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Travel & Tourism Business Environment Flashcards | StudBud
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Travel & Tourism Business Environment
Travel & Tourism Business Environment
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L7 Exam Revision
Flashcards
22 cards
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Practice quiz
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Questions
22
Answers
1
What is a product lifecycle decline
when a product dissolves as a result of negative growth.
when a product becomes accepted in the market
when sales of a product start to slow down
the market has accepted the product and sales begin
2
What is a heritage attraction?
purpose built attraction
not man made
an attraction for history
an attraction for entertainment
3
What is a franchise?
Business activities that are funded by the government
A person who has single ownership of a trade or business
Two or more people running a business together
Buying rights to sell a companies products
4
What the benefits of a steep hierarchical staffing structure
few layers of management
communication up and down the structure is rapid
roles are clearly defined
shows how departments can work with other departments
5
T&T business's change their structure to respond to new opportunities. What is a merger?
where a business is taken over by another business.
2 or more businesses combine to create a new business
when a business takes over or buys a different business
A smaller business which is part of a parent company
6
What is disposable income
How much money you have left after paying bills
Your monthly wage
How much money you have for bills like rent and food
Your yearly wage
7
What is a disadvantage of using external accounting and administration services
cheaper to employ someone internally
Work could take a long time
Saves time and money for a small business
Sensitive information could be shared with a competitor
8
Which is an example of a social attitude?
attractions that are not man-made
Travelling to receive medical treatment
A business that is run and owned by its members
Taking into account where products are sourced from.
9
what is an disadvantage of using external services
Saves time
Saves money
Impartiality
Expertise
10
It is expensive to set up a PLC, how much share capital do you need to available?
50,000
100,000
150,000
20,000
11
People will spend money on holidays when there is money in the economy. What is this called?
discretionary spend
Disposable income
spending money
foreign currency
12
How does a travel and tourism company cut costs in order to respond to threats?
Merging with another company
Economies of scale
Advertising and promotion
Changing the organization structure
13
E-marketing is a type of technological innovation. What does it mean?
Businesses send adverts/promotions straight to smartphones
printed tickets that you can download online or text tickets
interactive visitor guides
these can help you find you way around the parks
14
How many people are employed in a SME
over 250 people
100 people
up to 10 people
10 - 250
15
What are the advantages of a private limited company?
Easy to set up
skills and experience of partners
limited liability
Access to extra funds for expansion
16
What is a co-operative
Two or more people running a business together
Two or more people running a business together
Organisations which are set up & run by members
A company whose shares are purchased by the public
17
Which of the below is a demographic & socio-economic trend
Eco-tourism
All-inclusive
Affluent empty-nester
dark tourism
18
What is a disadvantage of a partnership
It can be difficult to raise the required capital
Partnerships are cheap and easy to set up
There maybe disagreements
Unlimited liability
19
What is dark tourism
Visiting a place associated with tragedy, death or suffering
Travelling to receive health treatment
Themed park holiday, for example Disneyland
Choosing a holiday by researching through media
20
What does increasing market share mean?
moving into a new market
stealing customers from competitors
doing more marketing
increasing the number of shares in the business
21
T&T organisations cut costs to respond to changes in the market. What is economies of scale?
when you move functions overseas
when you buy products from abroad
when you pay another organisation to do the work
buying large amounts of a product and negotiating a cheap £
22
What is vertical integration?
When a travel agent buys a tour operator
When a tour operator buys another tour operator
When a hotel merges with another hotel
When a company operates independently
