Answer:
ricing, Hospitality, Tourism, Competition
1)Explain the nature and scope of the pricing function. 2)Explain the concept of price in hospitality and tourism industry. 3)Explain considerations in meal pricing. 4)Explain the relationship between the economy and hospitality and tourism. 5)Explain the concept of competition.
The pricing function is the process of determining the price at which a product or service will be sold. The scope of this function includes considering factors such as production costs, competition, and target market in order to set a price that will be profitable for the company and attractive to customers.
In the hospitality and tourism industry, price refers to the cost of staying in a hotel, using a tour service, or eating at a restaurant. This cost can be influenced by factors such as location, amenities, and seasonality.
Considerations in meal pricing include the cost of ingredients, labor, and overhead costs, as well as market conditions and competition. Restaurants may also consider the perceived value of the meal, the target market, and the desired profit margin.
The economy plays a significant role in the hospitality and tourism industry. A strong economy can lead to increased travel and spending on leisure activities, while a weak economy can lead to a decrease in these areas. The industry may also be affected by changes in exchange rates, which can impact the cost of travel for international tourists.
Competition refers to the presence of other businesses offering similar products or services in the same market. In the hospitality and tourism industry, competition can come from other hotels, restaurants, and tour companies. Businesses must consider their competition when setting prices and developing their marketing strategies.
Which economic system answers the 3 questions with the government?
A command or planned economy is an economic system in which the government answers the three basic economic questions of what to produce, how to produce and for whom to produce.
What is economic system?An economic system is a set of rules, regulations and institutions that are used to manage and allocate resources in a society or economy. It defines the production, distribution and consumption of goods and services in a given economy. The most common economic systems used today are capitalism, socialism and communism. Each of these systems have their own advantages and disadvantages, depending on the needs and goals of a given society. Capitalism is an economic system based on private ownership of the means of production and the pursuit of profit. Socialism is an economic system based on public ownership of the means of production and the pursuit of social equality. Communism is an economic system based on public ownership of all resources and the pursuit of collective well-being.
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what are two primary sources of friction that decrease cash flows from companies to their investors?
The concept is Financial management, which deals with investing the available financial resources to get better success. The answer is taxes and retained earnings.
Financial management means the planning, organization, direction, and control of financial activities, such as B. Collecting and using Company funds. This means applying the general principles of managing the company's financial resources.
For listed companies it is the share price and for private companies, it is the market value of equity. Taxes and retained earnings are sources of friction that reduce cash flow from companies to their investors.
Tax refers to a mandatory levy imposed by the government of a country on an individual or entity. Retained earnings are a company's accumulated earnings or net earnings after accounting for dividends.
Retained earnings are affected by any increase or decrease in net income and dividends paid to shareholders. Therefore, anything that increases or decreases net income ultimately affects retained earnings.
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the service disconnecting switch for an installation consisting of a limited load on a single branch circuit shall have a rating of not less than ? .
Building disconnecting equipment needs to be rated at least at 15A to provide a single branch circuit with modest loads.
What is building disconnecting?A device, a collection of devices, or another method by which the conductors of a circuit can be cut off from their power source is referred to as a "disconnecting mechanism."
Building disconnecting devices must have a minimum 15A rating in order to supply a single branch circuit with limited loads.
The disconnecting device must be one of two types: (1) a power-operable switch or circuit breaker that may be operated manually in the case of a power outage, or (2) a manually operable switch or circuit breaker with a handle or other acceptable operating device.
Therefore, building disconnecting equipment needs to be rated at least at 15A to provide a single branch circuit with modest loads.
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Correct question:
A building disconnecting means that supplies only limited loads of a single branch circuit shall have a rating of not less than 15A.
what is the general approach as to when product costs are recognized as expenses?
When the related revenue is recognized, a Product Costs are recognized as an expense. A product cost in here is an expense which is incurred to produce a product that is capitalized on the balance sheet since they have a future benefit.
In economy and business, Product cost generally can be defined as the costs incurred to create a product. A product cost is including several aspects, such as direct labor, direct materials, consumable production supplies, and factory overhead. The revenue recognition in economic principle generally can be described as the condition where that companies' revenues are recognized when the service or product is considered delivered to the customer.
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histograms based on data on housing prices and salaries typically are___
Histograms based on data on housing prices and salaries typically are skewed to the right.
