PRELIM Flashcards
(155 cards)
1
Q
Serve as a road map for all marketing activities of the firm.
A
MARKETING PLAN
2
Q
is a working document developed by hospitality and tourism
establishments that seriously want to grow their business in the forthcoming year
A
MARKETING PLAN
3
Q
With the fast pace of changes in the marketplace mainly due to technological advancements, a ________ is recommended.
A
YEARLY PLAN
4
Q
Shoemaker et.al. (2007) state that there are three key elements to a successful marketing
plan, these are:
A
- IT IS WORKABLE
- IT IS REALISTIC AND FLEXIBLE
- IT HAS MEASURABLE AND ACHIEVABLE GOALS
5
Q
The biggest difference between a business plan and a marketing plan
A
SCOPE
6
Q
is typically a much broader document that covers every aspect of your business: operations, supply chains, human resources, materials costs, and - yes -
marketing.
A
BUSINESS PLAN
7
Q
focus much more narrowly on the specifics of making customers aware of and likely to buy a product or service.
A
MARKETING PLAN
8
Q
TRUE OR FALSE:
Though long-term plans may be drawn over a five-year or ten-year period, a marketing plan
prepared yearly is ideal
A
TRUE
9
Q
is a great way to formalize the ideas behind how and why a company works the way it does.
A
BUSINESS PLAN
10
Q
TRUE OR FALSE
BENEFITS OF MARKETING PLAN:
- It encourages you to revisit old habits and assumptions.
- It reduces risk by adding new facts
- It provides accountability.
- It is proactive rather than reactive.
- It can become a competitive advantage.
A
TRUE
11
Q
- The marketing plan starts with an ______.
- It is similar to the abstract of a research paper.
- The goal of the ________ is to give a brief and logical presentation of the contents of the marketing plan.
- It is written with the top executives in mind. With the top executive’s limited time to sift
through the detailed plan, the executive summary provides adequate information that
presents the different parts of the marketing plan. - It should be brief and simple using short sentences and paragraphs.
- It is written with a “buy-in” strategy in mind
- The summary should be convincing enough for top executives to give the marketing team its support
A
EXECUTIVE SUMMARY
12
Q
contains pertinent information regarding the company profile including the history of the establishment of the company, name, address and vicinity map, name of owners, long-term goals and objectives, vision statement, mission statement, core values,
core competencies or unique selling proposition, and tagline.
A
INTRODUCTION
13
Q
identifies forward-thinking aspiration for your company and what you hope to achieve.
A
VISION
14
Q
This is a short (one or two paragraph) statement of the fundamental nature of your business, answering the questions: “What business are we in?” and “Who do we serve?
A
MISSION
15
Q
defines core pillars of what the company believes in and shapes company culture.
A
CORE VALUES
16
Q
defines the capabilities and characteristics of your organization that makes you standout from the competition and can be a strategic advantage in your market.
A
CORE COMPETENCIES
17
Q
describes company value to the customer and key differentiators from the competition
A
UNIQUE SELLING PROPOSITION (USP)
18
Q
is a distinct catchphrase that communicates your brand and what you provide.
A
TAGLINE
19
Q
- discusses the existing product lines, pricing techniques they are using, current distribution system, and promotional strategies
implemented to reach its actual sales targets. - Identify each product or service in terms of name, trademark, color, shape or other characteristic, including packaging and labeling.
- Determine the cost of each product or service. Review product/service costs for accuracy,
including all variable and fixed expenses. - Determine the price charge for each product
A
CURRENT MARKET SITUATION OF THE COMPANY
20
Q
refers to a strategic analysis tool that helps to identify internal and external environmental factors that affect the organization’s abilities to
work properly.
A
MARKETING ENVIRONMENTAL ANALYSIS
21
Q
involves reviewing external sources and factors that impact the
internal operations of a business. Its purpose is to identify potential sources to consult with
or consider when making business decisions
A
ENVIRONMENTAL SCANNING
22
Q
Internal Environment (Micro environment) Scanning Tool:
A
SWOT ANALYSIS
23
Q
External Environment (Macro Environment) Scanning Tool:
A
PESTEL ANALYSIS
24
Q
SWOT ANALYSIS
A
Strengths, Weaknesses, Opportunities and Threats Analysis
25
PESTEL ANALYSIS
(Political, Economic, Social, Technology, Environmenta nd Legal)
26
It gives you the chance to worry and to dream.
