Revenue Management

Question 1

Describe market segmentation.

Answer 1

1. Identify bases for segmenting the market.
2. Develop profiles of resulting segments.

Question 2

Describe market targeting.

Answer 2

1. Develop measures of segment attractiveness.
2. Select the target segments.

Question 3

Describe market positioning.

Answer 3

1. Develop positioning for each target segment.
2. Develop marketing mix for each target segment.

Question 4

The practice of dividing total markets up into groups on the basis of similar characteristics.

Answer 4

Segmentation analysis.

Question 5

Describe market segmentation.

Answer 5

Consumers possess different needs and wants, and they can be grouped into segments. The product is adjusted to meet the requirements of the target segments.

Question 6

List the different types of market segmentation.

Answer 6

1. Geographic
2. Demographic segmentation
3. Psychographic
4. Behavioral

Question 7

Examples of geographic segmentation.

Answer 7

Nations, states, regions, countries, cities, neighborhoods, population density, climate.

Question 8

Examples of demographic segmentation.

Answer 8

Age, life-cycle stage, gender, income, occupation, education, religion, ethnicity, generation.

Question 9

Examples of psychographic segmentation.

Answer 9

Social class, lifestyle, personality.

Question 10

Examples of behavioral segmentation.

Answer 10

Occasions, benefits, user status, usage rate, loyalty status.

Question 11

What is the most popular type of segmentation?

Answer 11

Demographic segmentation.

Question 12

Why does demographic segmentation considered as a short-term marketing timeframe?

Answer 12

Demographic segmentation often include fast about people. These facts can change over time.

Question 13

What is psychographic segmentation based on?

Answer 13

Personality traits, attitudes, motivations, activities.

Question 14

What are the requirements for an effective segmentation?

Answer 14

1. Measurability
2. Substantiality
3. Accessibility
4. Actionability

Question 15

Define target marketing.

Answer 15

A business can’t be all things to all people, selective targeting of specific segments will ensure success.

Question 16

Evaluating market segments include:

Answer 16

1. Size and growth
2. Structural attractiveness (degree of competition, number of substitute products, power of buyers)
3. Company objectives and resources

Question 17

What is the difference between features and benefits?

Answer 17

Features are facts about the service or product. Benefits give consumers a reason to buy, explain how the service or products will improve their stay.

Question 18

Describe undifferentiated marketing.

Answer 18

1. Ignores market segmentation and goes after the entire marker with one market offer.
2. Focuses on common needs instead of differences.

Question 19

Describe differentiated marketing.

Answer 19

1. Targets several segments with specific offering for each.

Question 20

Describe concentrated marketing.

Answer 20

1. Focuses on grabbing a larger share of one or a few small markets.
2. Appealing to companies with limited resources.

Question 21

Describe micromarketing.

Answer 21

1. Local marketing.
2. SoLoMo - Social + Local + Mobile
3. Marketing to individuals.

Question 22

Hotel Guest Journey Map

Answer 22

1. Inspiration
2. Research
3. Shop
4. Prepare
5. In-House Experience
6. Share and Review
7. Remember and Return

Question 23

Where does the Hotel Purchase Path ends?

Answer 23

Shop.

Question 24

The two purpose of travel.

Answer 24

1. Business - they have to and they are told to.
2. Leisure - they want to and they are sold on the idea of going.

Question 25

How many rooms are considered to be a group booking?

Answer 25

10 or more.

Question 26

List the individual travel market segments.

Answer 26

1. Government 2. Corporate - special negotiated, preferred, published 3. Rack 4. Discounts - In-House, contracts, OTAs 5. Packages 6. FITs

Question 27

List the group travel market segments

Answer 27

1. Air crew 2. Corporate and government meetings 3. Incentive 4. SMERF - associations, conventions, tradeshows

Question 28

Define market positioning.

Answer 28

The ability to influence how the consumer perceive the product relative to competing products.

Question 29

List a few positioning strategies.

Answer 29

1. Specific product attributes. 2. Emotional appeal. 3. Compared to product class. 4. Competitive advantage. 5. Effective communication. 6. Avoid positioning errors.

Question 30

What are some differentiation qualities?

Answer 30

1. Important 2. Distinctive 3. Superior 4. Communicable 5. Preemptive 6. Affordable 7. Profitable

Question 31

Define differentiation.

Answer 31

A strategy in which a firm promotes the features of its product or service over competitors' brands offered to the same market.

Question 32

List the differentiation elements

Answer 32

1. Physical attributes 2. Service 3. Personnel 4. Location 5. Image

Question 33

Define positioning statement

Answer 33

A short phrase that reflects the image the company wants to create.

Question 34

What are the key questions to answer when creating a positioning statement?

Answer 34

1. Who is your target customer? 2. What is your category or market? 3. What is your main benefit or value proposition? 4. What is your point of difference?

Question 35

Two internal analysis

Answer 35

1. Strength 2. Weaknesses

Question 36

Two external analysis

Answer 36

1. Opportunities 2. Threats

Question 37

Define field data.

Answer 37

Raw data gathered directly from its source (sales staff, observation, distribution channels)

Question 38

Define published data.

Answer 38

Existing data compiled from a variety of sources (books, articles, newspaper)