Professional Documents
Culture Documents
Reservation
- Is a booking or request for some time in the future.
Types of Reservation
Tentative
Waitlisted
Guaranteed
Not Guaranteed
Elements of Reservation System
Manual Reservation System
Computerized System
Modes of Reservation
Verbal – Phone/Telephone
Written – Mail/Email
In person – Walk in Reservation
Sources of Reservation
FIT – Frequently Individual Travelers
Company
Airlines
Government
NGO – Non Government Organizations
Reservation Details
- The information needed to process the reservation.
Details in making a booking/Reservation
Name of the guest
Contact number
Required date/Length of stay
Number of guest
Number of rooms
Required type of room
Email
ANATOMY OF RESERVATION
Inquiry is Initiative
Request Guarantee
Check In
MY FINALS REVIEWER!
- Easy
Those full supportive of
entrepreneurships - Less Easy
- Hard
Those moderately supportive of
entrepreneurship
Those not supportive of entrepreneurship
ENTREPRENEURIAL PERSONALITY
- Personality traits include the human characteristics, abilities, motivates, attitudes and
values which shape the individual person's experiences and actions.
PERSONALITY
- Refers to the pattern of characteristics that distinguishes one person from another. It
includes person’s traits, values, motivates, generic blueprints, attitudes, emotional
reactivity, abilities, self-image, intelligence, and visible behavior patterns.
6 PERSONALITY TYPES
1. Realistic type – Prefers activities involving aggressive behavior, physical exertion
requiring skill, strength, and coordination
2. Artistic type – Aggressive person, non-conforming, original and introspective
3. Social type – Enjoys working with the help of others and purposefully avoid systematic
activities involving tools and machinery.
4. Investigative type – Prefers to be analytical, curious, methodical, and precise.
5. Enterprising type – Enjoys verbal activities to influence other and to attain power and
status
6. Conventional type – Enjoys systematics manipulation of data, filling or records or
reproduction of materials
CHARACTERISTICS OF ENTREPERENEURS
1. Driven – Success in entrepreneurship becomes possible when the entrepreneur is self-
motivated enough to pursue his chosen.
2. Thinking ability – Involves solving problem and making decisions.
3. Human Relations Ability – Three type of person will determine the survival and growth
of business firm. The Customer, The Employee, The Third Party
4. Ability to communicate – Ability to understand and be understood make it easier for
the entrepreneur to transact business with customer, banker, and government officials.
5. Technical knowledge – Entrepreneur must at least be familiar and possess some
technical knowledge about the various task are performed.
6. Reasonable risk taker – Entrepreneur are expected to be reasonable risk taker
7. Self-confident – A person cannot achieved much unless he has sufficient confidence in
himself.
8. Goal Setter – Person who are goal setter would make entrepreneurs of high success
potential.
9. Accountable – Entrepreneur is accountable enough to make responsibility for whatever
happens in the firm.
10. Innovative – A free enterprises economy allows business enterprises to flourish.
MOTIVATES PEOPLE TO BECOME ENTREPRENEURS
Desire to be one’s own boss
Desire to financial rewards
Desire to create one’s own job security
Desire to improve one’s quality of life
ENTREPRENEUR AND THE MANAGER DISTINGUISHED
- Entrepreneur and managers are sometimes used interchangeably.
COMPETITION AND THE COMPLEMENTARY FUNCTIONS
Business Activity Competitors Activity
Step 1 Identify and seize opportunity - Competitor is unaware
Step 2 Assemble Resources - Competitor is slowly becomes aware
Step 3 Start Operation - Competitor becomes fully aware
Step 4 Expand Operation - “ “Makes a decision to operate
Step 5 Maximize Profits - “ “Starts operation
Step 6 Meet Competition - “ “shares in Industry profits
Chapter 5: The Research for a sound Business Idea
NEW BUSINESS VENTURE
- Is confronted with the immediate concern of gaining at least a foothold in the market it
desires to serve.
UNANTICIPATED MEANS
THE PERSON’S WORK
THE PERSON’S HOBBIES
THE PERSON’S ACQUAINTANCES
A CHANCE EVENTENCOUNTERED BY THE PERSON
DELIBERATE SEARCH
Using Search Question
Idea prompting
Strategic planning
- refers to the process of determining the primary objectives of the entrepreneurship and
then adopting courses of action and allocating resources to achieve those objectives.
3 distinct steps:
figure 13. What is Strategic Planning
Determination of objectives
- the objectives of the firm are important components of the firm’s strategic planning
activities but before these are determined , the firm’s mission statement must first be
developed.
