Ownership and Strategies of T&T Businesses

Question 1

Assets

Answer 1

The items or buildings that a company owns.

Question 2

Brand

Answer 2

A company or idea which is well known and understood.

Question 3

Bulk buying

Answer 3

Buying lots of one product, which usually reduces costs. For example, a hotel chain buying lots of bottles of shampoo in bulk.

Question 4

Corporate

Answer 4

Describes anything to do with a big business or company.

Question 5

Diversifying

Answer 5

When a business starts to offer more/different products and services.

Question 6

Financial

Answer 6

To do with the money that an organisation has.

Question 7

Incentives

Answer 7

A reward that encourages and motivates workers. For example, a holiday.

Question 8

Interdependencies

Answer 8

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.

Question 9

Loyalty

Answer 9

Having a strong feeling of support towards a person, company or place.

Question 10

Market

Answer 10

The group of people who may buy or use the products or services on offer.

Question 11

Market research

Answer 11

Finding out more information about your target audience or the people who may buy or use your product.

Question 12

Marketing

Answer 12

Promoting and advertising your products and services.

Question 13

Merchandise

Answer 13

Products which are branded or connected to a destination. For example, T-shirts, photos etc.

Question 14

Private organisation

Answer 14

An organisation whose main aim is to make money/a profit.

Question 15

Product

Answer 15

Something sold by an organisation, usually a physical object.

Question 16

Promote/promotion

Answer 16

Sharing information about a product or service with customers to encourage them to buy it. Adverts are a form of promotion.

Question 17

Property

Answer 17

Buildings or things belonging to a person or organisation.

Question 18

Public organisation

Answer 18

An organisation whose main aim is to provide public services which will improve things for a local community.

Question 19

Publicity

Answer 19

Adverts, leaflets, or social media which shares information about a product or service.

Question 20

Revenue

Answer 20

The total income or amount of money that an organisation earns.

Question 21

Service

Answer 21

Something sold by an organisation, but with no physical object.

Question 22

Strategic

Answer 22

Relating to meeting the main aims or goals of a company or organisation.

Question 23

Sustainable/sustainability

Answer 23

Making positive choices for the current and future economy, society and the environment.

Question 24

Voluntary organisation

Answer 24

An organisation which aims to make positive change or create a social impact rather than make a profit.

Question 25

Private ownership

Answer 25

A business or organisation that is owned or controlled by private individuals or shareholders. Their main aim is to make money/a profit.

Question 26

Public ownership

Answer 26

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.

Question 27

Voluntary ownership

Answer 27

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.