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MARKETING > Chapter 1 > Flashcards

Chapter 1 Flashcards

1
Q

is the art and science of finding, retaining, and growing profitable customers.

A

Marketing

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2
Q

A state of felt deprivation in a person.

A

Needs

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3
Q

The form that a human need takes when shaped by culture and individual personality

A

Wants

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4
Q

Human wants that are backed by buying power

A

Demand

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5
Q

Combination of tangible products, services, information, or
experiences offered to the market

A

Market Offerings

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6
Q

Customer Value, Customer Expectations, Satisfaction

A

Value, Expectation, & Satisfaction

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7
Q

What are the 3 Market Offerings?

A

Tangible Products
Services
Experiences

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8
Q

Consumer needs and wants are fulfilled through a ______: a product that is combination of tangible,
services, information, or experiential product components.

A

Market Offering

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9
Q

is the difference between the benefits that the customer gains from owning and/or using
a product and the costs of obtaining the product.

A

Customer Value

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10
Q

are based on past buying experiences, the opinions of friends, and market
informations

A

Customer Expectation

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11
Q

is determined by how well the product meets the customer’s expectations for
that product.

A

Satisfaction

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12
Q

To design a winning marketing strategy, the marketing manager must answer two important
questions:

A
  1. what customers will we serve?
  2. how can we serve these customers best?
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13
Q

Once it fully understands consumers and the marketplace, marketing management can design a customer-drive
marketing strategy.

A

Designing Customer Value-Driven Marketing Strategy

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14
Q

The company must decide who it will serve. It does this by dividing the market into segments of customers and selecting which segments it will go after. Some people think of marketing management as finding as many
customers as possible and increasing demand. However, marketing managers know they cannot serve all
customers.

A

Selecting Customers to Serve

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15
Q

The company must also decide how it will serve targeted customers – how it will differentiate and position itself
in the marketplace. A company’s _____ is the set of benefits or values it promises to deliver to consumers to satisfy their needs.

A

Choosing a Value Proposition

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16
Q

Marketing management design strategies that will build profitable relationships with target consumers. But what philosophy should guide these marketing strategies? What weight should be given to the interest of customers
and the organization? There are alternative concepts under which organizations design and carry out their marketing strategies: production, selling, and marketing.

A

Marketing Management Orientations

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17
Q

The production concept holds that
consumers will favor products that are available and highly affordable and therefore management should focus on production and distribution efficiency

A

Production Concepts

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18
Q

is one of the oldest philosophies guiding sellers.

A

Production Concepts

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19
Q

The product concepts holds that
consumers will favor products that offer the most in quality, performance, and innovative features.

Under this
concept, marketing strategy focuses on making continuous product improvements.

A

Product Concept

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20
Q

holds that consumers will not buy enough of the products unless the company assumes a large selling and promotion effort.

The aim of a selling focus is to get every possible sale, and not to worry about satisfaction after the sale or the revenue contribution of the sales.

A

Selling Concept

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21
Q

holds that achieving organizational goals depends on determining the needs and wants of tarrget markets and delivering the desired satistaction more effectively and efficiently than competitors.

A

Marketing Concept

22
Q

holds that the organization should determine the needs, wants, and interests of target markets and deliver the desired satisfactions more effectively and efficiently than competitors in a way that maintains or improves the consumers and society’s well-being.

A

Societal Marketing Concept

23
Q

involves managing detailed information about individual customers and carefully managing customer “touch points” in order to maximize customer loyalty.

A

Customer Relationship Management (CRM)

24
Q

By creating superior customer value, the firm ceates hightly satisfied customers who stay loyal, purchase products
and avail more services.

A

Capturing Value from Customers

25
Q

3 Ways to Capture Value from Customers

A
  1. Customer Loyalty and Retention
  2. Growing Share of Customer
  3. Building Customer Equity
26
Q

The benefits of customer loyalty come from continued patronage of loyal customers, reduced marketing costs, decreased price sensitivity of loyal customers.

A

Customer Loyalty and Retention

27
Q

Beyond simply retaining good customers to capture LTV, good CRM can help marketers to increase their share of customer-the share they get of the customes purchasing in their product categories.

