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Innovation Flashcards | StudBud
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Innovation
Innovation
30 terms
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MM in Tourism and Hospitality
Flashcards
30 cards
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Practice quiz
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Host live
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Questions
30
Answers
1
What are the four segments of travel?
Lodging, recreation, attractions, front desk clerk
Exercise, waterpark, Lodging, Food
Food & Beverage, Lodging, Moving, Recreation
Food & Beverage, Lodging, Recreation, Travel & Tourism
2
What is the compass (เข็มทิศ) of the business planning?
Objective
Mission
Vision
Strategy
3
What is the ethic of tourism & hospitality business?
Maximize economic benefit
Maximize social impact
Maximize environmental impact
Maximize economic benefit to all stakeholders
4
The profit equation is
Sales revenue / expenses = profit
Sales - expenses = profit
Sales + expenses = profit
Profit x expenses = sales
5
A sole trader is...
the simplest form of a business structure
runs the business in his/her own right
is entitled to the profits of the business
has a registered business name
6
What is not the purpose of innovation?
Product differentiation
Competitive advantage
Customer satisfaction
Competitor satisfaction
7
Why does strategy change over time?
To fit environmental activities differentely than rivals do
To find innovative ways to control target markets
To make the highest profit
To be a global force in a specific industry
8
What is the motive for people to invest funds in a business?
Entrepreneurship
Wealth creation
Employment
Innovation
9
What is globalization?
the process where economies of nations battle for buisness
the process where economies of nations partner together
the process where the economies of nations aid each other
the process where economies of nations become interconnected
10
"Coopetition" is a new business slang which combines the ideas of
gamification and cooperation
cooperation and competition
coordination and petitioning
the sizzle and steak
11
Uber, Airbnb, Facebook are examples of companies which use
the internet business model
the social business model
the bricks and mortar business model
niche marketing
12
Which of the following are not part of the Big 3 in Airline Alliances?
SkyTeam
Star Alliance
SkyMall
OneWorld
13
This is innovation of
tour operation business
hotel business
MICE business
airline business
14
What is the main aim of research and development by business?
Provide more employment opportunities
Lower expenses
Innovation and hence better products
Provide greater choice
15
If "innovate" means "design something new", what would "innovative" mean?
Done in a new way
Having the quality of being new
Full of something new
Not being a new design
16
Plan of action describing resource allocation and activities for dealing with the environment
Strategy
Competitive advantage
Strategic management
Core competence
17
What is customer satisfaction?
Expectation is higher than perceived value
Perceived value is higher than expectation
18
Why does tourism grow significantly?
Economic crisis
New emerging market
Free sky policy
Pressure from terrorist
19
A trend based off age, income, or ethnic origin
Lifestyle trend
Technological trend
Demographic trend
Social trend
20
A partnership is when two or more people go into business planning to make a profit
False
True
21
In the past, most innovation occurred .....
by research and strategy
by teamwork
by good manager
by luck or accident
22
A person who sets out to build a successful business in a new field and be innovative IS.....
a small business manager
a business owner
a customer
an entrepreneur
23
What is a competitive advantage?
A set of decisions used to formulate and execute strategies
Something the organization does extremely well
Positive internal characteristics that a company can exploit
What sets the organization apart from others
24
This type of Tourism deals with the natural environment
Eco tourism
Event tourism
Heritage tourism
Cultural tourism
25
What is hospitality?
People being nice
People eating
People serving people
People excercising
26
One of the characteristics of travel & tourism marketing is that it has a significant impact on
Local economy
Historical fact
Social science
World climate
27
Requires managers to conduct an audit of factors influencing the company's ability to compete
Strategic Business Unit
SWOT Analysis
Strategic Movement
BCG Matrix
28
A product is a good or service that can be bought or sold
True
False
29
You are only responsible for your own expenses in a partnership
True
False
30
What kind of innovation?
Output innovation
Product innovation
Service innovation
Process innovation
