HFT 2500 Chapter 1

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

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