Hospitality and Tourism

• 7 functions of hospitality: place, price, physical evidence, people, process, promotion, product
• place - location, ambiance, layout, cleanliness, noise level, lighting, temperature, accessibility, parking
• price - value, affordability, cost-benefit analysis, pricing strategy (skimming/penetration)
• physical evidence - appearance, condition, maintenance, upkeep, quality, design, decorations, furnishings, equipment, signage, branding
• people - friendliness, helpfulness, knowledge, professionalism, attitude, behavior, communication skills, teamwork, leadership, training, development
• process - efficiency, speed, accuracy, consistency, responsiveness, flexibility, problem solving, follow-up, feedback
• promotion - advertising, public relations, sales promotions, personal selling, sponsorship, events, social media
• product - tangible goods or services provided to customers
• Product mix: All of the different products and or services a company makes or sells
• Emotional intelligence: The ability to identify, assess and influence one's own feelings and those of others
• Product marketing: refers to the marketing of a tangible good or service
• Channel marketing: also known as distribution, channel marketing deals with getting goods to customers
• Executive summary: A statement that outlines the key points of larger document, such as a marketing plan
• Pay-per-click ads: An online form of advertising, in which the advertiser pays every time a potential customer clicks on their website
• Vendor: an individual or organization that sells goods or services to a consumer.
• channels of distribution: refers to the path a product takes from the producer to the final consumer
• Visual merchandising: conveying a certain image to customers through the manipulation of physical elements within a business
• consumer protection: federal and state laws that regulate the sale and credit policies surrounding consumer sales
• Get to know customers: a way to anticipate customer needs and wants without asking.
• Accounting equation: the three sections of the balance sheet represent the basic
• Positive moment of truth: a customer finds chocolate on their hotel room pillows after checking in
• Law of supply and demand: determines what will be produced and how much it will be produced
• a technology company that offers its product in many different colors and at several different price joints likely has a deep product mix
• deep product mix: a product range that includes a wide range of products, from low-cost to high-end
• narrow product mix: a small range of products offered by a business, which limits the range of products available to customers
• identify the problem: 1st step in coaching process
• scope management: the process of defining the boundaries of the project and the resources that will be used to complete it
• stakeholder management: the process of identifying and managing the interests of stakeholders in a business
• to set prices, businesses must price the physical product and all of its associated services
• creditor: a person or business that is owed money by another person or business
• joint venture: a business arrangement between two or more companies in which each company has a share of ownership and control
• general partnership: partners are personally liable for the debts of the business
• Exclusive distribution: A distribution agreement where the manufacturer has exclusive rights to sell the product in a particular territory.
• horizontal channel conflict: when the same message is being sent to different audiences at the same time
• tort: a private wrong doing against a person or business
• Customer experience management (CEM): The process of managing the customer experience throughout the customer journey. (Focuses on customer needs)
• Transferring risk: The process of reducing the risk of loss by transferring it to another party.
• Underground economy: The part of the economy that is not reported in official statistics. Consists of cash or barter transactions for which no receipts are kept