Unit 1 The Industry & Business of Hospitality
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| professional association | is a group of people organized to improve themselves, their profession, and their industry. Also called professional organizations. Examples include the National restaurant association and the hotel and lodging association.
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| sole proprietorship | is the form of business ownership in which only one person owns a business
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| partnership | is a form of business ownership in which two or more people own the business
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| stockholders | are the people who own stock in a corporation and earn income from the profits earned by the corporation paid in dividends
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| corporation | is a legal entity established for the purpose of doing business and run by a hired CEO or manager. A board of directors hires the CEO to manage the business in the interests of stockholders.
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| chain | is a business that has more than one establishment under the same name and the same ownership
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| franchise | the right to do business using the brand and products of another business.
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| functions of management | consists of planning, organizing, staffing, controlling, and leading
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| planning | consists of setting goals and developing methods(steps) for meeting those goals
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| plan | a record of the goals and methods (steps) planned to achieve them
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| operations | the day to day planning or running of a business
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| organizing | consists of determining what needs to be done, dividing the work into tasks that need to be done and assigning to those responsible along with gathering supplies needed to complete the tasks.
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| staffing | consists of all of the activities involved in hiring and keeping workers
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| delegate | give authority or responsiblity to another person
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| organizational chart | shows how the tasks of the business are organized and who performs these tasks
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| leading | influencing people to accomplish the goals of the business
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| controlling | making sure that the business accomplishes what it sets out to do and making changes in order to better meet those goals . Might involve setting a timeline or budget for an event.
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