SWOT
27
It forces you to define your variables. Instead of diving headfirst into the planning and
execution, you're taking inventory of all your assets and roadblocks. These can help you
create a more specific and effective roadmap.
SWOT
28
This factor represents the way and extent to which the government influences the economy,
and certain businesses.
POLITICAL
29
This can include - government policy, political stability or instability in overseas markets,
foreign trade policy, tax policy, labor law environmental law, trade restrictions and so on
POLITICAL
30
Factors that may influence your business plan include inflation rates, interest rates,
economic growth, exchange rates, and property prices.
ECONOMIC
31
deal with the management of demand in any given economy.
Governments use interest rate control, taxation policy and government expenditure as their
main mechanisms they use for this.
MACRO ECONOMIC
32
are all about the way people spend their incomes
MICRO ECONOMIC
33
refers to demographic factors, including population growth rates, cultural aspects, age distribution of population, and changing social behaviors, e.g., people using social media applications to discuss products and services.
SOCIAL
34
Also known as socio-cultural factors, are the areas that involve the shared belief and attitudes of the population. These factors include - population growth, age distribution, health consciousness, career attitudes and so on
SOCIAL
35
These factors influence outsourcing decisions, quality, and efficiency considerations.
TECHNOLOGICAL
36
This could include weather and natural disasters, geographical position, climate changes,
and sustainability
ENVIRONMENTAL
37
include - health and safety, equal opportunities, advertising standards, consumer rights and laws, product labelling and product safety
LEGAL
38
is the process of identifying competitors in your industry and researching their different marketing strategies.
COMPETITIVE ANALYSIS
39
Sources of information for competitive analysis:
1. ADVERTISING
2. SALES BROCHURES
3. NEWSPAPER AND MAGAZINE ARTICLES
4. REFERENCE BOOKS AND DATABASES
5. OTHER EMPLOYEES
6. TRADE ASSOCIATIONS
7. DIRECT OBSERVATION
40
You should know from your sales staff and customer feedback what
product features and benefits are most important to your customers and potential customers.
PRODUCT EVALUATION
41
is an analysis of past and current market behavior and dominant patterns of the market and consumers.
MARKETING TREND ANALYSIS
42
- A business that is able to identify a specific trend in changing consumer needs and behavior may be able to cater to these needs and
project higher growth rates
Trends in Consumer Needs and Behavior
43
Trend analysis involves timely analysis of consumer needs and positioning of the product or service in the consumer's mind.
Shifts in Consumer Perception of Value
44
Businesses need to be aware of changes in composition of
the ________ and also innovations that lead to lower cost alternatives. Companies that are
able to find better alternatives, which are more economical or offer additional features, can
gain a competitive advantage and achieve higher objectives.
Trends in Industry Cost Drivers
45
Companies continuously analyze trends in terms of product innovations, competitor product features, and new operation and delivery methods. Such analysis helps the business stay ahead of the curve to understand changing market trends and project objectives accordingly.
Change and Evolution of the Industry
46
is a very common strategic tool for understanding the market
maturity (i.e., whether the market is in a growth or decline stage) to gauge future market potential and the overall position of a business in the market.
MARKET TREND ANALYSIS
47
is an assessment of how your product or service fits into a specific
market and where it will gain the most attraction with customers
TARGET MARKET ANALYSIS
48
is a general phrase used to describe the different kinds of choices
organizations have to make during the process of bringing a product or service to market.
MARKETING MIX
49
The 4Ps make up a typical marketing mix -
Price, Product, Promotion and Place.
50
nowadays, the marketing mix increasingly includes several other Ps like:
Packaging, Positioning, People and even Politics
51
is a list and timeline of tactical activities that bring a particular marketing strategy to life.
