HFT 2500 EXAM 2 – Flashcards
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CHAPTER 5
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CHAPTER 5
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The goal of ______ research is to gather preliminary information.
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exploratory descriptive casual
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The goal of ______ research is to describe the size and competition of the market.
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descriptive
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Secondary data
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-Secondary data can be obtained from either internal or external sources. -secondary data can be obtained more quickly than primary data.
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Which of the following is not a basic research approach?
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-observational research -survey research -experimental research
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________ can be used to collect large amounts of information at a low cost per respondent.
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Mail questionnaires
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Which of the following statements is true?
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If well chosen, samples of less than 1% of a population can give good reliability
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Internal records
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-guest comments cards -hotel daily reports, including occupancy, number of guests, etc. -disguised shoppers -------------------- -Guest comment cards -Listening to and speaking with guests -Mystery shoppers -Company records -Point-of-sale information -Corporate customer and marketing intermediary information
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All of the following are EXTERNAL MARKETING INFORMATION, except:
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point-of-sale information the following are external marketing information: -macromarket information -competitive information -new innovation and trends
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The MARKETING RESEARCH PROCESS consists of the following steps, except:
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SWOT analysis research process: -defining the problem and research objectives -developing and implementing the research plan -interpreting and presenting the findings
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________ has an excellent rate of speed of data collection.
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telephone interviewing
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A marketing research project which has an objective of gathering preliminary information to define the problem is known generally as
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exploratory research
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Which of the following surgery methods has a poor response rate?
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mail
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Employees are one of the internal sources of marketing intelligence.
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T
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Marketing intelligence includes everyday information about developments in the marketing environment.
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T
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In terms of marketing research, defining the problem and research objectives are often the most important steps in the research process.
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T
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MIS stands for Marketing Information System
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T
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Casual research gathers preliminary ifnormation that will help define the problem and suggest research hypotheses.
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F
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Unstructured surveys are often guided according to the answers provided by the respondent.
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T
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Secondary data is simply the highest priority information used by the company to make decisions.
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F
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Personal interviewing takes two forms: intercept and group interviewing
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T
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Marketing researchers usually draw conclusions about large consumer groups by taking a sample.
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T
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Focus group interviewing is usually conducted by inviting 16 to 20 people
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F
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Mystery shopping is a guest information management tool
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T
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Examining guest booking patterns is a type of guest trend information often used by hospitality organizations for assisting with planning and assessing revenue/yield management
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T
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Market Research
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To create value for customers and build relationships with them, marketers must gain insight into what customers need & want
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Guest information is considered a primary or secondary source of information?
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secondary
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Marketing Intelligence - Secondary
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Internal marketing intelligence -Company Executives, Owners and Managers, Contact Personnel, etc. External marketing intelligence -Macro-market info, Trends, Innovations, etc. Competitive information -Annual reports, trade pubs, press releases, competitive promotions, Internet, online databases, etc.
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Guest information is vital to..
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-improving service -creating effective promotion programs -developing new products -improving existing products -developing M&S plans -Development of an effective revenue management program
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CHAPTER 6
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CHAPTER 6
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Consumer buying behavior refers to the buying behavior of ________ customers.
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final
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Marketers must understand how the stimuli are changed into what?
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responses inside the consumer's black box.
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A buyer's decision process affects __________.
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outcomes
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_________ is the most basic determinant of a person's wants and behavior
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culture
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________ refer to the groups to which people do not belong but would like to.
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Aspirational groups
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The buying process starts from ________.
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need recognition
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The set of beliefs held about a particular brand is known as the _________.
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brand image
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Prizm is a _______ system that allows researchers to know the mix or density of lifestyle groups in each of the nation's 36,000 zip code areas
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geodemographic
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______ refers to distinguishing psychological characteristics that lead to relatively consistent and enduring responses to the environment.
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personality
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__________ is the process by which an individual selects, organizes, and interprets information to create a meaningful picture of the world.
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perception
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_________ is the tendency to twist information into personal meanings and interpret information in a way that will fit our preconceptions.
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selective distortion
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Cognitive dissonance is caused by ______ conflict.
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post-purchase
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VALS
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values and lifestyles program
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One of the eight American lifestyles is
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believers
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Consumer purchases are strongly influenced by cultural, social, personal, and psychological characteristics
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T
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Social classes have no impact on product and brand preferences.
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F
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Family life-cycle stages have no impact on consumers' buying behaviors.
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F
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A lifestyle is a person's pattern of living as expressed in his or her activities, interests, and opinions.
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T
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The VALS framework is a demographic segmentation system.
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F
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A person's behavior tends to be consistent with his or her self-concept.
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T
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Maslow's "Hierarchy of Needs," in order of importance, are safety needs, esteem needs, and social needs.
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F
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Because of consumers' selective attention, marketers have to work hard to attract consumers' notice.
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T
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Learning describes changes in an individual's behavior arising from experience.
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T
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An attitude is a descriptive thought that a person holds about something.
