Enterprise Entrepreneurship
Innovation Opportunity
Risk Competitive Advantage
Marketing Financial Management

 

The process of identifying and starting a new business venture to create value and generate a profit in the tourism industry. The act of starting and running a tourism-related business, involving risk and initiative.
A favorable set of circumstances that creates a need for a tourism product or service. The introduction of new ideas, methods, or products to the tourism industry that create value for customers.
An attribute that allows a tourism business to outperform its competitors, such as lower costs, superior quality, or better customer service. The chance of loss or failure associated with starting and running a tourism-related business.
The practice of managing the monetary resources of a tourism business, including budgeting, forecasting, and cash flow analysis. The process of creating, promoting, and selling tourism products or services to a target market.

 

Human Resource Management Customer Service
Tourism Product Sustainability
Sole proprietorship Partnership
LLC (Limited Liability Company) Corporation

 

The provision of assistance, information, and support to customers before, during, and after their tourism experience. The process of managing the workforce of a tourism business, including recruitment, training, and performance evaluation.
The practice of meeting the needs of present tourists without compromising the ability of future generations to meet their own needs. The combination of services, experiences, and amenities that are offered to tourists in a particular destination.
A form of enterprise in which two or more individuals own and operate the business together. A form of enterprise where an individual owns and operates the business on their own.
A form of enterprise in which the business is legally separate from its owners, providing limited liability. A form of enterprise where the business is owned by members, providing liability protection for the owners.

 

Franchise Cooperative
Social enterprise Tour operator
Travel agency Destination management company
Community-based tourism enterprise Ecotourism enterprise

 

A form of enterprise in which members work together to provide a service or produce a product, sharing in the profits and decision-making. A form of enterprise in which an individual or group purchases the right to use an established business model and brand name.
A form of enterprise that plans and arranges tours, providing transportation, accommodation, and other services for travelers. A form of enterprise that prioritizes social or environmental goals over profit, reinvesting any profits into the business or community.
A form of enterprise that specializes in managing the tourism experience at a particular destination, providing services for visitors and working with local businesses and organizations. A form of enterprise that helps travelers plan and book trips, providing information and arranging transportation, accommodation, and other services.
A form of enterprise that focuses on providing sustainable tourism experiences that minimize negative impacts on the environment and promote conservation and preservation. A form of enterprise that is owned and operated by members of a local community, providing sustainable tourism experiences that benefit the community.

 

Enterprise Tourism Industry
Role Impact
Significance Analysis
Evaluation Goods

 

A sector of the economy that includes all activity related to tourism, such as accommodation, transportation, food and beverage, entertainment, recreation, attractions, and travel services. A business or company, typically one involved in providing goods or services which contributes to the tourism industry.
The effect that enterprise has on the tourism industry—either positive or negative. The function or purpose of enterprise within the tourism industry.
The process of examining the impact of enterprise on the tourism industry in a systematic way using data and other evidence-based methods. The importance or value of enterprise to the NCFE LEVEL 2 CERTIFICATE IN TRAVEL AND TOURISM course.
Physical products produced and sold by enterprise that add value to the tourism industry. The process of making a judgement about the value or worth of enterprise to the NCFE LEVEL 2 CERTIFICATE IN TRAVEL AND TOURISM course.

 

Services Recreation
Attractions Travel Services
Business Plan Key Elements
Purpose Basic Business Plan

 

Activities pursued for enjoyment and leisure, such as sightseeing, sports, or cultural experiences, which create demand for enterprise in the tourism industry. Intangible offerings provided by enterprise, such as accommodations, tours, or transportation.
Services provided to tourists to facilitate the journey to and from their destination, such as transportation or travel agencies, which contribute to the activity of enterprise in tourism. Places or experiences that draw visitors to a particular destination, such as theme parks, museums, or festivals, which are a key component of tourism enterprise.
The main components, such as executive summary, company description, market analysis, and financial projections, that make up a business plan. A document that outlines the goals, strategies, and expected financial performance of a business.
A simplified version of a business plan that includes the most essential elements, such as market research, sales forecast, expenses, and budget. The reason why a business plan is created, which is usually to secure funding, attract investors or partners, or guide the operations of the business.

