The First Step in Understanding How to Manage the Guest

question 36

Multiple Choice

The first step in understanding how to manage the guest experience is ______.

• A) defining the service product
• B) organizing the top management team
• C) hiring the right people
• D) understanding the guests in the target market

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Definitions:

Currency Exchange Rate

The value of one currency for the purpose of conversion to another, determining how much one currency is worth in terms of another.

Licensing

A business arrangement in which one party allows another to use its trademark, patent, or technology in exchange for a fee or royalty.

Franchising

A method of doing business wherein a franchisor licenses trademarks and proven methods of doing business to a franchisee in exchange for a recurring payment, and usually a percentage of gross sales or gross profits as well as the annual fees.

Indirect Exporting

The process of selling products to a foreign market through an intermediary, such as an export trading company or an export management company, rather than directly to the consumer or retailer.