HFT 2500 – Flashcard

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One of the outcomes of currency devaluations in a destination country such as Argentina is that the country ____________ as a destination of conventions and meetings.
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Starts Gaining
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The most dramatic force shaping our destiny is:
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Technological
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"Project RED" was the name given to the long-term strategy of which restaurant chain?
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Red Robin
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Which of the following is NOT a general trend in the United States?
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College graduation rates staying roughly the same
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Companies that diversify too broadly into unfamiliar products or industries can ______ their market focus.
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Lose
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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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So long as a company sets high standards for service quality, it is not necessary to evaluate its actual performance.
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False
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At the Ritz-Carlton, each employee can spend up to _________ to redress a guest grievance
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$2,000
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Hotel developers generally have lower barriers to entry than restaurant developers
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False
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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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Critics of strategic alliances point out the high failure rate of such alliances, which is probably unfair, since short-term objectives may have been met.
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True
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According to the Ansoff product-market expansion grid, management should first consider whether:
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It should gain more market share with its current products in their current market
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The number of women in the American workforce is approaching 30 percent
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False
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To reduce uncertainty caused by service intangibility, buyers look for whatever tangible evidence they can find that will provide information about the service
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True
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During recessions or oil shortages, people rarely travel
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False
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The hotel industry characteristically has a _______________ barrier to exit.
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High
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Overbooking is another method that hotels, restaurants, trains, and airlines use to match:
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Demand with capacity
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Perhaps the best measure of service quality is:
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Customer retention
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A product can be:
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tangible or intangible
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A system of values and beliefs in an organization that reinforces the idea that providing the customer with quality service is the principal concern of the business is called __________________.
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Service culture
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Which of the following is one of the four Ps of the marketing mix?
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Place
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Good marketers have two methods-marketing intelligence and marketing research-for collecting information about the environment
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True
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Defining people by their birthrate may be less valuable to marketers than defining them by their life stage or lifestyle.
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True
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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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Which of the following is not an example of a marketing intermediary?
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Next-day delivery providers
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_____________ may also have a strong influence on family buying decisions.
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Children
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Formulating competitive positioning for a product and a detailed marketing mix is called:
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Market positioning
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The type of research used to gather preliminary information to help generate a research hypothesis is called:
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Exploratory research
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Status is the general esteem given to someone fulfilling his/her role in society.
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True
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Deciders are the individuals that will actually use the product being purchased.
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False
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Which of the following is not a part of the psychographic variable?
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Loyalty
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________________________ are the most affluent U.S. demographic segment.
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Asian American
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The three stages of target marketing are market segmentation, market targeting, and:
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Market positioning
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Among the four contact methods-mail, telephone, personal, and online-which is the poorest in terms of costs?
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Personal
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Which of the following is NOT a part of the SMERF market?
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Economic
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In an Organizational Buying process, ____________ select product requirements and suppliers.
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Deciders
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Which American social class comprises the largest part of the population?
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Working (38%)
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Mail questionnaires are very expensive per respondent compared to other survey methods.
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False
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People from which country are likely to expect promptness and prefer quick, unfriendly service over having a conversation with the service provider?
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Japan
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Organizational demand that ultimately comes from the demand for consumer goods is called:
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Derived demand
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Most human behavior is learned
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True
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A segment may have desirable size and growth and still not offer attractive profits.
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True
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________ is the most widely used method of primary data collection.
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Survey research
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Individuals that have the power to prevent sellers from reaching the buying center are called:
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Gatekeepers
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Which of the following provides the highest opportunity for upsell?
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Meetings
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SRI's VALS framework is one of many different psychographic segmentation systems available today.
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False
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Incentive travel, a unique subset of corporate group business, is a reward that participants receive for _________________________.
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Achieving or exceeding a goal
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Actionability is the degree to which the segment's size and purchasing power can be measured.
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False
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Will a school system pension fund with investments across all continents be considered a SMERF group?
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No
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A marketing research project where the objective is to describe the size and composition of the market is called:
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Descriptive research
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Marketing tests give management the information it needs to make a final decision about:
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Launching a new product
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Making direct connections with carefully targeted individual consumers to both obtain an immediate response and cultivate lasting customer relationships is known as:
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Direct marketing
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The sequence of integrated direct marketing technique is:
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Paid ad with a response channel > Direct mail mechanism > Outbound telemarketing > Face-to-face sales calls
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The services or goods that must be present for the guest to use the core product are called:
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Facilitating products
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In the joining stage of the customer delivery system:
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The customer makes the initial inquiry contact
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The most important source of new product ideas is:
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Customers
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Advertising costs are continuing to rise, and audience reach is continuing to fall.
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True
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Corporate communications is a branch of public relations that is limited to business-to-business publicity.
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False
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Advising management about public issues and company positions and image is called:
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Counseling
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The most basic type of website is the:
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Corporate website
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The process of sourcing ideas by inviting broad communities of people is called:
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Crowdsourcing
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Only in a few cases have sales promotions given consumers the impression that profit margins were unreasonably high to start with.
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False
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Samples do not have to be free
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True
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In one study, researchers found that about 50 percent of restaurant customers were willing to pay a little more for brand-name products.
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True
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All of the following are objectives of the sales promotion process except:
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Reducing bad publicity
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The dimension of atmosphere relating to volume and pitch is called:
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Aural
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Casino operator Harrah's Entertainment has built a customer database containing _________________ of customer information.
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30 terabytes
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The purpose of "idea screening" is:
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To spot good ideas and drop poor ones as quickly as possible
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Isolation and/or obscurity of a hotel can actually have PR potential.
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True
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Cause-related marketing is directly used to create:
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Goodwill
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Market testing is a concept that:
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Varies with each new product
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Frequent guest points that hotel guests build up for repeat stays are an example of:
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Patronage rewards
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In the past it was common for the marketing function and PR function to be handled by different departments in a firm
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True
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________ crises give a warning before they occur.
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Smoldering
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The most powerful approach to integrated direct marketing is:
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Multiple-vehicle, multiple-stage
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