A

Growing Share of Customer

28
Q

Customers equity is the discounted LTV’s of all the company’s current and
potential customes. One builds current and potential customers. One build customer equity by delivering products that create high customer satisfacton and have high perceived value.

A

Building Customer Equity

29
Q

The ______ focuses on serving and satisfying the customer. It has to start with top management and flow down.

A

Service Culture

30
Q

4 Characteristics of Services

A
  1. Intangibility
  2. Inseparability
  3. Variability
  4. Perishability
31
Q

cannot be seen, tasted, felt, heard, or smelled before purchased

(characteristics of services)

A

Intangibility

32
Q

Most hospitality services, both
the service provider and the customer must be present for the
transaction to

A

Inseparability

33
Q

Depends on who provides the services and when and where they are provided

Services are produced and consumed simultaneously.

A

Variability

34
Q

Services cannot be stored

Cannot carry forward unsold inventory

A

Perishability

35
Q

A model that shows the relationships between employee satisfaction, customer satisfaction, customer retention,
value creation, and profitability.

A

Service Profit Chain

36
Q

5 Links of Service Profit Chain

A
  1. Internal Quality Service
  2. Satisfied and Productive Service Employees
  3. Greater Service Value
  4. Satisfied and Loyal Customers
  5. Healthy Service and Profit Growth
37
Q

3 Types of Marketing

A
  1. Internal Marketing
  2. External Marketing
  3. Interactive Marketing
38
Q

The service firm must effectively train and motivate its customer-
contact employees and all the supporting service people to work as a team to provide customer satisfaction.

A

Internal Marketing

39
Q

is the action of promoting your business and its services.

It is about getting people through the door and reaching as many people as possible who may be interested in employing your services.

This type of marketing is most undertaken with Television, radio ads, flyers, brochures, social
media, and search engine advertising.

A

External Marketing

40
Q

The perceived service quality depends heavily on the quality of the buyer-seller interaction during the service encounter.

A

Interactive Marketing

41
Q

Management Strategies for Service Businesses

A

A. Managing differentiation
B. Managing Service Quality
C. Manage Service Productivity
D. Resolving Customer Complaints
E. Managing employees as part of the product
F. Managing Perceived Risk
G. Managing Capacity and Demand

42
Q

The solution to price competition is to develop a differentiated offering. The
offer can include innovative features that set one company’s offer apart from that of its competitors.

A

Managing differentitation

43
Q

With hospitality products, quality is measured by how well customer
expectations are met.

A

Managing Service Quality

44
Q

is a critical component of customer retention.

A

Resolving Customer Complaints

45
Q

In the hospitality industry, employees are a critical part
of the product and marketing mix.

A

Managing Employees as Part of the Product

46
Q

The high risk that people perceive when purchasing hospitality products increases loyalty to companies that have provided them with a consistent product in the past.

A

Managing Perceived Risk

47
Q

Because services are perishable, _______ is a key function of hospitality marketing.

First, services must adjust their operating systems to enable the
business to operate at maximum capacity. Second, they must remember that their goal is to created and satisfied customers.

A

Managing Capacity and Demand

48
Q

A. The entrance of corporate giants into the hospitality market and the marketing skills these companies have brought to the industry have increased the importance of marketing within the industry.

B. Analysts predict that the hotel industry will consolidate in much the same way as the airline industry has, with five or six major chains dominating the market. Such consolidation will create a market that is highly competitive. The firms that survive this consolidation will be the ones that understand their customers.

C. In response to growing competitive pressures, hotel chains are relying on the expertise of the marketing director.

A

Importance of Marketing in the Hospitality and Tourism Industry

49
Q

A. Successful hospitality marketing is highly dependent on the entire travel industry.

B. Government or quasi-government agencies play an important role in travel industry marketing through legislation aimed at enhancing the industry and through promotion of regions and nations.

C. Few industries are as interdependent as the travel and hospitality industries.

A

Travel Industry Marketing

50
Q

A. Successful hospitality marketing is highly dependent on the entire travel industry.

B. Government or quasi-government agencies play an important role in the travel industry marketing through
legislation aimed at enhancing the industry and through promotion of regions, states, and nations.

C. Few industries are as interdependent as the travel and hospitality industries.

A

Travel Industry Marketing

MARKETING (3 decks)

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