Mission statement
- refers to the basic description of the fundamental nature, rationale, and direction of the
firm. It consists of three concerns:
How the entrepreneur intends to use his resources;
How the entrepreneurs expects to relate to the over- changing environment;
The kinds of values the entrepreneur intends to offer to his customers.
The mission of birdie poultry product is to provide various poultry requirement of
consumer. The services of the retailers located in various malls and public markets in
Nueva Ecija are tapped as means of distributing our product. In addition to the
assortment of products, we stress the quality and efficient service. We intend to cover
all towns of Nueva Ecija within five year through effective pricing and promotion.
Strategic objectives
- refers to specific performance targets that the entrepreneurship hopes to accomplish .
The objectives define, in specific terms, how the firm’s mission will be realized.
Example of strategic objectives
Expand the production capacity by 50% within two years
Increase sales by 50% by the year 2012;
Increase market share by 10% every two years; and
Increase the number of outlets by three within three years.
ADOPTION OF COURSE OF ACTION
- The entrepreneur must develop a strategy which is alternately of called COURSE OF
ACTION. A strategy is a carefully design plan for achieving the firm’s objectives. A.
strategy indicates how the entrepreneur will attempt to accomplish the goals within the
resources available.
Examples of strategies
Establish branches in strategic location;
Design a system that will attract persons with high potentials to work with the company;
Engage in the recruitment of retailer nearby provinces; and
Engage in building up the company’s image as a reliable supplier of quality poultry
products.
SWOT analysis
- Is an organized method of assessing a firm’ strengths and weaknesses and the
opportunities and threats in the external environment that confront or will confront the
firm.
STRENGTH
- Refers to a skill , a competence, a valuable organizational resource or competitive
capability, or an achievement that gives the firm a market advantage.
Weakness
- Refers to something a company lacks or does poorly ( compared with others) or
condition that puts it at a disadvantage. It must be noted , however, that depending on
the competitive situation, a weakness may or may not make a company vulnerable to
competition.
Opportunity
- refers to the chance offered by the external environment to improve the firm’s situation
significantly.
Threats
- refer to challenge posed by an unfavorable trend or development in the external
environmental that would lead to, in the absence of purposeful entrepreneurial action,
the erosion of the entrepreneurship’s position.
Forecasts of future sales performance
Short term – one year or less
Medium term – one to five years
Long term – over five years
Implementing strategic plans
Identifying the specific methods to be used;
Deploying the resources needed to implement the intended plans
Identifying specific methods
Identify strategic locations;
Determine the potentials of the identified strategic locations;
Set a timetable for installing the branches
MS POWERPOINT
PowerPoint 2003
- is the presentation graphics software in the Microsoft 2003 Office Suite. It allows you to
create dynamic presentations using its easy-to-use, predefined layouts and templates.
1. The PowerPoint Window
a. Title Bar - displays the document name followed by a program name.
b. Menu Bar - contains a list of options to manage and customize documents.
c. Standard Toolbar - contains shortcut buttons for the most popular commands.
d. Formatting Toolbar - contains buttons used for formatting.
e. Status Bar - displays slide position and the type of design in PowerPoint.
f. Drawing Toolbar - contains tools for drawing lines, shapes and objects.
g. Task Pane - allows you to select tasks in different categories and allows you to quickly
enhance your slides in a few steps.
h. Outline and Slides Tabbed Pane - allows the user to easily view the presentation in outline
format (text), as well as a list of all the slides in the presentation (with visuals).
i. Help - provides quick access to Help topics.
j. Outline and Slides Tabbed Panes - are located on the left side of the screen. Click on the
tabs to view an outline or a slide of your presentation. The tabs render differently based on
the size of the pane.
Web marketing is also known as internet marketing, e-marketing, online marketing, or digital
marketing.
This is the process of reaching out to existing and potential customers more efficiently and
cost-effectively through the net with the objective of persuading them to purchase the
product or services. It is growing at a dramatic pace in the hospitality industry and it is
significantly impacting business behaviors since it drives more revenue than traditional
marketing. The method and techniques for online marketing include email, social media,
display advertising, search engine optimization, Google AdWords, and more.
Difference between Traditional and Online Marketing
The goal of traditional marketing and online marketing are the same – to attract and drive
visitors of advertisement to buy the product thereby increasing the business profit.
- Traditional Marketing & Online Marketing
Benefits of Web Marketing
• Web marketing is measurable and easy to determine a return on investment
- One of the best benefits of web marketing is its ability to quantify results. Business
owners can set up URLs that are only present in the ads they place. That way they can
see exactly where the leads are being generated. The same goes for landing pages.
Being able to see what works and what doesn’t helps streamline marketing efforts and
save time and money.