A histogram is a graphic representation of data points grouped into user-specified ranges. The histogram, which resembles a bar graph in appearance, consolidates a data series into an understandable visual by grouping numerous data points into understandable ranges or bins. It serves as a basic representation of the distribution of numerical values. The phrase was first used by Karl Pearson at the outset. A bar is drawn across it that is proportionate in height to the frequency—that is, the number of instances in each bin—if the bins are the same size. Additionally, it can be normalized to offer "relative" frequencies that display the proportion of examples falling into certain categories, with the sum of the heights equaling 1.
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when oxygen accepts electrons, water is produced as a byproduct. T/F
True. When oxygen accepts electrons during a chemical reaction, it forms a negatively charged ion, or an oxygen atom with an extra electron. This ion can then react with hydrogen ions to form water, which is represented by the chemical equation:
O^- + H^+ -> H2O
This reaction occurs in many biological systems, such as cellular respiration in plants and animals, where oxygen acts as an electron acceptor, producing water and energy as byproducts.
In such reactions, the molecule that loses electrons becomes positively charged and the molecule that gains electrons becomes negatively charged. The resulting ions combine to form new molecules, in this case water.
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Describe strategies for managing customer dynamic.
Explain the importance of meeting and exceeding customer/guest expectations.
The importance of meeting and exceeding customer/guest expectations are Establish Clear Expectations, Anticipate Customer Needs, Develop Long-Term Relationships, Utilize Technology and Empower Employees.
What is customer?A customer is an individual or business that purchases goods or services from another entity. Customers are essential to the success of any business as they are the ones that generate revenue.
1. Establish Clear Expectations: Establishing clear expectations with customers is an essential part of managing customer dynamics. You should have an open and honest dialogue with customers about the services and products you offer, and the level of service they can expect.
2. Anticipate Customer Needs: It is important to anticipate your customers’ needs in order to provide exceptional service. Show your customers that you care by taking the time to listen to their concerns and providing solutions that meet their individual needs.
3. Develop Long-Term Relationships: Developing long-term relationships with customers is essential to ensure customer loyalty. Focus on building trust and rapport with customers, and provide them with personalized and attentive service.
4. Utilize Technology: Technology can be a powerful tool for managing customer dynamics. Utilize customer relationship management (CRM) software that offers insights into customer behavior and preferences. This can help you to better understand customer needs and provide tailored services.
5. Empower Employees: Empowering employees is an important part of managing customer dynamics. Give employees the autonomy to make decisions and take initiative when dealing with customer issues. This will help to create a more customer-centric culture and ensure that customers are receiving the best possible service.
Explaining the importance of meeting and exceeding customer/guest expectations is essential in developing customer loyalty. Meeting customer expectations is important because it establishes trust and credibility, encourages customer loyalty, and helps to build brand reputation. Exceeding customer expectations is equally important as it shows customers that you care and are willing to go the extra mile to ensure that they are satisfied. It shows that you are committed to providing exceptional service, and it can help to create positive word-of-mouth which can lead to increased sales and customer loyalty.
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if you file for bankruptcy which debts are forgiven?
If you file for bankruptcy, all debts are forgiven except those due to government.
A court order of discharge (which may be conditional) discharges the insolvent from all debts except those specified under relevant statutes, such as any debt owed to the government, any debt incurred through fraud or fraudulent breach of trust, debt for which the insolvent obtained forbearance through fraud, and maintenance liability.
However, you are subject to a number of restrictions until you are discharged from bankruptcy.
"An undischarged insolvent under the current law cannot act as a director in a firm, be a public servant, be elected or sit or vote as a member of any local authority, etc. Any disqualifications and restrictions are lifted once she is discharged.
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Which of the following ways is not something you can do to protect yourself against sending payments to the wrong person when using a p2p payment app or service
Use a PIN to access your P2P app or service. In this way we can do to protect ourselves against sending payments to the wrong person when using a p2p payment app or service.
What is P2P app or service?
Peer-to-peer services are platforms that link participants to a transaction directly, cutting out the middleman.
Peer-to-peer services use technology to reduce the transaction costs associated with asymmetries in information, enforcement, and trust that have historically been handled by relying on third intermediaries.
Peer-to-peer systems provide its customers with services including money processing, buyer and seller data, and quality assurance.
File-sharing platforms, such the music-sharing programme Napster, which debuted in 1999, helped popularise the peer-to-peer model of today. Millions of internet users were able to immediately connect, establish groups, and work together through the peer-to-peer movement to construct their own search engines, virtual supercomputers, and file systems.
