Business Environment and Market

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18 Questions

What type of guest has a guaranteed reservation and receives special treatment from check-in to check-out?

Very Important Person (VIP)

What is a competitor in a business context?

A rival business that reduces market share

What type of guest is participating in a seminar, convention, conference, or meeting?

Delegate

What is a major obstacle that hotels may face?

Too much competition and decreasing prices

What is the term for a non-registered guest occupying a room?

Joiner

How much time do front office staff have to make a good impression on clients?

15 minutes

What type of guests travel in groups to visit famous places for sightseeing?

Tourists

Why do families check in on weekends or during holidays?

To relax, unwind, and enjoy their time

What is the most important market for many lodging facilities?

Business Travelers

How do possible hotel clients get information about different hotels?

Through the internet, travel magazines, television, and word of mouth

What is at the center of every successful business?

Knowing and understanding customer needs

How can booking and reservations be done?

Through the internet and telephone

What is the primary purpose of conducting a SWOT analysis?

To identify internal strengths and weaknesses

What can be offered to a market to satisfy a customer's desire or need?

A service or an item

What refers to a medium that allows buyers and sellers to interact?

A market

What are internal current factors that prompt outstanding indicators or product and service performance?

Strengths

What is an example of a weakness in a SWOT analysis?

Poor customer service

What are factors that a company can take advantage of?

Opportunities

Test your knowledge of business environment and market, including SWOT analysis, customer and competitor description, product identification, and business idea generation. Learn about the factors that influence business and how markets facilitate exchange.

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