Chapter 7 – Foundations of Restaurant Management & Culinary Arts – Flashcards
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Market
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Group of people who desire that product or service.
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Marketing
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The process of communicating a business's message to its market.
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Marketing Mix
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Combination of all the factors that go into creating, developing, and selling a product.
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Contemporary Marketing Mix
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Consists of the product-service mix, presentation mix, and communication mix.
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Product-Service Mix
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All of the food and services offered to customers.
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Presentation Mix
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All the elements that make the operation look unique.
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Aesthetic
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The way an operation looks and feels to the customers.
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Communication Mix
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All the ways an operation actively tries to reach, or communicate, with its desired customers.
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Market Trends
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Responses to consumers' changing attitudes about food, service, or aesthetics. They can also be responses to broader trends, such as political issues to do with energy conservation and recycling, or economic upswings or downturns that can greatly affect the behavior of a given market.
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Marketing Plan
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List of steps an operation must take to sell a product or service to a specific market.
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SWOT Analysis
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Also called a situation assessment; identifies a restaurant or foodservice operation's Strengths, Weaknesses, Opportunities, and Threats.
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Strength
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Area where they excel.
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Weakness
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Area where they are not doing well.
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Opportunity
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Area where the operation could either increase revenues or decrease costs.
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Threat
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The factors outside the operation that could decrease revenues or increase costs.
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Experimental Method
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Marketing strategy in which an operation might try out a product for a limited time or with a limited group of people in order to judge the response.
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Observational Method
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Marketing strategy in which an operation observes how customers react in a natural setting toward a product.
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Survey Method
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Marketing strategy in which a marketer gathers information using questionnaires.
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Sampling
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Marketing strategy in which an operation tests a product with a specific, small group of people, sometimes called a focus group.
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Focus Group
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Specific, small group of people used to determine how well a product or service might do on a larger scale.
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Target Market
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People an operation intends to pursue as customers.
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Customer Driven
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Marketing strategy that is driven by satisfying the wants and needs of the customer.
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Mass Marketing
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Treating everyone on the market as having the same needs and wants.
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Target Marketing
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Treating people as different from each other and trying to make a focused appeal to a distinct group of customers.
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Market Segmentation
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When marketers break down a large market into smaller groups of similar individuals that make up that market.
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Demographics
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Ways in which researchers categorize or group people; for example, by age, income levels, geographic location, and so on.
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Demographic Segmentation
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marketing that looks at the personal makeup of individuals in a given location.
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Geographic Segmentation
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Marketing that includes such factors as where consumers live, where they work, and what kind of transportation they use.
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Product Usage
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Marketing strategy that segments the market according to what products or services are popular in a given geographic area.
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Lifestyle Segmentation
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Marketing strategy that looks at the activities, hobbies, interests, and opinions of a given location.
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Value Proposition
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Statement of the value an operation's target customers will experience when they purchase its products and services.
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Positioning
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Creating within the marketplace a clear, specific identity for both a product and the operation that offers that product.
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Promotional Mix
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Ways in which marketing communicates with an operation's market.
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Advertising
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Paying to present or promote an operation's products, services, or identity; can be conducted through multiple mediums.
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Sales Promotions
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Limited, or short-term, incentives to entice customers to patronize an operation.
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Personal Selling
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Face-to-face interactions between service staff and guests; well-trained service staff can also go a long way in communicating an operation's message.
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Public Relations (PR)
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Process by which an operation interacts with the community at large.
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Direct Marketing
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Making a concerted effort to connect directly with a certain segment of the market.
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Special Pricing
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Limited-time reduced prices offered through specials, deals, coupons, or other programs; saves customers money and creates a low-risk opportunity to try a new item.
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Frequent Shopper Program
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Provides a benefit in exchange for continuing patronage; often free food items or substantial discounts.
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Premiums
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Token gifts or giveaway items, such as pens, stationary, children's toys, mugs, T-shirts, or magnets that display the restaurant name and location or phone number.
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Special Events
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One-time or periodic occasions that provide a special incentive for the customer to patronize your restaurant.
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Samples
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Free, small tastes of food items, providing customers a risk-free opportunity to try a new item.
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Contests and Sweepstakes
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Games and other programs that involve the customer and provide a prize.
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Cooperative Sales Promotions
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When two or more sponsors develop complementary promotions or offer complementary promotion materials.
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Publicity
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Attention an operation receives.
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Community Relations
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Interacting with people in the local area to create awareness of and trust for an operation.
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Media Relations
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Relationships that marketers maintain with media outlets.
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Press Release
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Also called a news release; a brief presentation of promotional information written to sound like a news article.
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Press Kit
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Also called a media kit; a packet of information given to media representatives to answer questions they might have about a business or organization.
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Media Vehicle
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Particular publications or radio stations.
