HFT 2500 Chapter 1 – Flashcards
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Instead of simply being defined as "freedom from defects," QUALITY should be defined:
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in terms of satisfaction
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A state of felt deprivation
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need
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The product concept holds that customers prefer existing products, and the job of management is to develop good versions of these existing products.
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True
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A market is only the set of actual, not potential, buyers who have transacted with a seller.
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False
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The two main industries that comprise what we call tourism are the hospitality and restaurant industries.
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False
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A company's ________ is the set of benefits or values it promises to deliver to consumers to satisfy their needs.
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Value Proposition
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When backed by buying power, wants become:
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Demands
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During recessions or oil shortages, people rarely travel.
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False
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The hospitality industry is the second largest employer in the United States.
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True
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When hotel management establishes no-smoking floors, bar managers no longer allow happy hours with free drink specials, and resort managers eliminate pollution from their properties, the ___________ concept is being employed.
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Social Marketing
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The selling concept holds that consumers will not buy enough of the organization's products unless the organization undertakes a large _______ and ________ effort
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Selling, Promotion
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In choosing among products, the guiding principle of most consumers is customer value-the most benefit for the price.
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True
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A________ is anything that can be offered to a market to satisfy a want or need.
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product
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purpose of marketing in a customer-centered firm
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To maximize company revenue To generate customer value To improve relationship marketing
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There is no current evidence to suggest that long-term customers are more profitable than new customers.
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False
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The Forum Company found that the cost of retaining a loyal customer is just ____ percent of the cost of attracting a new one.
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20
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The ___________ describes a channel that stretches from raw materials, to components, to final products that are carried to final buyers.
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supply chain
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Relationship marketing is a process where marketers work at building relationships with customers, distributors, dealers, and:
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suppliers
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Under the product concept, marketing strategy focuses on making continuous product ________
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improvements
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A product can be:
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Tangible or Intangible
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The two main industries that comprise the activities we call tourism are:
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The hospitality and travel industries
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The most basic concept underlying marketing is that of:
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Needs