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F
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Buying behavior is not shaped by stages in the family life-cycle.
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F
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A set of beliefs about a particular brand is known as brand image.
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T
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Selective Attention
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we screen out stimuli because we are overloaded and cannot process it all
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Selective Distortion
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tendency to twist information into personal meanings and interpret it to fit our preconceptions
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Selective Retention
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we forget much of what we learn but tend to remember info that supports our attitudes and beliefs
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Building strong relationships
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Consumer gets to know the brand: -marketing messages -experiences Brand gets to know the consumer: -research -feedback
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Consumer behavior
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how we make sense of the world -perception (senses and non verbal) -association (group, patterns, rituals) values, beliefs and environment needs
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5 premises of consumer behavior
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-Consumer behavior is purposeful and goal oriented -The consumer has free choice -Consumer behavior is a process -Consumer behavior can be influenced -There is a need for consumer education
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Factors influencing consumer behavior
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cultural -> social -> personal -> psychological -> buyer
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Social factors
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Primary - regular but informal interaction family, friends, neighbors, coworkers, etc. Secondary - more formal with less regular interaction Religious groups, professional organizations, trade unions, etc
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Social Factors STATS
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Women influence up to 80% of car-buying decisions Men account for 40% of food shopping dollars US food industry spends $14 billion advertising to children
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Personal Factors
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Lifestyle is a person's pattern of living as expressed in activities, interests and opinions
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Psychological Factors
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Buying choices are also influenced by four major psychological factors... -Motivation -perception -learning -beliefs & attitudes
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Maslow's Hierarchy of Needs
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Self actualization esteem needs (self-esteem) social needs (sense of belonging, love) safety needs physiological needs (hunger, thirst)
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Buyer decision process
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need recognition -> information search -> evaluation of alternatives -> purchase decision -> post-purchase behavior
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Buyers remorse
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Cognitive dissonance is buyer discomfort caused by post purchase conflict
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CHAPTER 8
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CHAPTER 8
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The philosophy of ______ is to identify market segments, select one or more, and develop products and marketing mixes tailored to each selected segment.
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target marketing
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_____ is to evaluate each segment's attractiveness and select one or more of the market segments.
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market targeting
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_______ divides buyers into different groups based on social class, lifestyle, and personality characteristics.
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psychographic segmentation
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Many marketers believe that ______ are the best starting point for building market segments.
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behavior variables
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The _______ rule states that in many businesses, a high percent of the business is generated by a low percent of the clientele.
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80/20
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_________ examines the degree to which segments are large or profitable enough to serve as markets.
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Substantiality
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A firm using a ________ strategy targets several market segments and designs separate offers for each segment.
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differentiated marketing
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When choosing a market-coverage strategy, companies need to consider all of the following factors, except:
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all of the above
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_________ gives buyers a too narrow picture of the company.
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overpositioning
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A difference is worth establishing to the extent that it satisfies the following criteria:
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all of the above
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McDonald's offering regular hamburgers, Big Macs, and Quarter Pounders is an example of what type of marketing?
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product-variety marketing
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Sandals (www.sandals.com), an all-inclusive powerhouse in the Caribbean, is a leading resort operator for "mixed-gender couples only." Sandals is an example of:
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product-variety marketing
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Market targeting involves evaluating each market segment's attractiveness and selecting one or more of the market segments to enter.
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T
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Psychographic segmentation often divides the market on the basis of variables such as age, gender, income, and occupation.
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F
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Segmentation based upon buyer knowledge, attitudes, use, or response to the product are forms of behavioral segmentation.
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T
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Market segmentation by whether a customer is informed or is interested in a product is an example of segmentation by buyer-readiness stage.
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T
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Age, gender, family life cycle, income, occupation, education, religion, race, and nationality are geographic segmentation variables.
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F
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Strong buyers and suppliers make a segment more attractive.
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F
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Differentiated marketing is a market-coverage strategy in which a firm goes after a large share of one or a few submarkets.
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F
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Deciding to ignore market segment differences and go after the whole market with one offer is considered a differentiated marketing strategy.
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F
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A product's position is the way the product is defined by the company relative to its competition on relevant attributes.
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F
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Market positioning involves dividing the market into a distinct group of buyers based upon their different needs.
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F
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Measurability is not a requirement for effective segmentation.
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F
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Undifferentiated, differentiated, and concentrated marketing are three types of market-coverage strategy.
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T
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Market-coverage strategies
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Undifferentiated - "one size fits all" Differentiated - offers vary based upon segment Concentrated - niche focus, larger share of smaller segment
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Developing a positioning strategy
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Identify a set of possible competitive advantages Select the right competitive advantages Effectively communicate your chosen position to a carefully selected target market
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Brand differences should meet the following criteria prior to marketing:
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Important Distinctive Superior Communicable Affordable Profitable
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Product Differentiation
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Physical Attribute Differentiation Service Differentiation Personnel Differentiation Location Differentiation Image Differentiation
