Notes, summaries, assignments, exams, and problems for Vocational training

Participants in the Tourism Industry

• Visitors: Individuals with motivations for travel.
• The Destination: The host community.
• Government: Plays a crucial role in tourism development and promotion.
• Local People: View tourism as a factor for cultural exchange and employment.
• Travel Trade Intermediaries and Suppliers: Businesses providing tourist goods and services.
  • Travel Agents: Organize personal travel and accommodation for travelers. They offer services like hotels, cruise lines, railways, and package tour operators.
  • Wholesale Tour Operators: Develop and market package tours, often through travel agencies.
  • Tour Guides and Couriers: Travel with tourists and work to ensure travelers' needs are met.
  • Hotel Booking Agencies.
  • Destination Management Company

Idioms

Get away from it all

somewhere peaceful

Off the beaten track

go where other tourists don't

Up close and personal

experiencing something from very near

In the blink of an eye

very quickly

A drop in the ocean

a small amount compared to what is needed

Goes through the roof

rises to a very high level

Go up in smoke

spoiled or wasted (destroyed by fire)

The tide is turning

reversing events

As right as rain

fresco como una rosa

Feeling under the weather

no sentirse bien físicamente

Sleep like a log

dormir como un tronco

Feeling down in the dumps

estar de bajón

As fit as a fiddle

estar como un roble

Out of the blue

suddenly, unexpected

Have blood on their hands

responsible for someone's death

Bitter pill to swallow

an unpleasant fact that has to be accepted

Handed to me

The Treaty of Versailles and Paris Peace Settlement

The Paris Peace Conference (January 1919)

The victorious countries of World War I met at the Paris Peace Conference to decide on the peace conditions that would be imposed on the defeated nations.

• Woodrow Wilson proposed a peace agreement, known as the Fourteen Points, which included the creation of a League of Nations.
• Allied countries initially rejected Wilson's proposal, insisting that Germany must pay for the damages caused by the war.
• After negotiations, the Allies agreed upon the Paris Peace Settlement (comprising five treaties).

Terms Imposed on Germany

The Treaty of Versailles established particularly severe terms for Germany, including:

• Military Restrictions: Prohibition of heavy artillery,

Acid Rain

The fuels used for locomotion and electricity generation emit sulfur and nitrogen oxides. These chemicals react with water in the clouds and produce acids.

Consequences:

• The soil and the water of lakes and rivers acidify.
• Trees and aquatic organisms become ill and can die.
• The acids attack and dissolve limestone.

Solutions:

• Decrease the consumption of fossil fuels.
• Eliminate the sulfur before using the fuel.
• Eliminate oxides before releasing them into the atmosphere.

Greenhouse Effect

The problem appears when the presence of carbon dioxide, methane, and water vapor in the atmosphere is larger than normal. The abuse of fossil fuels is the source of carbon dioxide. Farts and escapes from underwater methane are the main sources.

Global Warming:

An... Continue reading "Environmental Problems and Solutions" »

Macbeth: Prophecies and Destiny

Macbeth presents the witches' prophecies as seemingly inevitable truths, yet they also function as catalysts for Macbeth's ambition. These prophecies manipulate Macbeth, ultimately placing his destiny in his own hands.

He believes in the prophecies but remains uncertain whether they will come to pass without his intervention. The witches never detail *how* he will become king. When Duncan names his son Malcolm as the heir to the throne, Macbeth makes a crucial decision that shapes his fate:

"All hail Macbeth, that shalt be King hereafter!"

"The Prince of Cumberland! That is a step. On which I must fall down, or else o'erleap." - Macbeth expresses his jealousy at not being named heir.

"Be bloody, bold, and resolute;... Continue reading "Macbeth and Paulina: Destinies Intertwined" »

Phys Evidence - Serv Envirom

(Important element of service mark mix) Service environment relates to style and appearance of physical surroundings and other elements by custom designing. Service environment is an art, involves time, effort, and can be expensive.

Purpose of Service Environment: Shape customer's experience and behavior, signal quality and position, differentiate and strengthen brand, core component of value position, facilitate service encounter.

Servicescape Model

Model developed by MaryJo Bitner. An important contribution of Bitner's is the inclusion of employee responses to service environment. Internal customer and employee responses can be cognitive, emotional, or physiological responses. Dimensions of service environment include... Continue reading "The Importance of Service Environment in Shaping Customer Experience" »

MNE and Div

Div-

Universal inclusion encompasses any individual characteristic that affects an employee's performance in the workplace. It tries to redress the imbalance of power and addresses discriminatory practices in MNE to meet employee needs.

Equality and Div-

Equality (dimensions along which equality might be measured are culturally and contextually specific/core values of equality are fraught with difficulties/different kinds of equality/creation-opportunity-treatment-result).

Meritocracy

Equal moral and political worth of all persons. Young argued Merit principle asserts that division of labor must be questioned, no privileges. Neutrality with respect to race & gender/gender-blind/HRM decisions not influenced by race or gender/Affirmative... Continue reading "Maximizing Diversity and Inclusion in Multinational Enterprises" »

Performance Appraisal Systems

Many companies establish methods to improve employee performance and correct errors. Performance appraisal systems are well-established in organizations. Information gathered by these systems is used to decide wage adjustments, promotions, and training. Managing and evaluating performance remains a challenge for most managers. Performance management is the process of linking individual or group performance with the main strategic mission and values.

Objectives of Performance Management Systems

• Motivate Performance: Employee motivation and performance are key factors for business success. Owners and managers strive for good performance.
• Aid Continuous Improvement: Performance management systems help identify areas for

Stock Valuation and WACC Examples

Problem 1: Constant Dividend Growth

Thomas Brothers is expected to pay a $0.35 per share dividend at the end of the year (D1 = $0.35). The dividend is expected to grow at a constant rate of 6% a year. The required rate of return is 13%. What is the stock’s current price?

P0 = D1 / (r – g) = 0.35 / (0.13 - 0.06) = $5.00

Problem 2: Current Stock Price with Constant Growth

A stock just paid a dividend of D0 = $1.50. The required rate of return is r = 10%, and the constant growth rate is g = 4.0%. What is the current stock price?

P0 = D0(1+g) / (r – g) = 1.50(1 + 0.04) / (0.10 - 0.04) = $26.00

Problem 3: Expected Stock Price in One Year

Using your answer for problem 2, what is the expected stock price in one year... Continue reading "Calculating Stock Prices and Weighted Average Cost of Capital (WACC)" »

After-Sales Service

It is the set of mechanisms and tasks that the organization uses after the sale is done in order to obtain total customer satisfaction. It is an important source of information and should be considered as an investment. It is easier to sell new products to a satisfied customer than finding new customers.

Advantages:

• It provides greater customer satisfaction.
• It improves the image of the company.
• It improves direct knowledge of the market.
• It involves potential customer loyalty.
• It implies a likely increase in sales.

Disadvantages:

• It involves certain costs.
• It needs to be controlled.
• It can cause a possible increase in the number of claims.
• It implies a greater demand for service and quality.
• It causes more staffing needs.

Types of After-