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Marketing Principles -- Ch 3
Dev Intro Marketing Ch 3
44
Marketing
09/30/2013

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Term
The major challenge facing today's hospitality companies is knowing how to build and maintain healthy businesses in the face of a rapidly changing ________ and __________
Definition
marketplace, environment
Term
Today businesses increasingly recognize that they must nurture other stakeholders, including _________, ___________, ___________, and the __________ where their businesses are located
Definition
customers, employees, suppliers, communities
Term
There is always a ___________ loop between satisfied customers and satisfied employees
Definition
synergistic
Term
They [Companies} are now building __________ teams that manage core business processes.
Definition
cross-functional
Term
The result was a radically different approach to hotel accounting called ______ segment accounting. This new approach incorporated marketing and strategic planning into accounting rather than viewing them as separate stand-alone areas and philosophies.
Definition
market
Term
To carry out processes, a company needs such resources as __________, __________, ____________, and __________.
Definition
personnel, materials, machines, information
Term
More companies today have decided to _________ less critical sources
Definition
outsource
Term
The organizational side of a company consists of its __________, ___________, and __________, all of which tend to become dysfunctional in a rapidly changing company.
Definition
structure, policies, culture
Term
Although structure and policies can be changed, the __________ is the hardest to change.
Definition
company or culture
Term
At the corporate level, the company starts the strategic planning process by defining its overall ________ and _________.
Definition
purpose, mission
Term
This is the focus of _________ planning, the process of developing and maintaining a strategic fit between the organization's goals and capabilities and its changing marketing opportunities
Definition
strategic
Term
The hospitality industry faces the need for greater __________ of employees, particularly at middle-management levels
Definition
empowerment
Term
The hospitality and tourism industries are international and multicultural. ___________ and _________ sometimes create sharp differences in management style and in the perceived importance of strategic planning, empowerment, and other concepts discussed in this chapter.
Definition
attitudes, culture
Term
A ______ statement is a statement of the organization's purpose -- what it wants to accomplish in the larger environment
Definition
mission
Term
Missions are at their best when they are guided by a ________, an almost impossible dream.
Definition
vision
Term
The corporate mission statement should stress major _____ that the company wants to honor.
Definition
policies
Term
Each _________ should have objectives and be responsible for reaching them
Definition
manager
Term
Each _________ should have objectives and be responsible for reaching them
Definition
manager
Term
Companies are in the "hotel business" or the "cruise line business." However, market definitions of a business are ______ to product definitions.
Definition
superior
Term
Marketing must ________, __________, and _________ opportunities and lay down strategies for capturing them.
Definition
identify, evaluate, select
Term
The product-market expansion grid is useful in helping managers visualize and identify market opportunities
1. market penetration (existing markets, existing products)
2. Market development (new markets, existing products)
3. product development (existing markets, new products)
4. Diversification (new markets, new products)
Definition
Term
First, the company should seek new products that have _________ or __________ synergies with existing product lines, even though the products may appeal to a new class of customers (concentric diversification strategy).
Definition
technological, marketing
Term
Diversification opportunities sometimes arise as a result of new _____________
Definition
technology
Term
Companies that diversify too broadly into unfamiliar products or industries can lose their market _______
Definition
focus
Term
A hotel company could select _________ integration by acquiring one of its suppliers, such as a food distributor, or it could acquire tour wholesalers or travel agents (_______ integration).
Definition
backward, forward
Term
Finally, the hotel company might acquire one or more competitors, provided that the government does not bar the move (____________ integration).
Definition
horizontal
Term
Integrative growth offers opportunities in related businesses, but a company must have or acquire the _______ to succeed in the new business.
Definition
expertise
Term
The goal is to create ______ for customers and build profitable customer relationships
Definition
value
Term
Guided by marketing strategy, the company designs an integrated marketing mix made up of factors under its control--_________, ___________, ___________, and ____________ (the four Ps).
Definition
product, place, price, promotion
Term
They must win customers from competitiors and then keep and grow them by delivering greater value. But before it can satisfy consumers, a company must first understand their __________ and _________.
Definition
needs, wants
Term
The process of dividing a market into distinct groups of _______ who have different needs, characteristics, or behavior who might require separate products or marketing programs is called market ______________.
Definition
buyers, segmentation
Term
Market ___________ involves evaluating each market segment's attractiveness and selecting one or more segments to enter.
Definition
targeting
Term
A product's ____________ is the place the product occupies, relative to competitors' products, in consumers' minds.
Definition
position
Term
Thus effective positioning begins with differentiation, actually differentiating the company's market __________ so that it gives consumers more value
Definition
offering
Term
__________ means the goods-and-services combination the company offers to the target market
Definition
Product
Term
_______ is the amount of money customers must pay to obtain the product
Definition
Price
Term
_______ includes company activities that make the product available to target customers.
Definition
Place
Term
_________ means activities that communicate the merits of the product and persuade target customers to buy it.
Definition
Promotion
Term
It holds that the four Ps concept takes the ________'s view of the market, not the ________'s view.
Definition
seller, buyer
Term
SWOT analysis
1. Strengths: Internal capabilities that may help a company reach its objectives (Internal, Positive)
2. Weaknesses: Internal limitations that may interfere with a company's ability to achieve its objectives (Internal, Negative)
3. Opportunities: External factors that the company may be able to exploit to its advantage. (External, Positive)
4. Threats: Current and emerging external factors that may challenge the company's performance (External, Negative)
Definition
Term
We define a marketing _________ as follows: an area of need that a company can perform profitably.
Definition
opportunity
Term
We define an environmental ______ as follows: A challenge posed by unfavorable trends or developments that would lead, in the absence of defensive marketing action, to sales or profit deterioration.
Definition
threat
Term
The business unit should strive to arrange its objectives from ______ to ______ important
Definition
most, least
Term
Goals indicate what a business unit wants to achieve; __________ answers how to get there.
Definition
strategy