What is the term used for “A technique for managing the sales of an organization’s units of capacity”?
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Correct Answer:
Yield management
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Which of the following is an example of a core competence?
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Correct Answer:
Providing the highest level of service possible at a 5-star rated hotel
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What is the final external issue to address?
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Correct Answer:
Surprise
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Strategic premises is best described as
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Correct Answer:
Assumptions about the future of the business that are based on the results of forecasting
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Which of the following is a supplier of a crucial resource?
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Correct Answer:
Labor market
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You own and operate a small Italian restaurant specializing in homemade pasta. What would be an example of your existing direct competitors?
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Correct Answer:
A hole-in-the-wall, family owned Italian restaurant 3 miles away
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What cuisine trend did not exist as a food service category until about a decade ago?
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Correct Answer:
Dashboard
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What is something a millennial would look for in a hotel more than a baby boomer?
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Fast free Wi-Fi
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Which generation has a retiring rate of 10,000 a day?
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Correct Answer:
Baby Boomers
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Which of the following is used with qualitative forecasting tools?
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Correct Answer:
Delphi Technique
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What is an Environmental Assessment?
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Correct Answer:
An examination of the opportunities and threats in a business environment
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What are the three generic strategies in a strategic plan?
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Correct Answer:
Competing on price, differentiating, and finding a niche
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What is an example of a Market Niche?
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Correct Answer:
A boutique hotel in New York City
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Which of the following is an example of McDonald’s competitive advantage?
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Correct Answer:
Their symbol of the golden arches
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What is one major way to differentiate one’s service from competitors?
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Correct Answer:
Brand Image
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A technique for managing the sale of an organization’s units of capacity, using forecasts based on past results is known as ________ .
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Correct Answer:
Yield management
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Vision statement is an articulation of what the organization hopes to look like and be like in the future.
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Correct Answer:
True
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Which method is used for projecting past information or trends into the future; used in forecasting.
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Both a & b
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The use of resources in a way that protects the future environment and the ability of future generations to meet their own needs is known as _______ .
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Correct Answer:
Sustainability
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Strategic premises based on the results of forecasting, on which the organization’s strategic plan is ________ .
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Correct Answer:
Both a & b
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The specific steps that detail how the organization intends to get from where it is to where it wishes to be in order to achieve its mission and vision is known as _______ .
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Strategic plan
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Service strategy is the organization’s plan for providing the experience guests expect.
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True
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A group of people—frequently organizational employees—assume a certain future situation or set of circumstances is known as _______ .
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Correct Answer:
Scenario building
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A technique for selling the right capacity to the right customer at the most advantageous price is known as ________ .
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Correct Answer:
Revenue management
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Which technique is used to examine the relationship or degree of association between one or more variables ?
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Regression analysis
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Which forecasting tools that use quantitative, non-subjective information or data to make projections ?
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Quantitative forecasting tools
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Qualitative forecasting tools use non-quantitative, subjective information to make projections.
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Correct Answer:
True
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An articulation of the organization’s purpose, the reason for which it was founded and for which it continues to exist ,this statement is related to _______ .
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Correct Answer:
Mission statement
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Market niche is a gap in a market that an organization ________ to fill to attract customers and compete successfully.
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Correct Answer:
All of these
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An organization that tries to compete within its market primarily by maximizing operational or production efficiencies and minimizing organizational costs is known as _______ .
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Low-price provider
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Key drivers determined by surveying and studying guests .
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True
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A careful examination of the organization’s present internal condition, its strengths is known as _________ .
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Internal assessment
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Green movement is a diverse set of _________ movements advocating for sustainable management of resources and addressing issues of climate change.
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Correct Answer:
All of these
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Which process of making predictions of future trends, or the impact of current trends on future business ?
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Correct Answer:
Forecasting
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A qualitative forecasting tool, a group of people—frequently guests ,this statement is related to _______ .
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Focus group
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A careful examination of the present opportunities and threats in the external business environment is known as _______ .
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Environmental assessment
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Econometric models are elaborate mathematical descriptions of multiple and complex relationships .
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Correct Answer:
True
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Which strategy is designed to create in the guest’s mind desirable differences, either real or driven by marketing and advertising ?
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Correct Answer:
Differentiation
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Design day used to balance the costs to the organization of excess capacity and the costs to the guest .
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Correct Answer:
True
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Which of the correct statements about Delphi technique ?
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Correct Answer:
As a qualitative forecasting tool, a rather formal process involving surveying experts to get their individual forecasts
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A specific factor or characteristic that a business sees as being a key strength for how it provides its service product is known as _______ .
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Correct Answer:
Core competence
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Brand name is the name of a specific ________ used to differentiate the organization’s offerings from those of competitors.
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Correct Answer:
All of these
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Brand image is the image or icon associated with a specific product, service, or organization, meant to help customers .
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Correct Answer:
True
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A group of people generate and share ideas in open discussion, often in a free-association way, about what the future may bring is known as ________ .
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Correct Answer:
Brainstorming
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Action plan is the _________ that translates the service strategy into guides for employee activity over the coming period, usually a year .
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Correct Answer:
Specific plans
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