• Web marketing is cost-effective
- using the internet to expand and engage with an audience is much less expensive, as
long as there is a place in advance that helps pinpoint the desired audience.
• Web marketing is focused
- few other advertising options allow companies to target the specific demographics of
their customer like web marketing. Setting a message to show up on websites where
prospects are likely to visit it, being visible to certain industries and geographic
locations, and even targeting the clients by age or education range in some cases are
some of the things web marketing can do.
• Web marketing is easy to adapt and edit
- Social media advertising, banner ads, or other online campaigns can be tweaked and
revised quickly. New pricing, additional products, and time-sensitive sales can all be
handled easily with web marketing initiatives.
The Marketing Mix
- When it comes to marketing models, the 4P marketing model is the most traditional,
business-oriented one. The 4P represents the product, price, promotion, and place. The
marketing mix is a classic tool to help plan what to deliver to customers and how.
Essentially, the 4P rule must be applied:
• Product
- it is developed by companies to produce according to the needs and desires of
customers defined by market research
• Price
- the company established a combination of pricing methods based on cost, competition,
and customers. Customer willingness to pay, estimated in consumer-based pricing, is
the largest contribution that the clients have regarding the price.
• Place
- Identify where to distribute the product, to make it readily available to customers
• Promotion
- companies must also communicate product information to the target audience through
various methods such as advertising, public relations, and sales promotions.
This concept has evolved to accommodate greater customer participation. The 4P are
gradually redefined as
4Cs. The 4C marketing model was first proposed by Bob Lauterborn in an article published in
Advertising Age in
1990. Lauterborn stated that the 4Ps were no longer relevant and did not help today’s
marketers address any real
issues. The 4C marketing model consists of consumer, cost, convenience, and communication.
The Marketing Mix
• Consumer
- the first 4C’s work on the logic that making a product or brand to cater to existing
customer needs is a superior approach to simply making a product or brand and then
identifying or manufacturing demand for them. This theory lends itself to a specific
order of planning and production. First, is to conduct market research (e.g. sector-
specific consumer surveys, or website data insights) to discover what the brand’s
existing or prospective audience wants or needs.
• Cost
- focus on cost to satisfaction will mean that there is more important information being
considered than just the purchase price. Cost does not include the price of the item, but
may also include things such as the time it takes for the consumer to get to the location
in order to buy the product or the cost of gas that it takes to get there. Many marketers
mistakenly believe that the main motivation for purchasing the product is the price.
• Convenience
- about ensuring the brand/product is available as conveniently as possible to each
customer’s personal/demographic in the target audience. This is primarily a matter of
understanding how a brand customer shops. If the target customer prefers to shop
online, the item should be available to order online with a flexible delivery option. Or, if
they prefer to try in-store they buy, that option should be available too. Customer
convenience can come at a high cost to businesses. In a world, there are too many
choices, the businessman must understand how the target market prefers to buy.
• Communication
- a traditional marketing mix uses promotion as a tool to put information about the
product in front of the customer. Promotion and its methods continue to evolve with
new avenues and means to reach the customer. Though these methods of promotion
remain effective, a niche marketing focus needs a bit more. Communication will work
towards creating a meaningful relationship with the customer with a focus on what they
need and what their lifestyle is. There is more of a give-and-take between buyer and
seller.
Through its focus on the customer, the 4C’s marketing mix is a step away from the traditional
mass marketing concept. In mass marketing, the company selling a product tends to view the
audience as just that – a large featureless mass – with no in-depth understanding of what the
customer truly wants from a product. The 4C’s divert action towards niche marketing instead,
where the conversation is often closer to one-to-one and there is more of an effort to
understand who the customer is and what their actual needs are.
In addition, the place element in the 4P model focuses on the traditional process of getting
your product into the hands of your buyer. On the contrary, the convenience segment in the
4C’s of the marketing framework focuses on the quality of the buying experience. This is
exceptionally important for the modern buyer.
E-actions in web Marketing
Web Marketing is a widely practiced strategy for advertising or promoting sales and the name
of the business. Wise use of online marketing strategies can take businesses to an
unprecedented level of success. A successful e-marketing strategy should comprise a set of
specific e-actions that help a business reach its planned objectives. These e-actions can be
grouped into the following seven main sections:
1. Search Engine Marketing (SEM):
- The large majority of Internet surfers use search engines to find information about
hotels or travel destinations online. This makes search engines one of the most effective
tools in driving targeted traffic to a hotel or destination’s website. In the hospitality
sector, hoteliers have two options with regard to SEM: Search engine optimization (SEO)
or sponsored search:
1.1Search Engine Optimization (SEO)
- SEO attempt to improve a website’s organic (i.e. non-sponsored) search ranking in
Search Engine Results Pages (SERPs) by increasing the relevance of the content to search
terms. The process of content optimization for search engines starts with the
identification of “Long neck” and “Long tail” keywords Long neck keywords are the
website’s theme-related keywords which are heavily searched by the target guests in
opposition to the long tail ones. Examples of long neck keywords might include for
instance, “find a price”, “book a room”, and “hotel location” while examples of long tail
keywords might include terms like” get warranty info”, “get e-newsletter”, “find a job”,
etc. The final aim is to make sure that the guests won’t get lost on the website and that
they quickly find what they came for in as less button clicks as possible.
