Business Concepts Overview

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Questions and Answers

What can be inferred about the demand for Orlando's product based on the price change?

Demand is competitive.

Demand is constant.

Demand is inelastic.

Demand is elastic. (correct)

What might be a consequence of a major concert being held in an area perceived as unsafe?

Decreased attendance. (correct)

Shortened concert hours.

Limited marketing efforts.

Increased ticket prices.

Why might Sunny Side Up Cafe refuse to accept credit cards?

The town has a ban on credit cards.

The owners are against electronic payments.

Credit cards have high processing fees. (correct)

Local residents do not use credit cards.

How can a business address the shortage of qualified workers?

Investing in automation. Signup and view all the answers

Which characteristic is typical of the hospitality and tourism industry?

Intangible experiences. Signup and view all the answers

What strategy can businesses use to combat risks like software piracy?

Utilizing encryption. Signup and view all the answers

Which aspect do customers often consider regarding products?

The origin of the product. Signup and view all the answers

What is the primary goal of a business?

Maximizing profits. Signup and view all the answers

Why is it important for companies to make inventories of their digital information?

So that the information is readily accessible when it is needed Signup and view all the answers

Which of the following pieces of data would be most helpful to a restaurant that wants to increase sales?

Customers with reservations spend 25% more than other customers. Signup and view all the answers

Under what circumstances might it be impossible to honor a customer's request?

If the request jeopardizes the safety of others Signup and view all the answers

The importance of customer service in the hospitality and tourism industry has grown due to:

Technology. Signup and view all the answers

Watching a travel show advertisement for a tropical resort is an example of:

Geographic segmentation. Signup and view all the answers

What are the three techniques commonly used by good salespeople to determine customer needs?

Observing, questioning, listening Signup and view all the answers

In the context of event planning, if a guest speaker is running late but plans to arrive on time for their presentation, which action should you prioritize?

Assure them that everything will be ready upon arrival. Signup and view all the answers

What factor enhances the significance of customer service in the hospitality industry?

Increased competition among businesses. Signup and view all the answers

What should event promoters consider when planning events?

Consumer concerns for safety Signup and view all the answers

Why might small businesses, like cafes, refuse to accept credit cards?

High processing fees Signup and view all the answers

What is a potential solution for businesses facing a shortage of qualified workers?

Utilize automated equipment Signup and view all the answers

What type of products are primarily offered by the hospitality and tourism industry?

Intangible services Signup and view all the answers

Which of the following factors does not influence the choice of an event venue?

Length of the event Signup and view all the answers

What does automation in business typically aim to replace?

Skilled labor Signup and view all the answers

What does the process of specialization focus on?

Maximizing resource usage Signup and view all the answers

What is a common reason for event planners to select a particular facility aside from cost?

Concerns over consumer safety Signup and view all the answers

What message does poor posture typically convey in communication?

Lack of care for the message Signup and view all the answers

Which of the following would be considered a nonverbal cue that implies a speaker may not be truthful?

Looking elsewhere Signup and view all the answers

What should you avoid when presenting your ideas to coworkers?

Becoming defensive and rejecting feedback Signup and view all the answers

Which industry is most likely to be heavily regulated by environmental protection agencies?

Mining Signup and view all the answers

After evaluating project results, what is a potential positive outcome?

Creating the need for further projects Signup and view all the answers

What is a correct use of reward mechanisms in workplace settings?

Utilizing gift cards as incentives Signup and view all the answers

How should you respond when facing disagreement regarding your ideas?

Remain patient and seek understanding Signup and view all the answers

What should you focus on during project evaluations?

Evaluate success and identify improvements Signup and view all the answers

What is the primary purpose of cash reconciliation in a business?

To verify the amount of cash in the register Signup and view all the answers

When should a restaurant manager perform cash reconciliation?

Before closing the restaurant for the night Signup and view all the answers

Which of the following is NOT typically completed on a nightly basis?

Bank reconciliation Signup and view all the answers

What does sharing the power in a leadership context involve?

Distributing decision-making authority to subordinates Signup and view all the answers

What is an effective strategy for handling incomplete notes after a meeting?

Ask a coworker for assistance in filling in the blanks Signup and view all the answers

What type of communication barrier is demonstrated when someone asks for a raise during a difficult time for their family?

Bad timing Signup and view all the answers

Which statement is true regarding effective note-taking strategies?

Condensing notes can help highlight key information Signup and view all the answers

What is NOT a typical outcome of inappropriate sharing of authority in leadership?

Greater engagement from team members Signup and view all the answers

Study Notes

Demand Elasticity

Demand is elastic when a change in price leads to a significant change in the quantity demanded.

Event Promotion Risk

Event promoters should consider the safety of the area when choosing a venue.

Credit Card Processing Fees

High processing fees associated with credit cards can dissuade small businesses from accepting them.

Automation

Businesses can compensate for a shortage of qualified workers by increasing automation.

Hospitality and Tourism Industry Characteristics

The hospitality and tourism industry provides intangible and non-perishable services.

Software Piracy

Encryption can be used to protect against software piracy.

Customer Interest in Products

Customers are often interested in how products are made and where they come from.

Business Goals

The main goal of a business is to make a profit; government goals include protecting individual and business rights.

Fixed Expenses

Rent payments are a fixed expense on a personal budget.

External Risk Control

Businesses can control risk from external factors with policies and compliance reviews.

Digital Information Inventories

Inventories of digital information allow for easy access to important data when needed

Increasing Restaurant Sales

A restaurant can increase sales by knowing the spending habits of customers with reservations.

Customer Service

Technology has increased the importance of customer service in the hospitality and tourism industry.

Travel Show Advertisements

Television advertisements for resorts are an example of geographic segmentation.

Sales Techniques

Salespeople in the hospitality and tourism industry rely on observation, questioning, and listening to determine customer needs.

Hotel Event Planning

If an event speaker is running late, the event planner should prioritize informing the attendees and minimizing disruption.

Cash Reconciliation

Cash reconciliation is the process of verifying the amount of cash in a register at the end of the day.

Trusting Subordinates

Leaders who share power recognize that goals can't be reached alone, and they trust their subordinates to do good work.

Incomplete Meeting Notes

If meeting notes are incomplete, ask a coworker who was also in the meeting to help.

Project Evaluation Benefits

Evaluating project success helps identify the need for future projects.

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Description

This quiz covers various essential concepts in business, including demand elasticity, the impact of credit card processing fees, and the significance of automation in addressing workforce shortages. You'll also explore aspects of event promotion, customer interests, and the hospitality industry characteristics.