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a financial statement showing the revenue and expenses for a fiscal period.
Income Statement - A financial statement showing the revenue and expenses for a fiscal period.
A financial statement that details the earnings and outlays for a certain fiscal year. This is accurate because an income statement, which is a financial statement, displays both expenses and revenue for a certain fiscal period. The revenues, expenses, and profitability of a company are shown on an income statement over time.
The time frame depicted in a financial statement is known as a fiscal period. A quarter or an accounting term is typical.
The four primary types of financial statements are as follows. One financial statement that details expenses and revenues is the income statement.
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What subjects are required to become a real estate agent?
Answer:
this is ans:
Explanation:
Before you can take the real estate license exam, you will take classes in subjects like real estate fundamentals, real estate law, and mortgage financing. You can take these courses at a community college, state college, or university to earn a certificate, an associate degree, or a bachelor's degree in real estate.
operations and sales are the two ________ functions in businesses.
According to the list, the two functions in a firm are operations and sales. As a result, choice (E): Line is the right one.
The foundation of a company's structure and operations is referred to as its functions in business.Here, we must distinguish between the two roles that operations and sales play in enterprises.As is common knowledge, the three main management functions in every firm are finance, marketing, and operations management.These functions are performed one after the other in a sequential order.The lined ways can be used in another format.
Operations and sales are the two functions in businesses.
A. strategic
B. tactical
C. support
D. value-adding
E. line
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What are the purposes of writing a business letter?
Writing a business letter is an important way to communicate professionally with colleagues, clients, and other business partners.
It can be used to introduce a product or service, follow up on a meeting, thank someone for their time, or provide an update on a project.
By using a clear and concise structure, a business letter can help to ensure that the message is conveyed effectively and efficiently.
Additionally, it can be used to create a lasting impression on the recipient, as it conveys professionalism and thoughtfulness.
Business letters are an important tool for communication in the professional world. They can be used to communicate with customers, suppliers, colleagues, and other business contacts. Business letters can be used to establish or maintain relationships, get feedback, make or accept offers, or provide information.
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In the context of the passage, how easy was it for a citizen living in ancient greece to change his or her class status? in your opinion, is socioeconomic status in contemporary society more fixed or more fluid than during ancient greece?.
The majority of people resided in rural areas or small towns. Due to a lack of agriculture, water, and building materials, most of ancient Greece suffered from terrible conditions and a difficult transition to new lifestyles.
What are your knowledge of ancient Greece?The most well-known illustration of ancient Greek citizenship comes from the capital city of Athens. Every resident in Athens now has the opportunity to participate in democratic elections. With the use of this mechanism, Athenians were able to choose their own leaders and seats on the important legislative council, where they could discuss pressing issues. The extended family plays a significant role in a person's life, and the majority of Greeks deeply integrate their families into their social lives. Greeks typically take great pride in their families. Being a collectivist way of life, people's impressions of a character's recognition, reputation, and honor are influenced by their family background.
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The invisible hand ensures that economic prosperity is distributed equally. True or False
The statement '' The invisible hand ensures that economic prosperity is distributed equally '' is false. The invisible hand does not ensure that economic prosperity is distributed equally.
The invisible hand is an economic concept that was coined by Adam Smith in his book, The Wealth of Nations, to describe the self-regulating behavior of the marketplace that helps to ensure that everyone’s needs and interests are met.
The concept of the invisible hand is that when individuals pursue their own economic self-interest, the market will automatically allocate resources efficiently, resulting in an equilibrium that benefits society as a whole. However, this does not necessarily mean that economic prosperity is distributed equally.
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A martphone cot $850, and it reell value decreae by 11. 2% each year. How much will the phone reell for in three year? Round your anwer to the nearet whole number
A smartphone costs $850, and its recell value decreases by 11.2%each year. The phone will sell for $717 in three years.
What do you know about a smart phone?
A smart phone is a type of mobile phone that combines the features of a cellular phone with those of a computer. It typically has a touchscreen display and an operating system that allows the user to install and run applications. Smartphones typically include features such as web browsing, email, multimedia playback, gaming, and camera and video recording capabilities. Smartphones also offer a variety of features such as GPS navigation, voice commands, and the ability to access and share data on social networks. Smartphones also allow users to make voice and video calls, as well as access the internet and send and receive text messages.
So, The required answer is $717.
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Correct question: A smartphone costs $850, and its recell value decreases by 11.2% each year Round your answer to the nearest whole number.
