HMGT- Marketing and Sales Final

The social and managerial process by which individuals and groups obtain what they need through creating and exchanging products and value with others is called
Marketing mix elements do not include
marketing information systems
Instead of simply being defined as “freedom from defects,” QUALITY should be defined
In terms of customer satisfaction
When backed by buying power, wants become…
anything that can be offered to the market to satisfy a want or need
it’s important to assess this customer value in order to ensure long-term support
long-term value
describes a channel that stretches from raw materials, to components, to final products that are carried to final buyers
supply chain
The fact that a business traveler will have a very positive check-in experience during one stay at a hotel and then a very negative check-in experience the next time is an issue related to which service characteristic?
If you manage a 200-room hotel, and only sell 150 rooms tonight, you can’t stockpile the extra 50 rooms to sell tomorrow. This is a problem with the ________ of services
Perhaps the best measure of service quality is
customer retention
Studies have shown the best way to deal with service failure is to
give the customer timely information regarding failure
In a well-run hospitality organization, there are two customers—the paying customers and the
Revenue management grew out of ___________ management, which was introduced in the 1980s.
It is better to give the customer a time ____________ the anticipated wait time.
longer than
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
service culture
A well worked-out ________ provides company employees with a shared sense of purpose, direction, and opportunity.
mission statement
The principal objective of a market-oriented mission statement is to
satisfy basic customer needs
If a hotel chain buys one of its suppliers, it is engaging in what type of growth?
backward integration
The ideal target market for a firm is the one in which it can profitably generate the greatest customer ________ and ________ it over time.
value; sustain and grow
growth makes sense when good opportunities can be found outside the present businesses.
is the marketing logic by which the company hopes to create customer value and achieve profitable relationships.
marketing strategy
consists of the forces close to the company that affect its ability to serve its customers.
The most dramatic force shaping our destiny is
environment includes institutions that affect society’s basic values, perceptions, preferences, and behaviors.
The Internet has created both __________________________________ transparency
disintermediation and pricing
is any group that has an actual or potential interest in or impact on an organization’s ability to achieve its objectives.
Each society contains _____________, groups of people with shared value systems based on common life experiences or situations
The single most important element in any hospitality information system is a process for
capturing guest history information
The type of research used to gather preliminary information to help generate a research hypothesis is called
exploratory research
If you are in a hurry to collect survey data, the worst method to use is
mail surveying
“Customers” who are in reality undercover employees of hotel management are called
mystery shoppers
A process that identifies and defines marketing opportunities and problems, monitors and evaluates marketing actions and performance, and communicates the findings and implications to management is called
marketing research
Among the four contact methods—mail, telephone, personal, and online—which is the poorest in terms of controlling the interviewer effect?
The factor that exerts the broadest and deepest influence on behavior is
The buyer decision process begins with
need recognition
The most important consumer buying unit in the United States (one that has been researched extensively) is the
When we screen out information coming at us, we are engaged in the act of
selective retention
Social scientists have identified _________ American social classes.
may also have a strong influence on family buying decisions
Individuals that have the power to prevent sellers from reaching the buying center are called
The first step in the buygrid framework is that of
problem recognition
are rewards that participants receive for achieving a goal
incentive meetings
SMERF stands for
Social, Military, Educational, Religious, and Fraternal
LEED stands for
leadership in energy and environmental design
Users, Influencers, Approvers, Buyers, and Gatekeepers are participants in the
Organizational buying process
With ________ the seller identifies market segments, selects one or more, and develops products and services tailored to each selected segment
differentiation marketing
The three stages of target marketing are market segmentation, market targeting, and
market positioning
Which of the following is a psychographic segmentation variable?
social class
In using a(n) ________ marketing strategy, a company ignores market segmentation and goes after the entire market with one market offer.
Loyal customers are price _____________ compared to brand-shifting patrons.
Undifferentiated marketing is more suited for _____________ products.
The ________ product level answers the question of what is really being bought.
The additional consumer services and benefits built around the actual product are called the:
supportive product
The added value endowed on products and services is the:
brand equity
In the ________ phase of the new product development process, prototypes appear for the first time.
product development
In the ________ of the product life cycle, sales decrease and supplies start to exceed demand.
The most important source of new product ideas is
the customer
A moment of truth occurs when employees and ________ have contact
An internal marketing program requires a strong commitment from
In a service-oriented organizational culture ________ are at the top of the organization.
the customers
is when a firm moves the authority and responsibility to make decisions to the line employees from the supervisor.
Marketing by a service firm to effectively train and motivate its customer-contact employees and all the supporting service people to work as a team to provide customer satisfaction is called
Interactive marketing
Training employees to do two or more jobs within the organization is called
A server in a restaurant who convinces a patron to buy a t-shirt at the front counter is
For which goods could the demand slope curve upward?
prestige goods
In the short run, the most important pricing strategy is
sales maximum
The basic break-even price is
fixed costs divided by selling price
Costs that do not vary with production levels are called
Fixed Costs
During periods of weak demand very few competitors escape the effect of a ________ market
A restaurateur buying produce from a grower at a farmers’ market is an example of
direct marketing channel
computerized reservation systems that serve as a product catalog for travel agents and other distributors of hospitality products
Global distribution system (GDS)
The chances of succeeding are the highest if you
buy a franchise
In a supply chain, “downstream” from the company is a set of firms that
connect them to their customers
Conflicts between different levels of the same channel are termed
vertical conflict
In the buyer readiness process, the state that immediately precedes purchase is
The most logical method of setting the promotion budget is the
objective and task method
The ________ method of promotion budgeting views sales as the cause of promotion rather than as the result.
percentage-off sales method
advertising is used when introducing a new product
Viral marketing messages have a higher chance of being opened because they come from a
The process by which the receiver assigns meaning to the symbols encoded by the sender is called
advertising is used for mature products
covers internal and external communications and promotes understanding of the organization
corporate communication
Cause-related marketing is directly used to create
crises give a warning before they occur
Lobbying involves dealing with legislators and government officials to _____________ legislation and regulation
promote or defeat
In preparing for crisis communication, it is important to train employees regularly and document such training for
crisis management
The first step in the personal selling process is
Sales representatives deciding how to allocate their scarce time among prospects and customers is known as
responsibility increases the sales representative’s incentive to cultivate local business and personal ties.
The ________________ department should be trained to make inquiries of guests representing companies to find out if more business exists from those companies.
A basic model of motivating sales representatives is
motivation, effort, performance, rewards, satisfaction
Making direct connections with carefully targeted individual consumers to both obtain an immediate response and cultivate lasting customer relationships is known as
DIrect Marketing
A central repository of an organization’s customer information is known as
Data Warehouse
The most basic type of website is the
Which of the following is a reason that direct marketing has grown?
precision targeting
The most powerful approach to integrated direct marketing is
Ethical Appeal
In periods of low demand, companies can use direct marketing to target _________ customers and produce quick results.
Do-not-call legislation has ________ the telemarketing industry.
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