MARKETING ACTIVITY SCHEDULE
52
is a numerical representation of the marketing commitment. Some
companies do not think of marketing as an investment, but rather, as an expense.
MARKETING BUDGET
53
buzzword in the world
MARKETING
54
percentage of total revenue/sales
MARKET SHARE
55
consumers favour products that are available and highly affordable/favour products that offer most quality
PRODUCTION ORIENTATION
56
only if the company promotes/sells these products.
SALES ORIENTATION
57
needs/wants of target markets and delivering satisfaction better
than competitors.
MARKETING ORIENTATION
58
needs/wants of target markets and delivering superior value.
SOCIAL MARKETING ORIENTATION
59
is intangible, inseparable, variable perishable, seasonal, and
substitutable.
TOURISM PRODUCT
60
Tourism products cannot be touched, smelled, tasted, felt nor heard prior to purchase
INTANGIBLE
61
Consumers rely on photographs of the place, comments or reviews from those who have
visited the place or availed of the services and promises from the company itself.
INTANGIBLE
62
The tourism product cannot be separated from the consumer.
INSEPARABLE
63
The tourism experience is likely to be different depending on when the product is availed, who one is with, and how the service providers deliver the service at the time of
consumption.
VARIABLE
64
refers to not being able to forward inventory to the next day
PERISHABILITY
65
With new destinations emerging and competing in the global marketplace, one destination can easily be substituted for another
destination.
SUBSTITUTABLE
66
________ in the purchase of tourism products is of high involvement.
Decision making
67
there is a greater degree of thought or study involved prior to the purchase.
HIGH INVOLVEMENT
68
is likely to go through a long and detailed process of
canvassing and comparing of brands, suppliers, and product features.
EXPENSIVE PRODUCT
69
Consumers may find _________ difficult to purchase.
complex products
70
can be considered as complex mainly due to the variety of products and services available, and the "jargons" (technical words) used in explaining some of these
products. The same holds true for highly technical products such as electronic gadgets and
computers
TRAVEL PACKAGES
71
is at the center of marketing. It is easy to persuade a customer to
make the initial purchase but making the customer return for more is dependent on his
satisfaction from his initial experience.
CUSTOMER SATISFACTION
72
defines marketing as a social process by which individuals and groups obtain what they need and want through creating and exchanging products and value with
others.
PHILIP KOTLER
73
it is easy to sell the product since customers do not have any choice but to buy it
NEED
74
is something one can live
without.
WANT
75
define marketing as the art and science of finding, retaining, and growing profitable customers.
Kotler, Bowens and Makens (2010)
76
the ______________ approved a new definition: marketing is the
activity, set of institutions, and processes for creating, communicating, delivering, and
exchanging offerings that have value for customers, client, partners, and society at large.
AMERICAN MARKETING ASSOCIATION
77
is permanent and continuous System
MARKETING INFORMATION SYSTEM
78
Its basic objective is to provide right information.
MIS
79
This involves the analysis of the marketing environment in relation to the potentials of one's business.
MARKETING PLANNING
80
This step ensures that practical and realistic tactical campaigns are
conducted in support of the comprehensive marketing strategy.
PLANNING TACTICAL CAMPAIGNS
81
refers to the medium or context in which marketing takes place, rather than the actual content of a marketing message
TACTICAL MARKETING
82
often takes place once a strategy is formed and in place, since it deals with the actual execution of an overall marketing plan.
TACTICAL ADVERTISING
83
This process involves the challenging part of implementing the planned strategic and tactical campaigns by coordinating with all stakeholders, fine tuning the marketing mix as they unfold, and ensuring that activities are conducted as planned
MARKETING OPERATIONS
84
This involves the ongoing process of evaluating sales data and financial performance versus marketing activities conducted.
MONITORING AND CONTROL
85
entails gathering information about customers to better serve their needs and improve decision-making.
Marketing Information Management
86
involves planning to ensure that resources are available to maintain and improve the business
Financing
87
ensures that the value and cost of goods and services offered to customers will be at the level that customers are willing to pay.
