Term
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Definition
| -consists of selecting target markets, and ---attracting and retaining customers by offering superior customer value |
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Term
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Definition
| the art and science of finding, retaining, and growing profitable customers |
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Term
| The process of interesting potential customers and clients in your products and services |
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Definition
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Term
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Definition
| Difference between the benefits that the customer gains and the product cost |
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Term
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Definition
| The discounted lifetime values of all the company's current and potential customers |
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Term
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Definition
Individuals sharing talents, time, and tangible assets they own to gain additional income
*with the internet helping them to connect with customers |
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Term
| Four Service Characcteristics |
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Definition
Intangibility
Variability
Inseparability
Perishability |
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Term
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Definition
Internal
External
Interactive |
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Term
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Definition
| A pricing method using price as a means of matching demand with capacity |
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Term
| Name some Management Strategies for Service Businesses |
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Definition
Managing Differentiation
Managing Service Quality
Manage service productivity
Resolving customer complaints
Managing employees as part of the product
Managing capacity and demand
Managing perceived risk |
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Term
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Definition
| A set of corporate priorities and institutional standards of behaviour |
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Term
| Strategic Business Units (SBUs) |
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Definition
| A single business or collection off related businesses that can be planned separately from the rest of the company |
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Term
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Definition
Series of internal departments
that carry out value-creating activities to design, produce, market, deliver, and support a firm's products |
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Term
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Definition
Product
Price
Place
Promotion |
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Term
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Definition
Customer solution
Customer cost
Convenience
Communication |
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Term
| Which two parts of SWOT analysis are internal? |
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Definition
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Term
| Which two parts of SWOT analysis are external |
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Definition
| Opportunities and Threats |
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Term
| Marketing info and customer insights |
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Definition
| They create value for customers and build meaningful relationships with them |
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Term
| Name some factors that influence buyer behaviour |
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Definition
Psychological
Cultural
Social
Personal |
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Term
| Name some marketing tactics |
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Definition
Advertising
Social media
PR
Sales
Events
Endorsements and sponsorships
Content generation |
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Term
| What is a tactic? (Strategy-wise) |
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Definition
| The mean(s) by which a strategy is carried out |
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Term
| What should a marketing plan provide? |
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Definition
| Foundational direction for marketing efforts in the year to come |
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Term
| What should be created as a living document? |
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Definition
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Term
| What is a marketing plan? |
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Definition
The culmination of all marketing efforts you have done in the past.
(Ie. comp analysis, enviro analysis, data collection, research, financial analyses, etc) |
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Term
When families go to the same resort annually and get to know and like both the resort employees and friends in the nearby town, they may be less sensitive to price increases at the resort due to:
A) Price quality effect
B) External enviro effect
C) Sunk investment cost
D) Substitute awareness effect |
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Definition
| C) Sunk investment effect |
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Term
In the short run, the most important pricing strategy is:
A) Profit maximization
B) Sales maximization
C) Survival
D) Penetration |
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Definition
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Term
A restaurant seeking to establish a heavy demand is likely to:
A) Offer low quality products for high prices
B) Offer low quality products for low prices
C) Offer high quality products for high prices
D) Offer high quality products for low prices |
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Definition
| D) Offer HIGH quality products for LOW prices |
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Term
A hotel trying to sell its F&B facilities, meeting rooms, retails, etc., to its guests is an example of:
A) Internal promotion
B) Up-selling
C) Down-stream selling
D) Cross-selling |
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Definition
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Term
Which of the following is NOT an advantage of a franchise to the franchisee?
A) Royalties
B) Financing assistance
C) Architectural plans
D) Brand recognition |
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Definition
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Term
Using sales reps offers _______ control than building your own sales force.
A) More
B) Better
C) Less
D) None of the above |
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Definition
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Term
The first stage of the promotion process is:
A) Selecting the message source
B) Determining the communication objectives
C) Selecting the communication channels
D) Identifying the target audience |
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Definition
| D) Identifying the target audience |
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Term
The four pillars of the AIDA model of communication design are:
A) Attention, Inclination, Designation, Action
B) Attention, Interest, Desire, Action
C) Attention, Interest, Designation, Action
D) Attention, Inclination, Desire, Action |
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Definition
| B) Attention, Interest,, Desire, Action |
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Term
| TRUE/FALSE. Sales promotions are most effective in building long-run brand preferences. |
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Definition
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Term
Cause-related marketing is directly used to create:
A) Sales
B) Awareness
C) Satisfaction
D) Goodwill |
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Definition
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Term
PR costs ______ direct mail and media advertising.
A) More than
B) Less than
C) About the same as
D) Mostly more than |
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Definition
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Term
During crisis communication, if some info has been reported incorrectly, then the company should:
A) Should advise the concerned reporter(s) about the inaccuracy
B) Not interfere and let the media do its work
C) Correct the reporter(s) only if it favors the company
D) Keep quiet to avoid getting the blame |
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Definition
| A) Advise the reporter(s) about the inaccuracy |
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Term
| TRUE/FALSE. Tourist Destinations are hospitality components relatively unaffected by negative publicity. |
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Definition
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Term
If one sales team concentrates on the association business while another team concentrates on the corporate market a _____ sales force structure is being used.
A) Territorial-structured
B) Market-channel-structured
C) Customer-structured
D) Market-segment-structured |
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Definition
| D) Market-segment structured |
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Term
Which of the following is NOT a good way to develop prospects?
A) Conducting a sales blitz?
