Part 3 - Test 1284 Flashcards
What is a trend in business analysis?
Analysis generated based on statistics/facts from the market/customers/opponents, in order to assist the business by providing references.
What is a visitor’s trend?
Assist to predict the number of upcoming reservations and bookings it is likely to receive based on people’s characteristics.
Such as people’s ages, incomes, marital status, travel habits…
What is a competitive trend?
How other properties are moving, other’s decisions.
Such as price adjustments, renovation plans, levels of service…
What is the trend of technology?
How will technologies change ways a category of properties to operate.
Such as computers, internet, new applications…
What is an industry trend?
How other categories of businesses might impact the property.
Most commonly, such as airlines, transportations, governmental policies…
What is a brand promise?
Specific benefit that customers can expect from the brand’s goods/services.
Emotional method = best brand promise, create shared values and beliefs.
What is an invoice?
Formal, printed record of all necessary and important info about sales of transactions.
Can also reflect customer’s purchasing habits.
What is a purchase order?
How a business purchases products/materials, varying in supplier, price, number, period of time.
NOT PURCHASING METHODS.
What is a contract order?
Contract including terms and clauses for future purchases, but not necessarily referring to purchase right now.
What is a standard order?
Applying to a single purchase.
What is a blanket order?
Negotiated price (fixed) from a supplier, purchasing number and period of time vary.
What is a planned order?
All 4 are negotiated and set (fixed).
What are the tasks of organizing?
Allocating resources, facilities, tasks.
As manager, most basically, arrange working area.
What does ‘graphics in marketing’ refer to?
Putting people into different groups based on characteristics, making marketing more targeted and effective.
What is demographic categorization?
Categorize people by their physical and social characteristics.
What is psychographic categorization?
Categorize people by their actions/habits.
What is geographic categorization?
Categorize people based on where they are located.
What is behavioral categorization?
Categorize people based on their looking-fors (key functions of the products).
What are the levels of laws in the USA?
Local –> State –> Federal –> International.
What is eternal law?
Overarching law about natural laws, moral principles, and the structure of creation itself.
(e.g. planets orbiting sun).
What is natural law?
Understanding of what is right and wrong, and respect others.
(e.g. slapping people in the face is bad).
What is human law?
Created by governments and societies.
(e.g. cross the road when traffic light turns green).
What is divine law?
Religious beliefs.
(e.g. god said being generous is good).
What are accurate forecasts?
Predictions of future sales over a specific period of time.
Beneficial for the purchasing department.
What are pricing policies?
Guidelines regulating the range of prices for goods/services that the business offers customers.
What is information about productions?
Information from the production department (everything about their department).
What is information about operating costs?
Information from the finance department (not everything).
What is price in marketing?
Marketing element requiring marketers to determine the amount of money they will ask in exchange for their products.
What is profit?
Monetary reward a business owner receives for taking the risk involved in investing in a business.
What is place in marketing?
Marketing element focusing on considerations in getting a selected product in the right place at the right time.
What is promotion?
Marketing function needed to communicate information about goods, services, images, and ideas to achieve a desired outcome.
What is branding?
Tactics that establish and promote the identity and unique values of a company and distinguish it from others.
