that each individual has through his/her customers, friends, or relatives. Some of these people might own businesses or be managers of a business. It is effective to use them as contacts and to ask for referrals.
Franchisee
an individual or company that holds a franchise for the sale of goods or the operation of a service.
Scope
Scope is the number of different operations you do on the job and the frequency with which you do them.
Consumer Confidence Index (CCI)
The CCI details American consumer attitudes about current and future economic conditions. Data is available by age, income, and region.
Phishing
Phishing occurs when a scammer sends out an e-mail pretending to be a legitimate company, such as a credit-card company, in order to gain personal information, which can include credit card numbers, social security numbers, bank account numbers etc.
Sole Proprietorship
a form of business ownership in which the business is owned by only one person, and that person receives any profits made by the business
Merger
the absorption of one company by another rather than a type of business ownership
Segmentation
dividing something, such as a total market, into smaller, more specific groups
Collection Letter
a type of persuasive message that many businesses write to customers who are delinquent in making payments on their accounts
Competitive Advantage
the edge that businesses achieve when they can offer something better than their competitors
Capital Goods
all manufactured or constructed items that are used to produce goods or services
Economic Resources
all of the items used to produce goods or services
Outsourcing
acquiring assistance from outside organizations/consultants to perform primary business activities
Gross Profit
computed by subtracting cost of goods sold from income from sales
Net Profit
calculated by subtracting operating expenses from the gross profit
Market Share
an organization’s portion of the total industry sales in a specific market
Labor Dispute
a disagreement between a labor union and management
Credit Union
a financial cooperative set up to provide savings and credit services to its members
Trade Magazines
provide insight into technological changes occurring specifically in hospitality and tourism marketing. They are also a good source to use when tracking social/cultural changes and legal changes
Web Feeds
the on-demand distribution of information, usually sent to a personal web site or blog, as it becomes available on the Web
Webcasts
sound or video bites that are transmitted to personal computers through the World Wide Web
Employee Pilferage
taking of small amounts or small articles without the consent of the company
Break-Even Point
the level of sales at which revenues equal total costs
Trade-In Allowance
a price reduction offered for selling back an old model of the product being purchased
Sales-Volume Quota
a quota based on sales or some aspect of sales volume
The Chamber
a nonprofit organization dedicated to facilitating community leadership to create economic prosperity
Positioning
a product mix strategy in which a business creates a certain image or impression of a product in the minds of consumers
Sales Promotion
refers to the activities other than advertising, personal selling, and publicity that stimulate customer purchases
Summative Close
a sales technique in which the travel agent reviews the features and benefits at the conclusion of the presentation
Posting
a term that describes adding or subtracting charges to a guest’s bill
Agents
businesses or individuals that assist in the sale and/or promotion of goods and services but do not take title to them
Marginal Propensity to Consume
how much of each dollar of disposable income a consumer will spend instead of saving
Installment Credit Account
a credit account set up to handle one total amount of credit that is to be paid off in regular installments
Budget Credit Accounts
a form of short-term credit with a payment due every 30 days
Integrated Software Applications
two or more related computer programs that work together to record information or perform specific business tasks or functions
Site Map
a flowchart that puts information on the Web in a logical format, so that Internet users can find what they are looking for
Prospecting
the act of identifying any person or organization with the potential to buy a product and compiling that information in an organized manner for future use
Jargon
specialized language known only to a certain group of people
The Law of Diminishing Returns
if all the factors of production remain the same except one, additions to the one variable factor will eventually decrease the level of productivity
Expansion Phase
the stage characterized by increased spending and borrowing, increased demand for goods and services, increased employment rates, and decreased interest rates on loans
Peak Phase
the high point of economic activity when demand begins to exceed the production capacities of producers
Contraction Phase
decreased demand for goods and services, rising unemployment, increased saving by consumers, and reduced sales and profits for businesses
Trough Phase
the low point of economic activity, characterized by high rates of unemployment and business failures
Customer Evangelists
individuals who are asked to sponsor a particular business or product
Tort
a private wrongdoing against another person
Antitrust Laws
regulations that prevent a person or company from taking any actions to restrain free trade and competition in the marketplace
Channel Members
all of the individuals and businesses that assist in moving products from the producer to the end user, depend on each other to perform activities leading to customer satisfaction
Protectionism
a government’s policy to protect domestic industries and businesses against foreign competition
Malware
an illegal computer program that is used to disrupt computer processes, destroy computer programs, and access confidential business information
Shareware
a type of computer program in which computer users can sign up for the software on a trial basis
Routing
the production activity that determines the sequence for the steps in the production process
Mass Marketing
designing products and directing marketing activities in order to appeal to the whole market
Price Fixing
an illegal practice that occurs when businesses agree on prices of their goods or services, resulting in little choice for the consumer.
Rebates
refunds usually offered by the manufacturer of the product.
Strikebreakers
new workers hired by management to work while union members are on strike.
Injunction
a court order forbidding people from carrying out certain activities, such as picketing.
Marginal Product
the additional unit of production that occurs with the addition of one unit of a variable resource.
Organizational Vision
the future a company’s leaders desire to create.
Embezzlement
the theft of valuables that have been entrusted to another’s care.
Insider Trading
leaking information to others that is not known to the public.
Securities Fraud
the use of misleading sales tactics to persuade investors to purchase securities.
Espionage
revealing confidential information without the source or owner’s permission and is often associated with spying.
Judgement Sampling
a non-probability sampling method in which researchers hand-pick respondents based on their knowledge or expertise.
Referral Sampling
a non-probability sampling method in which researchers ask respondents to help them identify and recruit additional respondents for the study.
Systematic Random Sampling
a probability sampling method in which researchers place sampling units into a random list and draw a sample using a skip interval.
Phishing
obtaining confidential information for fraudulent purposes under the guise of being a reputable entity usually through e-mail or social-media devices.
Pilferage
the theft of small sums of money, inexpensive items from the business, or office supplies for home usage.
Lean Production
a quality-control method that focuses on maximizing customer value while minimizing waste.
Job Shadowing
observing an individual perform his/her daily job activities in the workplace.
Predatory Pricing
setting prices below cost with the intention of eliminating competition.
Price Lining
the practice of selling goods/services at a limited number of predetermined price points.
Stealth Marketing
a deceptive practice in which a business tries to stimulate interest in a product without disclosing to the public that the business is paying others to create the buzz.
Puffery
exaggerating a product’s capabilities.
Spot Announcements
broadcast advertisements presented between shows and originating from the local station rather than the network.
Network Advertising
advertising time purchased from radio and television networks to reach consumers across the nation.
Wholesaler
an intermediary who helps to move goods between producers and retailers by buying goods from producers and selling them to retailers
Agents
intermediaries who assist in the sale and/or promotion of goods and services but do not take title to them