 

Importance Travel and Tourism businesses
Executive Summary Company Description
Market Analysis Sales Forecast
Expenses Budget

 

Businesses in the industry that provide products and services related to travel, hospitality, recreation, and tourism. The significance of having a well-developed business plan, which helps businesses stay focused, make informed decisions, and communicate their vision to stakeholders.
The second section of a business plan that provides detailed information about the history, ownership, legal structure, and management team of the business. The first section of a business plan that provides an overview of the business, its mission, products or services, target market, and financial goals.
The fourth section of a business plan that projects the sales revenue of the business based on the market demand, pricing strategy, and sales channels. The third section of a business plan that analyzes the target market, competition, industry trends, and consumer behavior to identify opportunities and risks.
The sixth section of a business plan that summarizes the projected revenues and expenses of the business and allocates the available resources accordingly. The fifth section of a business plan that lists the operating expenses, such as salaries, rent, utilities, marketing, and supplies, required to run the business.

 

Market trends Research
Analysis Travel and tourism industry
Data Business decisions
Importance Identification

 

The systematic and scientific investigation and study of a particular subject with the aim of expanding knowledge and understanding. The upward and downward movements of a market, indicating the performance and behavior of individual businesses and the industry as a whole.
The sector encompassing all businesses and services related to travel, leisure, and tourism. The process of examining data to extract useful information and insights.
Choices made by a business based on analysis, research, and evaluation in order to achieve goals and objectives. Facts and figures collected and analyzed for reference and analysis.
The process of recognizing and classifying key market trends to understand the behavior and performance of the industry. The value or significance of researching and analyzing market trends in the travel and tourism industry to achieve success and growth.

 

Skills Behavior
Performance Systematic
Marketing Sales Strategy
NCFE Level 2 Certificate Travel and Tourism

 

The actions and reactions of businesses, individuals, and organizations that affect the market trends in the travel and tourism industry. The abilities, expertise, and competencies needed to research and analyze market trends effectively.
Following a methodical and organized approach in researching and analyzing market trends to ensure accuracy and completeness. The level of achievement, progress, and results attained by businesses and the industry as a whole.
A planned approach to selling a product or service that involves identifying target customers, developing a unique selling proposition, and creating a sales plan. The process of promoting a product or service to potential customers through advertising, sales, and other forms of promotion.
The industry of providing services to travelers, including hospitality, transportation, and entertainment. A certification awarded to individuals who have completed a NCFE Level 2 Certificate in Travel and Tourism course.

 

Marketing Plan Sales Plan
Target Customers Unique Selling Proposition
Advertising Promotion
Hospitality Transportation

 

A document that outlines an organization's approach to selling its products or services, including sales objectives, target customers, and sales strategies. A document that outlines an organization's overall marketing strategy and tactics for achieving its marketing goals.
A specific feature or benefit of a product or service that differentiates it from competitors and makes it more appealing to target customers. The specific group of customers that a product or service is designed for, based on factors such as demographics, interests, and purchasing habits.
Any activity that communicates the qualities, features, and benefits of a product or service to potential customers, with the goal of generating sales. The practice of promoting a product or service through various media, such as print, television, and online channels.
The industry of providing services related to moving people or goods from one place to another, including air, land, and sea transportation. The industry of providing services related to accommodation, food, and drink to travelers and tourists.

 

Financial projections Budgets
Travel and tourism industry Create financial projections
Analyze financial projections Factors affecting financial projections
Accounting for factors affecting financial projections Business forecasting

 

A financial plan for a business that outlines expected expenses and revenues during a specific period of time. Forecasting of future financial performance and outcomes based on historical data and analysis.
Using historical data, analytical methods, and industry knowledge to project future financial performance. The industry that provides products and services to people who are traveling for business or pleasure.
Various internal and external factors that can impact the accuracy of financial projections, such as market conditions, economic factors, and industry trends. Examining projected financial outcomes to identify potential strengths, weaknesses, opportunities, and threats.
The process of predicting the future financial performance of a business based on past performance and expected market and economic trends. Adjusting financial projections to account for known or anticipated factors that may impact the accuracy of those projections.

