When Asked to Give One Major Reason Why an Operations

question 9

True/False

When asked to give one major reason why an operations budget is prepared for a hotel, 45% of the respondents in the study selected the option that stated "it is used as a standard by which the lodging operation is managed".

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Definitions:

Product Life Cycle

The stages a product goes through from its introduction to the market until its withdrawal, including development, introduction, growth, maturity, and decline.

Marketing Objective

A specific goal that a company aims to achieve through its marketing efforts, such as increasing brand awareness or sales.

Decline Stage

A phase in the product life cycle where sales and profitability begin to decrease, typically due to market saturation, technological advancement, or changing consumer preferences.

Marketing Objective

A specific goal set by a business that it intends to achieve through its marketing efforts, such as increasing brand awareness or sales.