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In the RET industry model, travel agencies fill attraction functions.
True/ Flase: According to Roberts (2004), the growth in commercial leisure services has not eliminated any of the offerings of the nonprofit and public sector alternatives.
Hunting and fishing lodges are examples of integrated accommodation businesses.
When an owner is willing to take less than market value for an otherwise profitable company, it is _________ business sale.
rising incomes, more leisure time, growing awareness of health benefits
In addition to a normal business license, a company planning to conduct business in a public park is required by law to obtain necessary operating permits from the managing agency.
An intrepreneur spots an opportunity and fosters change within her organization to start a new venture.
A potential advantage of buying a franchise is _________.
instant customer loyalty
Consumer trends suggest that young adults turn to recreation and travel services in order to
According to the textbook, demand for RET services is increasing in developing countries, especially in _________ and China.
According to the U.S. Bureau of Labor Statistics, the RET industry is projected to grow _________ percent over the 2006-2016 period.
What legal form of business does the textbook cite as well suited to RET businesses because of tax and limited liability benefits?
Limited liability company
Unique challenges to starting and managing a recreation company in a developing country include
Feasibility, operations, profitability.
A subchapter S corporation is set up to pay corporate income taxes on profits.
What three serious concerns affect tourism in many parts of the world?
A _________ is a right granted by the federal government to inventors for the making, selling, or using of an invention.
One reason not to operate an RET business as a sole proprietorship is because
the owner is personally liable in event of a lawsuit
According to the textbook, older adults are not likely to use outdoor recreation as their main form of exercise.
When buying an existing business, it is critical to obtain a noncompete agreement from the seller.
By law, fees and procedures for DBA processing are the same in every state.
A vision statement has the capacity to generate excitement about the business concept.
What element(s) of the consumer experience do music festivals bring together?
tangiable and intangible
A manufacturer transfers the product and all ownership rights associated with it to __________.
In _________ tourism, enterprise establishes a particular intangible specialty product in a small market.
All business owners in the United States must create fictitious names for their enterprises.
An experience is consumed as it is being created, but it can endure partially as a memory.
A business owner can minimize customer service mistakes with _________.
Researchers surveying Fortune 500 businesses concluded that published mission statements have a significant role to play in ___________.
What two elements form the time-tested formula for business success?
a well-defined customer need and something a business owner loves to do
In RET businesses, the simultaneous interaction of customer and service provider creates consumer experiences?
The _________ addresses why the business exists or does what it does and defines the type of customers to be served.
Because of the popularity of recreation and leisure activities in North America, it is not important to describe the purpose of an RET business in detail.
A manufacturer uses _________ to discover and correct mistakes before the customer sees the product.
RET services encompass a wide variety of _________ items that cannot be examined, touched, or tasted before becoming part of the customer's experience.
Buying food from _________ can save up to 50 percent.
UPT and ATS represent the same indicators of retail operation.
The average dishonest customer steals significantly more than the average dishonest employee.
The abbreviation ATS stands for what?
average ticket size
Small-scale manufacturing is viable for RET professionals of any experience level.
Secondary profit centers make sense for an RET business because shopping is one of the most popular forms of recreation.
Which of the following is not one of the six common elements of successful retailing?
point of sale systems
Retail gross margin is determined by subtracting _________ from cost of goods sold.
A disadvantage of physical stores is that
customers can purchase merchandise during posted hours only
Special liability insurance riders are needed for businesses that offers equipment rental need to obtain?
In 2004, U.S. sales at active outdoor recreation retailers totaled _________ billion.
What are the common secondary profit centers for a small RET business mentioned in the text?
Rentals, small scale manufacturing, and food service.
The National Park Service requires that backcountry guides follow food service sanitation regulations.
What are three common options for small-scale manufacturing in an RET business?
design, on-site manufacturing, direct importation
A customer profile is a detailed description of a typical customer.
The double-edged sword of market research reveals market analysis and competitor analysis.
Psychocentrics is the term for customers who prefer nontourist destinations and who enjoy meeting and interacting with people from other cultures?
Behavior variables refer to the recording and classification of consumer purchasing behavior.
The _________ is the core customer group a business is likely to pursue.
Psychographic segmentation divides consumers into different groups based on _________.