The overall process of strategy, organization, concept generation, product and marketing plan creation and evaluation, and commercialization of a new
The overall process of launching a new product involves a series of steps that must be completed in order to ensure the success of the product.
The first step is to develop a strategic plan that outlines the objectives of the new product. This plan should include an analysis of the current market and the competitive landscape, a detailed description of the product’s features and benefits, and a timeline for the launch.
Next, the organization must be organized to launch the product. This includes setting up teams to develop the concept, create the product, develop the marketing plan, and evaluate the product. Once the concept and product are created, the marketing plan must be developed to reach potential customers.
Finally, the product must be commercialized to make sure it reaches the intended market. This includes developing pricing strategies, distribution channels, and promotional campaigns. By following this process, organizations can properly launch their new product and maximize their chances of success.
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journal entries used to prepare temporary accounts for a new fiscal period is called ?
Closing entries can be defined as a journal entries used to prepare temporary accounts for a new fiscal period. At the end of each fiscal period, the temporary account balances must be reduced to zero.
In economic and accounting, A journal entry generally can be defined as a record of a business transaction in your business books. A journal entry is an important things through the business transactions, it is because a transaction can create a lot of changes in a business, a bookkeeper tracks them all with journal entries. In the journal entries, there is closing entries that can be defined as a journal entry that is made at the end of an accounting period to transfer balances from a temporary account to a permanent account.
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The roles of ___, ___, and ___ are critical for managers in nonprofit organizations.
The roles of spokesperson, leader, and resource allocator are critical for managers in nonprofit organizations.
A non-governmental organization (NGO) is a non-governmental organisation that operates autonomously of any government. It is usually not for profit. NGOs, also known as civil society organisations, are formed at the local, national, and worldwide levels to achieve a political or social goal, such as humanitarian aid or environmental protection. NGOs may, for example, focus on activities encompassing health care or health emergencies, schooling, infrastructural facilities, minority rights advocacy, poor support, and crime reduction. Non-governmental organisations, or NGOs, play an important role in global development, aid, and charitable work. NGOs are frequently non-profit organisations with annual budgets in the millions or billions of dollars.
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What are the 3 significant economic questions that each economic system must answer regardless of social political economic system?.
Every society, regardless of its political structure, must develop an economic system to determine how to use its limited productive resources to answer the three basic economic questions of what, how, and for whom to produce.
About economic questionThe three basic economic questions are what to produce, how to produce it and for whom to produce it. In the economic field, the economic system has several functions:
1. Stimulating the community to carry out production activities.
2. Provides a method for coordinating the activities of individuals in the economy.
3. Providing a certain mechanism so that production results can be distributed evenly.
Types of Economic SystemsIn general the economic system is divided into four, namely the traditional economic system, the command or centralized system, the market or liberal economic system, and the mixed economic system.
Traditional Economic SystemIn running its economy, the traditional economic system focuses on habits and customs. Therefore, the existence of natural resources is needed by the community to meet the needs of life in the short term.
Command or Centralized Economic SystemBasically, a command economy system is an economic system in which all economic policies are determined by the government. Meanwhile, the community only carries out the rules that have been determined.
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What are sales that are forecasted?
estimated markdowns
shrinkages
planned stock levels
planned sales
Planned sale are sales that are forecasted. Planned sale helps forecast the level of sales you want to achieve and outline a plan to reach your goals. Sales plans include past sales, risks, market conditions, target individuals, and prospect and sales plans.
What is sales plan?A sales plan is a set of strategies designed to help the sales team achieve their target sales quotas and the company to achieve its overall sales goals. A sales plan helps you forecast the level of sales you want to achieve and outline a plan to reach your goals.
Why are sales plans important?Sales planning is important because it helps you anticipate potential risks and allows you to mitigate them proactively. Not only does it help you develop a strategy, but it also puts you in control of your product because it helps you determine the current status of your product, where you want it to go, and how you can get your hands on it.
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What is a graphical representation of the relationship between the price of a good and the amount of the good that buyers are willing and able to purchase at various prices?.
Answer:
The demand curve is the correct answer.
Explanation:
Type the correct answer in the box. Spell all words correctly. Identify the marketing research technique implied in the scenario. A sports beverage company has created a new ad for their product to air on television. After the ad airs, they intend to show the ad to a certain number of customers and then ask them for their feedback regarding the ad. This company is engaging in the __________ market research technique
This business is using focus groups for market research.