 

Scenario planning Budget forecasting
Cash flow statement Break-even analysis
Planning Organizing
Leading Controlling

 

The process of predicting future expenses and revenues for a business based on past data and expected trends. A technique used to create a range of possible outcomes based on different assumptions about market conditions, economic factors, and industry trends.
A financial analysis technique used to determine the point at which a business will break even or make a profit. A financial statement that shows the amount and timing of cash inflows and outflows for a business over a specific period of time.
The process of arranging resources, personnel and activities required to achieve the goals and objectives of a travel and tourism business. The process of setting goals, objectives and determining the most efficient ways of achieving them in order to achieve success in the travel and tourism industry.
The process of monitoring, evaluating and regulating the performance of a travel and tourism business to ensure that goals and objectives are met. The process of directing and motivating employees to achieve the objectives and goals set by the travel and tourism business.

 

Planning in the Travel and Tourism Industry Organizing in the Travel and Tourism Industry
Leading in the Travel and Tourism Industry Controlling in the Travel and Tourism Industry
Importance of Planning in the Travel and Tourism Industry Importance of Organizing in the Travel and Tourism Industry
Importance of Leading in the Travel and Tourism Industry Importance of Controlling in the Travel and Tourism Industry

 

The process of arranging staff, facilities and equipment within a travel and tourism business to achieve the goals and objectives of the business while maintaining customer satisfaction. The process of developing strategies to meet the changing needs and wants of customers while generating profit in the travel and tourism industry.
The process of monitoring and maintaining standards of service, productivity and profitability, through effective policies, procedures and controls, within a travel and tourism business. The process of guiding, motivating and influencing employees within a travel and tourism business to achieve the goals and objectives of the business while maintaining customer satisfaction.
Organizing is important in the travel and tourism industry because it helps businesses to efficiently and effectively use their resources such as staff, equipment and facilities to meet the changing needs of their customers while maintaining quality service. Planning is important in the travel and tourism industry because it helps businesses to be prepared for changes in the market and to anticipate customer needs. A well-developed plan can attract new customers and retain existing ones, while increasing profitability and maintaining a competitive edge.
Controlling is important in the travel and tourism industry because it enables businesses to monitor their performance to ensure that goals and objectives are being met, while also identifying areas that need improvement. Good control systems help businesses to maintain quality service, efficiency and profitability. Leading is important in the travel and tourism industry because it allows businesses to create a positive and motivating environment for their employees, which results in increased job satisfaction and productivity, leading to higher levels of customer satisfaction and profitability.

 

Sustainable business model Travel and tourism industry
Benefits Challenges
Key factors Environmental impact
Social responsibility Profitable growth

 

A sector of the economy that includes businesses that provide services for people who are traveling for business or leisure. A business model designed to maximize profitable growth while balancing social and environmental considerations.
The obstacles that may arise when developing a sustainable business model in the travel and tourism industry, such as the complexity of the supply chain and balancing different stakeholders' needs. The advantages that come with developing a sustainable business model, such as increased customer loyalty and reduced costs.
The effect that a travel and tourism business has on the environment, including issues such as greenhouse gas emissions, energy efficiency, and waste management. The important elements that should be considered when developing a sustainable business model in the travel and tourism industry, such as environmental impact and social responsibility.
The ability of a travel and tourism business to achieve financial success and sustainability over the long term. The obligation of a travel and tourism business to act in the best interests of society, including issues such as diversity and inclusion, ethical sourcing, and community involvement.

