MARKETING

Question 1

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

Answer 1

hospitality marketing

Question 2

*A state of felt deprivation in a person.

Answer 2

Needs

Question 3

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

Answer 3

wants

Question 4

*Human wants that are backed by buying power

Answer 4

demand

Question 5

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

Answer 5

market offerings

Question 6

Customer Value, Customer Expectations, Satisfaction

Answer 6

Value, expectation, &
Satisfaction

Question 7

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

Answer 7

value

Question 8

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

Answer 8

expectations

Question 9

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

Answer 9

satisfaction

Question 10

how you visualize your?

Answer 10

product

Question 11

Product Strategies

Answer 11

variability
rebranding
relaunching (new launch)

Question 12

means creating a value

Answer 12

pricing/ price

Question 13

short goals, specific measurable , smart goals

Answer 13

promotion

Question 14

traditional media

Answer 14

above the line

Question 15

physical interaction where they give dirty works

Answer 15

below the line

Question 16

available (where you are present)

Answer 16

place

Question 17

2 categories of demand

Answer 17

price- buying concept
availability- behavior

Question 18

presence in the market penetration

Answer 18

physical evidence

Question 19

this includes strategic planning (long life)

Answer 19

process

Question 20

feedback towards your product

Answer 20

performance

Question 21

it includes external, internal, and interactive marketing in 8p’s

Answer 21

people

Question 21

physical goods (touch/ seen)

Answer 21

tangible

Question 21

intangible offerings (recreational, perishable, variability, unperishable)

Answer 21

services

Question 22

moments beyond your product

Answer 22

experiences (intangible)

Question 23

before 8 p's

Answer 23

value expectation satisfaction

Question 23

company must decide who it will serve.

Answer 23

selecting customers to serve

Question 24

marketing management can design a customer-drive marketing strategy. To design a winning marketing strategy,

Answer 24

designing customer value

Question 25

is the set of benefits or values it promises to deliver to consumers to satisfy their needs.

Answer 25

value proposition

Question 26

design strategies that will build profitable relationships with target consumers.

Answer 26

marketing management orientation

Question 27

is one of the oldest philosophies guiding sellers.

Answer 27

production concepts

Question 28

concept, like the production concept, has an inward focus.

Answer 28

product concept

Question 29

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

Answer 29

selling concept

Question 30

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

Answer 30

marketing concept

Question 31

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.

Answer 31

Societal Marketing Concept.

Question 31

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

Answer 31

Building Customer Relationships

Question 32

what is crm?

Answer 32

Customer relationship management

Question 32

Customer relationship management

Answer 32

intangibility inseperability variability perishability

Question 33

Five links of Service Profit Chain

Answer 33

Internal Quality Service Satisfied and Productive Service Employees Greater service value satisfied and loyal customers healthy service and profit growth

Question 34

3 types of marketing

Answer 34

internal marketing external marketing interactive marketing

Question 35

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.

Answer 35

Internal Marketing

Question 35

is the action of promoting your business and its services.

Answer 35

External Marketing

Question 35

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

Answer 35

Interactive Marketing.

Question 36

It is the various external forces that can directly or indirectly affect the many activities of an organization.

Answer 36

Marketing Environment?

Question 37

consists of actors and forces close to the company that can affect its ability to serve its customers.

Answer 37

Microenvironment

Question 38

Marketing managers work closely with top management and the various company departments.

Answer 38

company

Question 39

Firms and individuals that provide the resources needed by the company to produce its goods and services.

Answer 39

Marketing intermediaries.

Question 39

The elimination of intermediaries.

Answer 39

Disintermediation.

Question 40

They are part of the microenvironment and must be monitored closely.

Answer 40

Competitors.

Question 41

Marketing research firms, advertising agencies, media firms, and marketing consulting firms help companies to target and promote their products to the right market

Answer 41

Marketing services agencies.

Question 42

Include banks, credit companies, insurance companies, and other firms that help hospitality companies to finance their transaction or insure risks associated

Answer 42

Financial intermediaries.

Question 42

Managers must understand the different types of customers: consumers, business markets, government markets, resellers, and international markets.

Answer 42

Customers.

Question 43

is any group that has an actual or potential interest in or impact on an organization’s ability to achieve its objectives.

Answer 43

public

Question 43

consists of the larger societal forces that affect the whole microenvironment: demographic, economic, natural, technological, political, competitor, and cultural forces.

Answer 43

Macroenvironment

Question 43

Each firm must consider its size and industry position in relation to its competitors.

Answer 43

Competitive environment

Question 44

is a review of external sources to discover factors that impact a business.

Answer 44

Environmental Scanning

Question 45

The study of human populations in terms of size, generation group, location, age, sex, race, occupation, and other statistics.

Answer 45

Demographic environment.

Question 46

consists of factors that affect consumer purchasing power and spending patterns.

Answer 46

Economic environment.

Question 47

consists of natural resources required by marketers or affected by marketing activities.

Answer 47

Natural environment.

Question 48

means change in products and production possibilities, also change in their manufacturing processes, costs and qualities.

Answer 48

Technological environment.

Question 49

environment is made up of laws, government agencies, and pressure groups that influence and limit various organizations and individuals in society.

Answer 49

Political environment.

Question 50

includes institutions and other forces that affect society’s basic values, perceptions, preferences, and behaviors.

Answer 50

Cultural environment.

Question 51

A business has ethical responsibilities while delivering goods to the community.

Answer 51

Ethical Factors.