Competitive Clusters - Definitions

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CLUSTERS DEFINED business management + administration The process or activities associated with running a company, such as controlling, leading, monitoring, organizing and planning.

communications + technology Communication is when information is passed from a sender to a recipient using a medium. Technology is information on anything humankind makes for their benefit out of resources available, in order to make tasks simpler to perform.

entrepreneurship The assumption of risk and responsibility in designing and implementing a business strategy or starting a business.

finance + accounting Finance is a study which figures out how people, businesses and groups make and use money. Accounting is the systematic way of recording, reporting, and analysis of financial transactions.

hospitality + tourism Hospitality is the practice of friendliness in welcoming and treating guests or strangers. Tourism is the business or industry of providing information, accommodations, transportation, and other services to tourists.

marketing + sales Marketing is communicating the value of a product or service to customers, for the purpose of selling that product or service. Sales are the exchange of a commodity for money or service in return for money or the action of selling something. Page 1 of 2


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