HMGT- Marketing and Sales Final – Flashcards

Unlock all answers in this set

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