OVERVIEW - 2 Business Overview What's on the HB Menu...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
2 Business Overview / What's on the HB Menu? business any entity that provides goods and/or services intended to satisfy customers' needs in an effort to earn a profit capital-intensive businesses require large amounts of capital-that is, money, equipment, land, and other resources-to get started and operate creditors entities or individuals that loan money to a business with an obligation of repayment customers the individuals who buy the goods and/or services of a business employees the people who, under the direction of the business owner or his or her agent (the employer), perform tasks and/or provide services in exchange for agreed-upon compensation from the owner entrepreneur someone who risks resources such as time and money to start and operate a business goods-producing businesses primarily turn out tangible products by engaging in activities such as manufacturing, construction, mining, and agriculture hybrid businesses product- and service-providing businesses (such as hospitality businesses) that focus on treating their customers as more than just strangers to make money off of, but rather as guests, in a warm, friendly, and generous way, so that relationships are formed and loyalties ensue and profits are generated labor-intensive businesses usually depend more on humans than machines and buildings for satisfying customers and earning profits loss when a business brings in less money than it needs to cover its expenses multiplier effect a measure of how tourist/visitor expenditures get re-spent/invested -- calculated by adding measurable traveler expenditures (direct benefits) and multiplying by a "factor" (which is an estimation of the number of times each dollar circulates through the local economy) to estimate the indirect benefits nonprofit organizations exist to achieve some other goal(s) beyond the usual objective of profit and must have one or more exempt purposes (as approved by the IRS) stated in its organizing documents owners(s) the individuals or groups that provide the ongoing resources needed to operate the business and have legal title to the business profit what's left after all expenses have been subtracted from the revenue brought in from the sale of the goods and/or services the business provides to its customers
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
service businesses don't make (at least not solely) tangible stuff, but perform activities for customers (e.g. finance, insurance, entertainment, health care etc.) stakeholders individuals who have an interest in the ongoing performance and actions of any particular business stockholders investors who purchase stock – a certificate representing a share or portion of the ownership in a firm tourism businesses support "the activities of persons traveling to and staying in places outside their usual environment for not more than one consecutive year for leisure, business and other purposes" vendors suppliers of goods or services of a commercial nature to other businesses 3Service Fundamentals lifetime value of a guest
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

Page1 / 16

OVERVIEW - 2 Business Overview What's on the HB Menu...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online