A geographic market variable generally divides customers according to where they visit.
The purpose of a competitor analysis is to identify competitive disadvantage.
To identify the target market, the most attractive criteria relates to _________ variables.
Market research examines factors influencing customer _________.
Loyalty and likeliness of repurchasing
Market share describes how _________ a business is within its service sector.
Triangulation is a method for determining reliable consumer information.
Demographic variables are the key consideration for profiling customers of RET businesses.
The 80-20 rule of business implies that 20 percent of the revenue of a business will be generated by 80 percent of its customers.
RET entrepreneurs who intend to be successful need to know their customers.
An effective web site _________ can generate publicity with photos and company background.
Marketing is another name for advertising.
Identify the four components of the marketing mix described in chapter 6?
What are the three goals of promotion?
A start-up business may decide to set some prices as _________ and incur some loss.
The pricing strategy called bait and switch is legal.
Truth-in-advertising laws requires a cruise line to tell passengers about port charges and fuel surcharges?
For small RET businesses, cultivating publicity is almost always not worth the effort.
Advertising is any form of paid _________ communications placed in the media.
The most effective form of promotion for many RET businesses is word of mouth.
Which of the following is NOT an accurate statement about social media on the Internet?
Businesses can do nothing to encourage positive comments on social media.
What are the two biggest sources of sales for a typical RET business?
Less than half of all travel purchased in 2007 by American customers was done online.
Small firms from one type of business can join together for _________ brochure and ad campaign.
The tangible and intangible elements of a good or service are the _________ of an RET enterprise.
According to the text, a vision statement helps create a workplace culture for an RET business?
One way for a new professional to improve her managerial skills is by working with _________ who can challenge her to build new strengths.
The business team will include a small number of people with _________ customer knowledge and technical skills specific to the RET enterprise.
The United States is the only major industrial power that maintains a general employment-at-will rule.
According to Csikszentmihalyi, creativity provides an individual with one of the most exciting models for living?
The owner of an RET franchise can afford to forego the cost of an effective and efficient marketing plan.
An organizational chart shows formal lines of communication.
For an RET business, management is central to success.
According to Mintzberg, "leadership without management is disconnected and encourages _________."
The most successful owners understand that it's all about people: getting the best people to work and collaborate with them.
If management is doing things right, then leadership is doing the right things.
Dependent contractor is a term which describes a worker who provides his own tools and equipment.
The autonomy of an independent contractor means that he does not need to adhere to the company employee policy manual.
For an RET business, an incident where a client is upset about service received is called a moment of truth.
What are the three types of service an RET business offers?
An RET service is considered perishable.
Handling client complaints appropriately can increase customer loyalty.
The number one priority for exceptional service providers is guest safety.
TREAT is an acronym for one service recovery procedure.
According to Sawyer and Smith (1999), a small business can spend _________ times more to get a new customer than to retain an existing one.
Superior service breeds loyalty in the customers of an RET business?
Companies with high service ratings tend to have lower sales and marketing costs.
Compared with a service, an experience tends to
Active involvement from the guest
Research cited in chapter 8 shows that only _________ of 27 unhappy customers complain to the business.
With _________, service providers can offer customers individualized experiences at reasonable prices.
Unhappy clients will spread negative word-of-mouth to more people than the number of persons told positive things by a satisfied customer.
American consumers are generally satisfied with just a purchase of a vacation product.
The most widely used standard for environmental management is the _________ 14000 guidelines.
Payments made to counterbalance carbon dioxide emissions from airline travel through financing new renewable energy sources is an example of _________.
A river rafting company would need to adhere to the requirements of the Wild and Scenic Rivers Act.
The principles of ecotourism are not transferable to urban recreational activities.
Research has shown that participating in ecotourism is significantly related to willingness of the public to _________ natural areas in the future.
A sustainability report presents a company's environmental and social sustainability vision, goals, policies, and performance over a period of years?
Ethics are universal and not defined by individual societies.
Adding the value of a business' contribution to the community and environmental conservation to financial profit statements is considered double bottom line accounting?
Ethical behavior is _________ consideration for an RET business.
The authors define ethics as a set of principles of "right conduct"
If an RET business is operating in a way that does not diminish natural and public resources, it is considered to be operating in a unsustainable manner.