1.2Sponsored Search
- Sponsored search corresponds to search ads that allow a hotel/chain to be included in
the sponsored results of a search for selected keywords. This action is generally
undertaken through a bidding process keyword. The Search Engines provide the
mechanism for the sponsored search process to occur. This process is continually
evolving and gaining complexity year after year.
2. Social Media Marketing
- Social media such as Facebook, Twitter, YouTube, etc. possess the advantage that they
can spread any information or update posted rapidly to a very wide audience.
3. Mobile Advertising
- Mobile advertising is growing rapidly since mobile devices have multiplied connectivity
speeds have improved and screen resolutions have advanced. For these reasons, the
online experience should be seamless across devices. An efficient action plan for
successful mobile advertising should include the following actions:
• Interface Design – adjustment of the web content for screen size so that users can
comfortably access content in an intuitive way on a smaller screen and benefit from all
functionalities on a mobile device (hotel search, bookings, payment, access to review, etc.)
4. Email Advertising
- Also known as email marketing, is considered a powerful e-marketing tool for hoteliers
since it creates direct revenue opportunities for past, present, and future guests.
However, as email and/or e- newsletter might be unsolicited, the sender should either
offer the recipient an opt-out option or get their prior consent (opt-in). in fact,
experience shows that permission-based email marketing is one of the most cost-
effective and efficient marketing tools available.
The benefits of email marketing:
• Creates a personalized interactive relationship
• Targets and entices recipients with relevant promotion
• Serves as a tool to move distressed inventory
• Recruit new customers and retain old ones
• Functions as a sales force since it reaches thousand in seconds
5. Display Advertising
- Display advertising conveys its advertising message visually using text, logos, animation,
videos, photographs, or other graphics.
The most common two display advertising techniques:
Web banner advertising (or banner ads): they are typically graphic ads displayed within
a web page. They use media to incorporate video, audio, animation, or other interactive
elements. These include frame ads, Pop-ups/pop-unders, floating ad, Expanding ad,
Trick banners, etc.
Text ads: a text ad displays text-based hyperlinks. Text-based ads may display separately
from the web page’s primary content or they can be embedded by hyperlinking
individual words or phrases to a hotel’s website
Online marketing is doubtless one of nowadays’s most powerful advertising methods. All
companies, notably in the Tourism and Hospitality Industry are fiercely competing to lead and
overwhelm the online space in order to shift market shares from the competition, increase
their online traffic and make more profits. International hotel chains are considerably reducing
their offline marketing budgets year after year for the benefit of online ones.
6. e-Reputation
- This is an emerging area in digital marketing. It involves the management of the online
reputation of a business, particularly on social media and on review sites. Currently,
customers often look up online opinions, ratings, and reviews of your business before
making a purchase. Negative comments reviews and publicity on the internet can easily
ruin your business. That’s why every business needs an e-reputation strategy. A good e-
reputation marketing strategy is multi-disciplinary and often requires input from digital
marketing and public image consultants. When done in the right way. It can lead to the
establishment of a loyal customer base.
7. User Experience
- Most of these digital marketing strategies involve drawing visitors to your business
website. However, it is the experience they get on your website, that is user experience,
that determines whether or not a visitor will make a purchase, or even visit your site
again. Studies have shown that a bad user experience will decrease the likelihood of a
customer making a purchase by 60 %. On the other hand, customers who get a good
user experience are 90% more like revisiting the site and make another purchase. That’s
how important the user experience is. Good user experience is determined by several
factors. For starters, your web design and layout should be captivating and easy to use.
At the same time, the platform should work well on computers as well as mobile devices
and tablets. All these tasks are handled by digital marketing agencies. In conclusion,
digital marketing is the future of marketing and more specifically in the hospitality
industry. Customers turn to the internet to find services such as hotels, restaurants,
spas, and other recreational services. With a good digital marketing strategy, you can
easily reach all these potential customers, and establish a loyal customer base for your
business.
CHAPTER 7. Point of Sale SYSTEM