Travel and Tourism unit 7 Questions and Answers Graded A+
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TAP Travel
Institution
TAP Travel
Travel and Tourism unit 7 Questions and Answers Graded A+
Private limited company
Has limited liability and sells shares to family and friends privately
Public Limited Company
Has limited liability and sells shares openly on the stock market
Franchise
A business that lets people b...
travel and tourism unit 7 questions and answers gr
private limited company has limited liability and
franchise a business that lets people buy an outle
micro enterprise the smallest type of business w
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Travel and Tourism unit 7 Questions and
Answers Graded A+
Private limited company - answer Has limited liability and sells shares to family and
friends privately
Public Limited Company - answer Has limited liability and sells shares openly on the
stock market
Franchise - answer A business that lets people buy an outlet run under their business
name and brand
Sole trader - answer A business owned by one person which has unlimited liability for
any debts
Partnership - answer A business with 2-20 owners and unlimited liability for debts
Cooperative - answer A business owned and run by its members. Every member gets a
say in the decision-making process
Consultancy - answer an organization that provides expert advice to other organizations
Micro-enterprise - answer the smallest type of business which employs up to 10 people.
For example, a small independent travel agency
Small and medium enterprises (SMEs) - answer These businesses may be local,
national or international. They are the most common type of business and employ
between 10 and 250 people
Multi-national company (MNC) - answer A company that operates in more than one
country. For example, Virgin Atlantic and Holiday Inn
National Company - answer A company which operates across one country. For
example, National Trust.
Regional Companies - answer A company which operates within a specific area of a
country. For example, a train company or a tourist board
Local companies - answer These operate on a local level. They may have several
outlets in a local area or just one. An example would be a bed and breakfast or a local
coach company
, Hierarchy - answer A staff structure which is expressed as a pyramid with senior staff at
the top and junior staff at the bottom
Steep hierarchy - answerA structure with many layers of management. Senior
management has a lot of control and roles are clearly defined at each level
Flat hierarchy - answerA structure with a few layers of management. It is hard for senior
managers to control every element of the business. Communication is rapid.
Matrix structure - answerIn this type of structure, individuals work across teams or
projects, as well as in their own departments
Tangible - answerA product with a physical presence. E.g. hotel accommodation,
meals. Tickets
Intangible - answerA service which you experience but cannot touch e.g. service at an
airport or travel agency
Product development - answerDepartment responsible for developing existing products
and creating new products
Customer service - answerDepartment which deals with responding to customer
requirements
Human resources - answerDepartment responsible for recruiting and training staff
IT systems - answerDepartment which deals with creating booking management and
administration systems
Finance and accounting - answerDepartment which manages the financial recording
and systems
Advertising and promotion - answerUsing marketing agencies to develop marketing
strategies and create promotional materials
Market research - answerCollecting information about customer needs in order to create
products and services to meet those needs
Consultancy services - answerA person employed on a short-term contract to work on a
specific project
Online services - answerDeveloping websites and mobile applications
Employment rates - answerIf this is high then more holidays will be taken. If this is low
then people will cut back on taking holidays
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