Ownership and Strategies of T&T Businesses Flashcards
Assets
The items or buildings that a company owns.
Brand
A company or idea which is well known and understood.
Bulk buying
Buying lots of one product, which usually reduces costs. For example, a hotel chain buying lots of bottles of shampoo in bulk.
Corporate
Describes anything to do with a big business or company.
Diversifying
When a business starts to offer more/different products and services.
Financial
To do with the money that an organisation has.
Incentives
A reward that encourages and motivates workers. For example, a holiday.
Interdependencies
Where travel and tourism organisations rely on each other to be able to do their own job. For example, some hotels may rely on coach companies who bring their guests to the hotel.
Loyalty
Having a strong feeling of support towards a person, company or place.
Market
The group of people who may buy or use the products or services on offer.
Market research
Finding out more information about your target audience or the people who may buy or use your product.
Marketing
Promoting and advertising your products and services.
Merchandise
Products which are branded or connected to a destination. For example, T-shirts, photos etc.
Private organisation
An organisation whose main aim is to make money/a profit.
Product
Something sold by an organisation, usually a physical object.
Promote/promotion
Sharing information about a product or service with customers to encourage them to buy it. Adverts are a form of promotion.
Property
Buildings or things belonging to a person or organisation.
Public organisation
An organisation whose main aim is to provide public services which will improve things for a local community.
Publicity
Adverts, leaflets, or social media which shares information about a product or service.
Revenue
The total income or amount of money that an organisation earns.
Service
Something sold by an organisation, but with no physical object.
Strategic
Relating to meeting the main aims or goals of a company or organisation.
Sustainable/sustainability
Making positive choices for the current and future economy, society and the environment.
Voluntary organisation
An organisation which aims to make positive change or create a social impact rather than make a profit.
Private ownership
A business or organisation that is owned or controlled by private individuals or shareholders. Their main aim is to make money/a profit.
Public ownership
A business or organisation which is owned by the government. Their main aim is to provide public services which will benefit or help local communities.
Voluntary ownership
A business or organisation run by trustees, funded by grants, memberships, donations etc. Their main aim is to create an impact rather than make a profit or make money.