 

Customer loyalty Supply chain
Stakeholders Application
Effective staff and resource management Key performance indicators
Scheduling techniques Motivation strategies

 

The network of businesses, individuals, and organizations involved in producing and delivering a travel and tourism business's products or services. The willingness of customers to continue using a travel and tourism business's products or services over time.
The process of using the knowledge gained about sustainable business models to create a plan for implementing such a model in a travel and tourism business. Individuals or groups who have an interest or stake in a travel and tourism business's activities, including customers, employees, suppliers, and local communities.
Quantifiable measures used to evaluate the success and efficiency of staff and resources in the travel and tourism industry. The ability to efficiently and successfully manage staff and resources to achieve business goals in the travel and tourism industry.
Techniques used to motivate staff to achieve business goals in the travel and tourism industry. Methods used for managing staff schedules to ensure efficient use of time and resources in the travel and tourism industry.

 

Resource allocation Leadership skills
Service standards Customer service training
Problem-solving techniques Performance evaluation
Risk management Communication skills

 

The ability to effectively lead staff and manage resources to achieve business goals in the travel and tourism industry. The process of distributing resources effectively to ensure successful business operation in the travel and tourism industry.
Training provided to staff to ensure they have the necessary skills to provide excellent customer service in the travel and tourism industry. The expected level of service quality provided to customers in the travel and tourism industry.
The process of measuring and evaluating the performance of staff and resources in the travel and tourism industry. Methods used to efficiently and effectively resolve common challenges in staff and resource management in the travel and tourism industry.
The ability to effectively communicate with staff, customers, and stakeholders in the travel and tourism industry. The process of identifying and managing potential risks to staff and resources in the travel and tourism industry.

 

Legal Requirements Regulatory Requirements
Tourism Enterprises Compliance
Importance Penalties
Legal Actions Impact

 

The requirements imposed by regulatory agencies that oversee tourism enterprises, such as licenses, permits, inspections, and reporting. The laws, regulations, and rules that tourism enterprises need to comply with in order to operate legally and avoid penalties or legal actions.
The act of following legal and regulatory requirements. Businesses involved in tourism activities, such as hotels, airlines, tour operators, restaurants, and attractions.
Fines, charges, forfeitures, or other punishments imposed by authorities for violating legal or regulatory requirements. The significance of complying with legal and regulatory requirements, such as protecting customers, employees, and the environment, as well as maintaining business reputation and competitiveness.
The effects of non-compliance with legal and regulatory requirements, such as financial losses, reputational damage, legal liabilities, and safety hazards. Lawsuits, enforcements, or other legal proceedings initiated by authorities or affected parties against tourism enterprises that fail to comply with legal or regulatory requirements, seeking damages, injunctions, or other remedies.

 

Non-Compliance Tourism Activities
Regulatory Agencies Inspections
Target audience Marketing
Advertising Campaign

 

The services and products that tourism enterprises provide to tourists or travelers, such as accommodation, transportation, activities, and attractions. The act of failing to follow legal and regulatory requirements, either intentionally or unintentionally.
The process of examining tourism enterprises by regulatory agencies to ensure compliance with legal and regulatory requirements, such as health and safety, quality standards, and environmental protection. Authorities responsible for regulating and overseeing tourism enterprises, such as national or local governments, industry associations, or independent organizations.
The process of creating, promoting, and delivering a product or service to a target market. The specific group of people at whom a company's products and services are aimed at.
A coordinated series of activities aimed at promoting a product or service. A means of promoting a product or service to potential customers through media channels like print, radio, television or social media.

 

Marketing mix Marketing strategy
Promotion Brand
Market research SWOT analysis
Segmentation Call to action

 

A plan for achieving a company's marketing objectives using marketing mix elements and other activities. A combination of elements including product, price, promotion, and place used in marketing a product or service.
A name, term, design, symbol, or other feature that distinguishes a product or service from others in the market. The marketing activities used to persuade customers to buy or use a product or service.
A tool used for analyzing a company's strengths, weaknesses, opportunities, and threats. The process of gathering and analyzing data about a market, including customer needs, attitudes, and behaviors.
A message that encourages customers to take a specific action, like contacting the company or making a purchase. The process of dividing a market into smaller groups with similar needs or characteristics.