PRICING
88
prepares the various promotional strategies that will enable the products to be introduced and sold to the customers
PROMOTION
89
involves designing, developing, maintaining, improving, and acquiring products and services to meet the needs of the customers.
PRODUCT / SERVICE MANAGEMENT
90
involves bringing the products and services to the customers in the best way possible
DISTRIBUTION
91
is the ultimate measure of marketing success. Strategies on following up the sale, closing the sale, and making a repeat sale are crucial tasks of marketing.
SELLING
92
refers to the set of actions, or tactics, that a company uses to promote its brand or product in the market.
MARKETING MIX
93
is a general phrase used to describe the different kinds of choices
organizations have to make during the process of bringing a product or service to market.
MARKETING MIX
94
is what the company is offering to satisfy a consumer's want or
need.
PRODUCT / SERVICE
95
is the value that the seller puts on the product or service.
PRICE
96
is the means by which the product or service reaches the customer
PLACE
97
is the strategic plan by which customers are informed about the product or service and its value. also encourage customers to purchase the product or service.
PROMOTIONS
98
Invest in the right employees for your tour and activity company.
PEOPLE
99
was born out of a need to enhance the demands of business to promote their products.
INTEGRATED MARKETING COMMUNICATIONS APPROACH (IMC)
100
It is the process of using all forms of promotion to achieve maximum communications impact while maintaining a consistent image for the products or services.
IMC
101
Identifying similar groups of customers: dividing the market into
identifiable and distinct groups
SEGMENTATION
102
Determining which groups of customers to aim for and making them the focus of the marketing programme
TARGETING
103
Creating a concept to appeal to the target market to occupy the right spot in the mind of target consumers
POSITIONING
104
- Identify segmentation variables and segment the market
- Develop profiles of resulting segments
MARKET SEGMENTATION
105
- Evaluate attractiveness of each segment
- Select the target segments
MARKET TARGETING
106
- Identify possible positioning concepts for each target segment
- Select, develop, and communicate the chosen positioning concept
MARKET POSITIONING
107
is a set of actual and potential buyers of a product.
MARKET
108
______ (1997) identified six sharacteristics of a segment
LUMSDON
109
The people who comprise the segment can be located and identified such that targeting them would be easy
IDENTIFIABLE
110
The consumers should be part of a whole whose specific qualities are
common to all.
COHESIVE
111
The marketer should be able to estimate the size and potential spending of the members of the market segment.
MEASURABLE
112
The members of the segment should be accessed by marketing efforts and promotional activities to be conducted. If they are difficult to reach, efforts to reach out to the specific segment might be futile.
ACCESSIBLE
113
Segments should be large in order to be _________.
SUBSTANTIAL
114
The company has enough resources and commitment to enable effective penetration of the identified segment to ensure effective positioning.
ACTIONABLE
115
such as nations, states, regions, countries, cities, neighborhoods, barangays, towns, etc.
GEOGRAPHIC SEGMENTATION
116
such as age, life cycle, gender, income, occupation, education, religion and race (Kotler, et.al
2010).
DEMOGRAPHIC SEGMENTATION
117
such as social class, lifestyle, and personality characteristics.
PSYCHOGRAPHIC
118
such as Mother's Day, Valentine's Day, honeymoon, anniversary, or birthday
SPECIAL OCCASION SEGMENTATION
119
based on usage of product such as first time users, regular users, non-users, potential users, etc.
USER STATUS
120
refers to frequency of use categorized as light, medium, and heavy users.
USAGE RATE
121
_____ suggests that there is a fifth variable for market segmentation which he calls technographic segment.
COOPER
122
is evaluating each segment's attractiveness and selecting one or more of these market segments in which to operate one's business
MARKET TARGETING
123
a company ignores market segmentation and goes after the
entire market with only one market to offer
UNDIFFERENTIATED MARKETING
124
approaches the market by targeting several market segments using separate offers per segment.
DIFFERENTIATED MARKETING
125
is practiced by companies with limited resources. It pursues
getting a big share of a small market rather than a small share of a large market.