What is market research?Market research, commonly referred to as "marketing research," is the procedure used to assess the viability of a new service or product by conducting research with prospective customers. Market research enables a business to identify the target market and gather input from customers regarding their interest in the good or service as well as opinions.
This kind of research might be carried out internally, by the business itself, or by a different business that specializes in market research. Surveys, product testing, and focus groups are among methods that can be used.
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what is the digital marketing strategy that tracks users across the web?
Answer: tracking davices
Explanation:
During january 2016, wells corporation purchased $200,000 of inventory; they paid one-fourth in cash, and signed a note for the remaining balance.
The proper statement is that as of the date specified in the journal entries for the acquisition of the inventory, the inventory will be debited and the cash and payables accounts will be credited.
What are journal entries?Journal entries are the financial transactions of a firm that are recorded in the organization's books in the order that they first appear.
Please refer to the graphic below, which includes the journal entries and their consequences as well as a description of the transaction and the event as well as the necessary amounts.
There will be a $200,000 debit in the inventories account, a $500,000 credit in the cash accounts, and a $150,000 credit in the accounts for bills payable in Wells Corp.'s books.
Therefore, the proper statement is that as of the date specified in the journal entries for the acquisition of the inventory, the inventory will be debited and the cash and payables accounts will be credited.
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Complete question:
In January 2016, Wells Corporation purchased $200,000 of inventory; they paid one-fourth in cash, and signed a note for the remaining balance. This transaction will be recorded as:
my tax refund was accepted, when will it be approved
The timeline for when your tax refund will be approved depends on the processing method you selected and the accuracy of your return.
The timeline for your tax refund approval depends on the processing method you selected and the accuracy of your return. Whether you file electronically or by mail, the Internal Revenue Service (IRS) processes each return in the order that it is received.
If you choose to file electronically, the timeline is generally faster than if you choose to file by mail. The accuracy of your return is also important in determining the timeline of your tax refund. If your return has errors it could take longer for the IRS to process it, resulting in a longer wait for your tax refund.
Additionally, the amount of time it takes for the IRS to process your return depends on the time of year. During peak filing season, usually from January to April, it can take longer for the IRS to process your return and for you to receive your refund.
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How do international organizations work together to end poverty and its effects around the world? select three answers. a. they lend money.b. they build infrastructure. c. they establish economic programs. d. they send military aid. they send food aid.
International organizations work together to end poverty and its effects around the world as a. they lend money, c. they establish economic programs, e. they send food aid.
International organizations are committed to making a lasting impact on poverty and its effects around the world. To achieve this goal, they take a variety of approaches.
These include lending money to developing countries, establishing economic programs to promote sustainable growth, and providing food aid to people in need.
By working together, these organizations are creating a brighter future for those affected by poverty.
International organizations are committed to ending poverty and its effects around the world.
To accomplish this goal, they lend money, establish economic programs, and send food aid. These initiatives provide essential resources and support to those in need, helping them build a better life.
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Which market is regulated by government?
What is the term for an economic system in which supply and demand in the free market drive the production of goods?.
In a market economy, the economy is governed by supply and demand rather than by government involvement.
A market economy is an economic system where the majority of the resources are owned by the private sector rather than the government. Land, labor, and money are all included in this. In a market economy, people decide how to use and how much to pay for these resources on a voluntary basis. It is not governed by a single entity, but rather by the supply and demand for products and services. Market economies include those in the United States, England, and Japan.
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Please help:(
Do you think that federal regulations are beneficial or should the financial sector be left to its own devices with little to no government interference? Why? Stated another way, w
aspects of financial regulations do you think are beneficial to individuals and the country? Or what are the possible downsides of too much regulation?
The economy, businesses, and consumers all depend on a healthy financial system.
Why is it important to regulate the financial sector?The economy, businesses, and consumers all depend on a healthy financial system. The safety and soundness of the financial system and the protection of customers are both ensured in part by financial regulation. Regulations guard against financial fraud for consumers. Mortgages, credit cards, and other financial items that are immoral are among these. Monopolies cannot take control and consolidate their power because of laws like the Sherman Anti-Trust Act. While this is true, the advantages are linked to three aspects of improved financial stability: a lower likelihood of future crises, lower projected losses, and lower societal expenses. One of the top advantages of government regulation is safeguarding citizens against subpar goods, services, or company practices.To learn more about financial sector refer to:
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