 

Social media Digital marketing
Travel and tourism industry Target audience
Social media platforms Content
Engagement Benefits

 

The promotion of products or services using digital technologies, such as the internet and social media. Online platforms that allow users to create and share content and engage with others.
The specific group of people that a product or service is aimed at. The sector of the economy that includes businesses and organizations involved in providing goods and services related to travel and tourism.
The information, images, or other material that is posted or shared on social media platforms. Websites or applications that allow users to create and share content or participate in social networking.
The advantages or positive aspects of using social media and digital marketing in the travel and tourism industry, such as increased reach and engagement with customers. The interaction between users and content on social media platforms, such as likes, comments, and shares.

 

Challenges Marketing plan
Tactics Metrics
Evaluating Importance
Methods Critically analyze

 

A strategic document that outlines the goals, target audience, tactics, and metrics for a social media and digital marketing campaign. The obstacles or negative aspects of using social media and digital marketing in the travel and tourism industry, such as managing online reputation and staying up-to-date with changing technology.
The data and measurements that will be used to evaluate the success of a social media and digital marketing campaign, such as reach, engagement, and conversion rates. The specific actions or activities that will be used to achieve the goals of a social media and digital marketing campaign, such as content creation and paid advertising.
The value or significance placed on evaluating marketing and promotion strategies to understand their effectiveness in achieving business objectives. The process of assessing or measuring the effectiveness of marketing and promotion strategies.
To carefully examine and assess the effectiveness of marketing and promotion strategies by looking at their strengths and weaknesses in meeting specific goals. The procedures or techniques used to evaluate the effectiveness of marketing and promotion strategies such as surveys, focus groups, and data analysis.

 

Effectiveness Recommendations
Marketing Promotion
Strategy NCFE
Certificate Travel and Tourism

 

Suggestions or proposals made to improve the effectiveness of marketing and promotion strategies based on the results of an evaluation. The measure of how well a marketing and promotion strategy achieves its intended objectives in terms of raising awareness, increasing sales, or building customer loyalty.
The marketing communication activities that are used to inform, persuade, or remind target audiences about a specific product, service, or brand. The process of creating, communicating, delivering, and exchanging offerings that have value for customers and benefit the organization.
An awarding body that designs, develops, and certifies recognized qualifications and awards for a range of sectors, including travel and tourism. A plan or course of action designed to achieve a particular goal or objective.
A sector that includes a wide range of activities related to travel, leisure, and hospitality, such as transportation, accommodations, attractions, and destination marketing. A document that verifies that an individual has successfully completed a specific course of study or training.

 

Marketing Branding
Target audience Market research
Segmentation Positioning
Branding strategy Advertising

 

The process of creating a unique image and identity for a travel and tourism business through logos, advertising, and other marketing strategies. The process of identifying, anticipating, and satisfying customer needs and wants through promoting, distributing, and pricing products or services in the travel and tourism industry.
The process of gathering and analyzing information about the travel and tourism industry to identify opportunities and challenges. The specific group of people that a travel and tourism business is trying to attract and market to.
The process of creating a unique place and image for a travel and tourism business in the minds of consumers. The process of dividing the travel and tourism market into smaller groups based on their needs, interests, or other characteristics.
The process of promoting a travel and tourism business through paid messages and media channels. The plan and approach for developing and managing a travel and tourism business's brand image and identity.

 

Public relations Social media marketing
Customer experience Customer loyalty

 

The process of promoting a travel and tourism business through social media channels to engage with customers and attract new ones. The process of managing a travel and tourism business's image and reputation through communication with the public and media channels.
The degree to which customers are committed and loyal to a travel and tourism business based on their positive experiences and satisfaction. The overall impression and satisfaction that customers have with a travel and tourism business based on their interactions and experiences.