B) Dropping in unannounced on various offices
C) Booth at a trade show
D) Getting a competitor's database |
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Definition
| D) Getting a competitor's database |
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Term
| TRUE/FALSE. When business risks cannot be accurately predetermined, you negotiate. |
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Definition
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Term
Which of the following is a reason direct marketing has grown?
A) Loss of other marketing methods
B) Relaxed laws
C) Precision targeting
D) Low cost |
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Definition
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Term
Which would be considered a macrodestination?
A) The US
B) Disney World
C) NYC
D) The Eiffel Tower |
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Definition
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Term
Two major strategies used by tourist destinations to attract visitors are:
A) Business and pleasure travellers
B) Group and individual tours
C) Conventions and pleasure travellers
D) Events and attractions |
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Definition
| D) Events and attractions |
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Term
| TRUE/FALSE. The long-run success of tourism will depend on continual development of man-made attractions |
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Definition
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Term
_____ is the total available demand for a hospitality product within a particular geographic market at a given price.
A) Market supply
B) Market demand
C) Market potential
D) None of the above |
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Definition
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Term
MSPA stands for:
A) Market Segment Place Analysis
B) Market Segment Profitability Analysis
C) Market Spend per Place Analysis
D) Market Spend per Person Analysis |
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Definition
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Term
| What is a short summary of the marketing plan used to quickly inform top executives? |
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Definition
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Term
| TRUE/FALSE. It is essential to go through the thought process of examining marketing potential. |
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Definition
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Term
| What is the executive summary of a marketing plan? |
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Definition
-written for top mgmt people
-outlines main points of the marketing plan and what can be found in it
-it's written so that it can be read instead of the whole marketing plan
-most important part of a marketing plan, written with top mgmt in mind |
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Term
| How does a destination recognize its natural target market |
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Definition
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Term
| When is team selling advantageous? What are its pros and cons? |
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Definition
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Term
| What internal factors will affect a hospitality firm's pricing decisions? |
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Definition
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Term
What is the key to lasting customer relationships?
How is it related to higher lifetime value and increased customer equity? |
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Definition
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Term
| What are the components of a marketing plan? |
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Definition
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Term
| What in the unique nature of the hospitality industry that distinguishes it from other industries? |
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Definition
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Term
| What is one of the fastest growing positions in the hotel industry? |
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Definition
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Term
| What restaurant is aiming to show its food photos in the best possible way? |
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Definition
Chili's;
-brushing buns with egg wash
-putting fries in baskets |
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Term
| What is the fastest-growing digital marketing platform? |
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Definition
Mobile marketing
(The key is to blend the new digital approaches with traditional marketing to create a smoothly integrated marketing strategy and mix) |
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Term
| Name some advantages and disadvantages of using social media as a business form marketing |
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Definition
PROS:
-targeted and personal
-immediate and timely
-very cost effective
*engagement and social sharing capabilities
-can create brand communities
CONS:
-largely user controlled
-companies are still learning how to use social media effectively |
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Term
| Which brand is one of the most successful social media marketers? |
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Definition
Starbucks
-b/c their social media presence drives customers into their stores
-fifth largest brand on Twitter and sixth on FB |
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Term
| PROS and CONS of User-Generated Social Media Content |
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Definition
PROS
-create a community and encourages others to use the product
-trustworthy
-negative comments provide feedback, helps improve service delivery system
CONS? wasn't really any |
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Term
| What did Michael do at the Indigo Pearl Resort in Thailand? |
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Definition
He started social media campaigns, such as:
-FB photo contest
-FB design your ultimate holiday package
-VIRAL MARKETING |
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Term
| Name 3 environmental factors |
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Definition
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Term
| What is a environmental factor? |
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Definition
| Affects a firm and its marketing program (social, political, economic) |
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Term
| What are market trends a reflection of? |
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Definition
| Environmental competitive variables |
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Term
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Definition
| The total estimated dollars or unit value of a defined market for a defined product |
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Term
| What is an important element in a company's pricing strategy? |
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Definition
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Term
| Do effective low-cost producers achieve cost savings through efficiency or cutting quality? |
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Definition
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Term
| What is the only marketing mix element that produces revenue? |
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Definition
Price
(All others represent cost) |
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Term
| Name some pricing changes mistakes |
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Definition
-Pricing that is too cost oriented
-Prices that don't take rest of marketing mix into account
-Prices that aren't revised to reflect market changes |
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Term
| What does the unique value effect create? |
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Definition
| Creates a perception that the offering is different from those of your competitors, avoids price competition |
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Term
| TRUE/FALSE: It is common for tourist attractions to provide special rates for local residents |
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Definition
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Term
| What is the price quality effect? |
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Definition
| When consumers tend to equate price with quality |
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Term
| Name 3 new-product pricing strategies |
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Definition
- Prestige pricing
-Market-skimming pricing
-Market-penetration pricing |
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Term
| A Familiarization Trip (Fam trip) |
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Definition
| A trip where travel agents or other tourism workers are invited to visit tourism/hospitality locations at a low or no costs |
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Term
| Name three parts of Sustainable Tourism |
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Definition
-Economics affects of tourism
-Social/cultural effects of tourism
-Environmental effects of tourism |
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Term
| Name some advantages of PR |
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Definition
-Believability
-Can reach many prospects who avoid salespeople and ads
-Can dramatize a company or product |
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Term
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Definition
| The process by which a positive image and customer preference are created through third-party endorsement |
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Term
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Definition
| Placing newsworthy info into the news media to attract attention |
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