To identify and communicate ethical principles, a business frequently adopts a code of ethics.
RET firms operating in a protected land must have a strong understanding of environmental management practice besides normal business operations.
allows for accurate multi-year comparisons
_________ liability is a lawsuit that may involve a breach of some public duty or responsibility.
An RET business should identify common practices or standard operating procedures of companies that provide similar services in _________ environments.
At start-up, a small business normally does not need to incur the cost of retaining a lawyer.
For an RET business, risk management means much more than just responding to guest injuries.
An event planning company should purchase _________ insurance just in case a manager fails to do something during the planning of a major event.
errors and omissions
The National Park Service provides a minimum of $1,000,000 of liability insurance for all RET operators in national parks.
Workers' compensation insurance provides no-fault coverage for employees injured on the job?
An RET company must balance the _________ risk present in a program with competency of the program's leaders.
In a tort lawsuit, negligence must be proven before a company can be held responsible?
To be considered a criminal action on the part of the service provider related to a guest accident, proof of intent to harm is required.
An insurance endorsement is a written or printed form attached to the policy that maintains and verifies the original provisions of the policy.
The safety and operational practices undertaken by the majority of RET service providers for specific activities are considered the standards of care.
Ignorance of the law is no excuse and could result in the loss of operating licenses.
What are the two general types of liability?
For risk recreation, only management staff must be experienced in proper emergency response.
Equity investors contribute to a new business in return for a percentage of ownership.
_________ investments must be paid back over time.
Informed consumers do not support a company that has unethical practices.
The cost of obtaining _________ materials that are sold directly to consumers without modification is the cost of goods sold.
For an RET business to be financially sustainable, an RET owner must get a reasonable return on his/her investment?
Fixed operating expense does not vary with the amount of client use or sales?
The key to accurate projections is _________ research.
Unique and major sources of revenue in an RET business are called loss centers.
An RET business can build into its risk management planning the additional cost of environmentally sound practices.
Average price charged usually does not vary by the season or month.
Sales forecasts allow a company to _________ staffing levels and supply purchases.
Revenues should be projected for what three stages of a start-up business?
end of first year
several years in future
Cash flow is the same as profit.
A balance sheet shows
Assets, liabilities, and owners equity
Initial data shown in the transparent estimation method are sales volume of the number of _________ for each service.
In the business description, it is important to describe the management team, but not to highlight any management practices.
The financial analysis presents financial decisions about start-up costs and working capital.
The second purpose of a business plan is to create a promotional document.
What kind of chart can help organize the implementation of a start-up business?
It is not important to segment the market for the business in the business plan.
The opening remarks and introductions to sections of the business plan should create a favorable impression for the owner?
The first purpose of the business plan is to display proposed actions that the business owner will follow in the course of starting up the business concept.
The executive summary is a succinct summary of the business plan.
The executive summary is written at the _________ of the final business plan document.
Decisions about preferred _________ sources are part of the financial analysis section of the business plan.
Of the cover letters an RET owner will write, the most important one will be to someone she hopes will help _________ her business.
Approximately how much down do you need for an SBA loan?
The cover letter and the executive summary both introduce the reader to the contents of the document.
An organizational chart illustrates ____________ relationships.
A portfolio can be used for job searches and for _________ professional development.Term
True/False: Cooperative education does not share many of the same features identified with internships.
Prework placement courses cover a range of _________ skills before actual employment.
What work experience document describes the expectations for the employer and the academic institution?
True/False: An integration of work experiences with formal learning activities is called experiential education.
Knowing current labor force needs is a prework placement skill.
In a self-directed studies option, an RET student can acquire valuable experiences by "prospecting" for _________.
During college, it is not valuable to have direct interaction with employers.
Someone preparing for a career should disregard his hobbies and recreation activities.
One of the growing trends today is a changing attitude about work and life boundaries that encourage multiple careers during one's lifetime.
What professional document can show potential employers a student's commitment to the RET profession?
A collection of documents and other information describing a person's achievements is called a resume.
An internship manual documents
Credential for placement
A cooperative education program often requires that a minimum of _________ percent of all credit hours be from on-the-job or experiential learning work experiences.
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