CONCENTRATED MARKETING
126
This refers to how much money and resources the company
has which can be allocated to marketing.
COMPANY'S RESOURCES
127
If products are standardized and identical, it is more advisable to go for undifferentiated or concentrated marketing.
DEGREE OF PRODUCT HOMOGENEITY
128
is a term used to identify what makes the product or service different from others.
UNIQUE SELLING PROPOSITION
129
is the product's advantage over competitors, which is gained by
offering greater value either by offering lower prices or providing more benefits to justify
higher prices
COMPETITIVE ADVANTAGE
130
is the highest level of recall that a brand receives. It means that the brand occupies the top spot in a consumer's mind.
TOP OF MIND
131
is a deliberate way of making sure that the product has a high recall in the consumer's minds relative to its competitors
MARKET POSITIONING
132
is one of the easiest ways to segment the travel market
GENERATIONAL SEGMENTATION
133
are portrayed as a "generation of
optimism, exploration and achievement" because of the high level of postwar prosperity in terms of educational, financial, and social
opportunities.
BABY BOOMERS (1946 - 1964)
134
are considered the most lucrative travel market among generations due to their sheer size and affluence
BOOMERS
135
prefer travel agencies or tour operators.
BOOMERS
136
values entrepreneurial spirit, loyalty, independence, creativity, and information. Exposed to a
wide array of brands and products, this generation tends to save more
compared to other generations
GEN X (1965-1980)
137
are more likely to travel with children
GENERATION X
138
are smart, creative, optimistic, achievement-oriented, and tech-savvy. Because of their community orientation, they are motivated by "helping others, improving the environment and making the world a better place." They are resilient, committed, and loyal when dedicated to an idea, cause, or product.
MILLENIALS (1981-1996)
139
who have the lowest household income as they are just starting
their career, are the most likely to go into debt for travel (Li et al. 2013). They have an average of 35
vacation days a year (Expedia, 2018)
MILLENIALS
140
Word of mouth from friends and
relatives influence Generation Y tourists' travel decision-making. Travel guidebooks are also the primary information source referred by this generation
MILLENIALS
141
is the largest cohort alive with two billion people globally or 26% of the
world's population. has the changes
caused by the Internet, Smartphones, available network and digital media.
GEN Z
142
said to have a powerful influence on family holidays as their parents prefer to consult them before booking trips. Travelers from this generation are budget conscious and usually begin their travel without a set destination in mind
GEN Z
143
are most heavily influenced by social media. Wifi is an absolute
necessity of this gen and they are
likely to book hotels based on free Internet access.
GEN Z
144
plan trips with the longest period of time and make use of the widest range of information sources.
JOINT DECISION-MAKING FAMILIES
145
This type of families participates in a lot of leisure activities. Thus, promotional materials
should be made available early, dispersed in a variety of media sources, and designed for
spouses of the same age
JOINT DECISION-MAKING FAMILIES
146
is characterized by spouses with greater age differences. Promotional activities are directed to the male spouse; hence, it should emphasize outdoor
recreation.
HUSBAND MAKES THE DECISION
147
spend the largest amount of money on their vacations
HUSBAND DOMINANT FAMILIES
148
form the smallest segment of the family market.
WIFE DOMINANT FAMILIES
149
If the ____ makes the decision on vacations, it is characterized of families.
WIFE
150
refers to the progressive stages through which individuals and families proceed over time. It describes the patterns of relative want and prosperity experienced by family members (Lawson, 1991).
FAMILY LIFE CYCLE
151
describes how one moves from being a member of his nuclear family into building
his own family with the arrival, growth and dispersal of children.
FAMILY LIFE CYCLE
152
is also known as the silver market or third age tourism.
SENIOR MARKET
153
are primarily experience-seekers,
collecting unique experiences that will serve to build their self-identity narratives
YOUTH MARKET
154
which used to be a western habit has been acquired by countries such as China, India, and Korea.
BACKPACKING
155
Collectively known as the Events Industry, this type of travel is connected but not limited to
business travel.
MICE
