STATES Flashcards
Legislative law
Establishes government(administrative) agencies
Administrative law
Deals with the rules and regulations established by government agencies
Executive branch
Guides government policy
Is over booking a flight legal?
Yes.
Business process management
Striving to align objectives and activities with customer needs.
Stresses innovation, flexibility bs technology
Employee training
Eductating workers on how best to preform their job
Organizational structuring
The way business functions relate within a company
Continuous improvement
Refers to continuously evaluating business processes to make them more efficient
Tangible objects
Goods
Productive activities
Services
Economic votes
Theoretical votes for a product cast by choosing to buy one item over another
Organizational recources
Everything a business uses to operate(tangible and intangible items). Important to determine if they have the capacity to adapt using current resources
Productive activities
Services
Economic goods
Physical goods that are useful, transferable and scarce
Pure risk
Risk that can be covered by insurance
Customer incentives for referrals
DISCOUNTS (not free products!)
Services
Intangible objects that can be sold
Services marketing
Action taken to develop, promote, and distribute an intangible object
Product marketing
Develops, promotes and distributes a tangible object that can be sold
External source that resort gift shops often use to identify goods and services that customers want and need
vendors - they can tell gift shops which of their items are popular with customers.
Vendor
A company which sells products to other businesses. They are a good source of information because they deal with many stores and can get a good indication of what customers want and need
Shippers
transport and deliver goods
Owners
Offer INTERNAL information about what customers like
First step in the project planning process
Determine scope and purpose
Capitol goods
Include buildings tools and machinery to make goods
Emergency procedures usually include plans for…
Disabled customers
Core values
Represent the underlying product value and image
What do you need core values to do?
Determine a target market.
Penetration pricing
a pricing strategy where the price of a product is initially set low to rapidly reach a wide fraction of the market and initiate word of mouth
Psychological pricing
A minimal price deduction so the customer feels like there is increased saving even when there isn’t
Price lining
Selling a goods at a limited number of predetermined price points
Price skimming
When a price is deliberately set high to appeal to those who want to buy it at a high price and be the first to have it, and is then lowered to make it affordable for more customers
Trade magazines
Can help track environmental changes in technology that impact hospitality and tourism market
Visitor trends
Help predict numbers for upcoming bookings it is likely to receive based on ages, incomes, travel habits etc
Competitive trends
Identify directions that other properties are using including price adjustments
Growth phase of the business cycle
Consumers and producers borrowing more money because interest rates lower which encourages borrowing
How to persuade people to go along with change
Explain how the change will benefit them
Computer technology benefits human resources management by…
Electronically processing information
Primary hospitality and tourism information
Free reception for frequent travelers in which feedback is collected
Chamber of commerce
Posts tourism information on their websites in different types of statuses like demotraphics and occupancy rates
Vacation pay
Reinbursment for work done - EARNED income
Acounting Information
Acounting information helps managers make financial decisions that affect the business hiring more staff
Profit and Loss Statement
an income statement that shows how much money the business has made or lost
`Journals (accounting)
special books or computer programs where a business’s transactions are recorded in the order in which they occur
Financial records can be…
interpreted in different ways
Sequential patterns
data mining concerned with finding statistically relevant patterns between data examples where the values are delivered in a sequence - HELPS WITH PREDICTING CUSTORMER REACTIONS
Cluster relationship
Relationships found when items are grouped according to logical relationships
-1>R>0
One variable increases as the other decreases
0>R>1
Two variables increase or decrease together
R=0
Tao variables do not vary together
R=1
Perfect correlation
Digital convergence
The tendency of digital services that were once seperate entities to combine into new forms (ex internet offering phone services)
Comparing variables
Help hotels analyze and interpret marketing information contained in databases to compare several variables that change with each property
Legal records
Contain payroll records, asset records, promotional records etc
Firewalls
Protects digital business information from malware
Spyware
Tracks and captures a computer users internet habits
Follow up letters
Written following an interview to express appreciation for the inferview regardless of if you were or were not GODESS
Trade shows…
Help companies obtain sales leads.
Color reproduction processes….
Define different visible areas
Vendor selection
Advertising is an important fact. Some vendors help with advertising by giving promotional materials, which gives them an advantage in the selection process
Social bookmarking sites
Allow users to post tag and rank links to various other sites - del.icio.us is an example
Email filters
Block out unwanted information - the can only accept mail from accepted addresses or keep emails with certain words in he subject out of the mailbox
Color harmonies
Most important part of advertising! Colors have to go together for an ad to be effective
Corporate image and positioning pricing
Setting prices that are consistent with overall company image and positioning - a upscale hotel will set prices high to keep that reputation
Discriminatory pricing
Involves setting two or more prices to appeal to select markets
Corporate pricing
Setting prices to meet objectives like profit levels and sale volume
Competitive pricing
Setting prices based on the prices of the competiton
News releases should
Be objective in presenting facts
Databases
Computerized storage of information - tracks marketing communication activities
Team selling
Involves putting together a team of specialists to sell to a business for large and complex products - helps effectively explain benefits
Exclusive agreements
Suppliers requirements for its customer to handle only its products or to agree not to handle other companies products - ILLEGAL WHEN IT RESTRICTS TRADE
Chanel management
Chanel management is changing the Chanel used to promote -ex adding a website
Marketing information management
Gathering accessing synthesizing evaluating and dissembling information for use in baking business decisions
Liabilities
ACOUNTS payable, taxes and interests payable added
Influencer
A person whose credibility allows to share their opinion with a large group of people
Travel promotion act of 2010
Goal: arrest international visitors to America
Mind mapping
Technology that allows people to organize a lot of info in an effective way
Travel planning
Provided by travel agents (producers) who sell to consumers
Anti robbery systems include
Cash control, video access control
Written reports
Prepared by managers for other managers to help with decision making
Major functions of marketing
Selling, pricing, promotion , Chanel management
Installment credit
Installment credit is a type of credit that has a fixed number of payments
Revolving credit
Revolving credit is a type of credit that does not have a fixed number of payments
Executive report
Most important report info
Elastic demand
Demand that can change when other factors such as price change
Non interactive content
Plain text, no audio video etc
Holding costs
What it costs to keep products in stock
