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| 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 __________ |
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| Today businesses increasingly recognize that they must nurture other stakeholders, including _________, ___________, ___________, and the __________ where their businesses are located |
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| customers, employees, suppliers, communities |
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| There is always a ___________ loop between satisfied customers and satisfied employees |
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| They [Companies} are now building __________ teams that manage core business processes. |
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| 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. |
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| To carry out processes, a company needs such resources as __________, __________, ____________, and __________. |
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| personnel, materials, machines, information |
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| More companies today have decided to _________ less critical sources |
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| The organizational side of a company consists of its __________, ___________, and __________, all of which tend to become dysfunctional in a rapidly changing company. |
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| structure, policies, culture |
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| Although structure and policies can be changed, the __________ is the hardest to change. |
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| At the corporate level, the company starts the strategic planning process by defining its overall ________ and _________. |
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| 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 |
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| The hospitality industry faces the need for greater __________ of employees, particularly at middle-management levels |
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| 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. |
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| A ______ statement is a statement of the organization's purpose -- what it wants to accomplish in the larger environment |
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| Missions are at their best when they are guided by a ________, an almost impossible dream. |
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| The corporate mission statement should stress major _____ that the company wants to honor. |
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| Each _________ should have objectives and be responsible for reaching them |
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| Each _________ should have objectives and be responsible for reaching them |
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| Companies are in the "hotel business" or the "cruise line business." However, market definitions of a business are ______ to product definitions. |
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| Marketing must ________, __________, and _________ opportunities and lay down strategies for capturing them. |
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| identify, evaluate, select |
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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) |
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| 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). |
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| Diversification opportunities sometimes arise as a result of new _____________ |
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| Companies that diversify too broadly into unfamiliar products or industries can lose their market _______ |
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| 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). |
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| Finally, the hotel company might acquire one or more competitors, provided that the government does not bar the move (____________ integration). |
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| Integrative growth offers opportunities in related businesses, but a company must have or acquire the _______ to succeed in the new business. |
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| The goal is to create ______ for customers and build profitable customer relationships |
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| Guided by marketing strategy, the company designs an integrated marketing mix made up of factors under its control--_________, ___________, ___________, and ____________ (the four Ps). |
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| product, place, price, promotion |
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| 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 _________. |
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| 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 ______________. |
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| Market ___________ involves evaluating each market segment's attractiveness and selecting one or more segments to enter. |
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| A product's ____________ is the place the product occupies, relative to competitors' products, in consumers' minds. |
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| Thus effective positioning begins with differentiation, actually differentiating the company's market __________ so that it gives consumers more value |
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| __________ means the goods-and-services combination the company offers to the target market |
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| _______ is the amount of money customers must pay to obtain the product |
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| _______ includes company activities that make the product available to target customers. |
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| _________ means activities that communicate the merits of the product and persuade target customers to buy it. |
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| It holds that the four Ps concept takes the ________'s view of the market, not the ________'s view. |
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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) |
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| We define a marketing _________ as follows: an area of need that a company can perform profitably. |
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| 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. |
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| The business unit should strive to arrange its objectives from ______ to ______ important |
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| Goals indicate what a business unit wants to achieve; __________ answers how to get there. |
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