question

the features and characteristics of a product that bear on its ability to satisfy customer needs

answer

Quality

question

a state of felt deprivation

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*need

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anything that can be offered to a market to satisfy a want or need

answer

product

question

A company's ___________ is the set of benefits or values it promises to deliver to consumers to satisfy their needs.

answer

value proposition

question

False

answer

*A market is only the set of actual, not potential, buyers who have transacted with a seller. T or F?

question

tangible or intangible

answer

A product can be:

question

relationship marketing

answer

*Building strong economic and social ties with customers by delivering high-quality products and services is the foundation of:

question

True

answer

*In choosing among products, the guiding principle of most consumers is customer value-the most benefit for the price. T or F?

question

in terms of customer satisfaction

answer

Instead of simply being defined as "freedom from defects," QUALITY should be defined:

question

long-term

answer

*It is wise to assess the customer's __________ value and take appropriate actions to ensure a customer's long-term support.

question

Product Placement (distribution) Price Promotion

answer

*Marketing mix elements, 4 P's:

question

suppliers

answer

Relationship marketing is a process where marketers work at building relationships with customers, distributors, dealers, and:

question

supply chain

answer

The ________________ describes a channel that stretches from raw materials, to components, to final products that are carried to final buyers.

question

needs

answer

*The most basic concept underlying marketing is that of:

question

True

answer

*The product concept holds that customers prefer existing products, and the job of management is to develop good versions of these existing products. T or F?

question

available; affordable

answer

*The production concept holds that consumers will favor products that are __________ and highly ____________, and therefore management should focus on production and distribution efficiency.

question

selling; promotion

answer

*The selling concept holds that consumers will not buy enough of the organization's products unless the organization undertakes a large _________ and __________ effort.

question

True

answer

The simplest definition of marketing is delivering customer satisfaction at a profit. T or F?

question

marketing

answer

*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:

question

the hospitality and travel industries

answer

*The two main industries that comprise the activities we call tourism are:

question

improvements

answer

*Under the product concept, marketing strategy focuses on making continuous product ___________.

question

demands

answer

*When backed by buying power, wants become:

question

to maximize customer satisfaction

answer

Which is not a purpose of marketing in a customer-centered firm?

question

Barnacles

answer

____________ are highly loyal but not very profitable.

question

Exchange

answer

____________ is the act of obtaining a desired object from someone by offering something in return.

question

any occasion on which a customer encounters the brand and product—from actual experience to personal or mass communications to casual observation

answer

customer touch point

question

based on past buying experiences, the opinions of friends, and market information

answer

customer expectations

question

the difference between the benefits that the customer gains from owning and/or using a product and the costs of obtaining the product.

answer

customer value

question

A set of actual and potential buyers of a product

answer

market

question

tangibilizing the service

answer

*A casino employee's uniform and a restaurant's fancy front lobby are a means of:

question

service culture

answer

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 __________________.

question

train the customers

answer

*Because services are characterized by the issue of inseparability, service providers often will have to:

question

inseparability

answer

*Customers cannot take services on a "test drive," which means that they cannot evaluate them before they use them. This is a problem with the ________ of the service.

question

Internal marketing, external marketing, interactive marketing

answer

Additions besides 4 P's to service marketing:

question

- Managing service differentiation, service quality, and service productivity - Resolving customer complaints - Employees as part of the product, managing perceived risk, managing capacity and demand

answer

Marketing Strategies:

question

overbooking

answer

Developing a good ______________ policy minimizes the chance of walking a guest.

question

Service differentiation, service quality, and service productivity

answer

Hospitality companies face the task of increasing three major marketing areas:

question

perishability

answer

*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.

question

employees

answer

In a well-run hospitality organization, there are two customers-the paying customers and the ___________.

question

more than

answer

It is better to give the customer a time ____________ the anticipated wait time.

question

internal

answer

*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 ___________________ marketing.

question

True

answer

Most restaurant kitchens would be considered examples of invisible organizations. T or F?

question

demand with capacity

answer

Overbooking is another method that hotels, restaurants, trains, and airlines use to match:

question

customer retention

answer

*Perhaps the best measure of service quality is:

question

inversely

answer

Price is ____________ related to demand for most products.

question

yield

answer

Revenue management grew out of ___________ management, which was introduced in the 1980s.

question

interactive

answer

*Service marketing requires both internal marketing and ______________ marketing.

question

Give the unhappy customer timely information regarding the failure

answer

Studies have shown the best way to deal with service failure is to:

question

True

answer

*The perishability of a service is especially a problem when demand fluctuates. T or F?

question

True

answer

*To reduce uncertainty caused by service intangibility, buyers look for whatever tangible evidence they can find that will provide information about the service. T or F?

question

increasingly intangible services

answer

Which of the following is NOT a link in the service-product chain?

question

external service quality

answer

Which of the following is not part of the service profit chain?

question

Queues

answer

____________ form(s) when capacity exceeds demand and guests are willing to wait.

question

True

answer

A business portfolio is the collection of businesses and products that make up the company.

question

sales volume

answer

A company may discover additional sources of ________________ by investigating possible integration moves.

question

1. Define the company mission 2. Set company objectives and goals 3. Design business portfolio 4. Plan marketing and other business strategies

answer

Steps in corporate strategic planing:

question

True

answer

A critical and sometimes overlooked stakeholder group is that of owners of hotels managed by a hotel management company. T or F?

question

backward integration

answer

*A hotel company acquiring a food distributor is an example of:

question

1. Concentric diversification - seek new products that expand the company's market 2. Horizontal diversification - new products that appeal to current customers 3. Conglomerate diversification - company seeks new business that has nothing to do with their current situation

answer

3 types of diversification growth:

question

1. Backward integration - company acquires one of its suppliers or distributors 2. Forward integration - company acquires wholesalers or travel agencies 3. Horizontal integration - company acquires one of its competitors

answer

3 types of integrative growth:

question

forward integration

answer

*A hotel company acquiring a tour operator is an example of:

question

horizontal integration

answer

A hotel company acquiring one or more of its competitors is an example of:

question

mission statement

answer

A well worked-out ________ provides company employees with a shared sense of purpose, direction, and opportunity.

question

It should gain more market share with its current products in their current market

answer

*According to the Ansoff product-market expansion grid, management should first consider whether:

question

True

answer

An internal environmental analysis is essentially a strengths and weaknesses analysis. T or F?

question

lose

answer

Companies that diversify too broadly into unfamiliar products or industries can ______ their market focus.

question

True

answer

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. T or F?

question

Backward integration

answer

*If a hotel chain buys one of its suppliers, it is engaging in what type of growth?

question

superior

answer

Market definitions of a business are ___________ to product definitions.

question

False

answer

Mission statements should be realistic and general in nature. T or F?

question

product

answer

Most large companies consist of four organizational levels: corporate, division, business unit, and:

question

True

answer

One of the major effects of the marketing plan process is that it forces marketing managers to objectively review all steps in the marketing process. T or F?

question

market targeting

answer

*Selecting one or more market segments to enter is part of:

question

purpose

answer

Studies have shown that a well-crafted mission statement aids a firm's performance, as the mission statement serves as a statement of:

question

processes

answer

The example of the Las Vegas Hilton's change in strategic focus underscores how companies are increasingly refocusing their attention on the need to manage ________ instead of departments.

question

value; sustain and grow

answer

The ideal target market for a firm is the one in which it can profitably generate the greatest customer ________ and ________ it over time.

question

vertical

answer

The number of channel levels from raw materials to final product and the distribution in which the company will engage is an example of ________ scope.

question

satisfy basic customer needs

answer

The principal objective of a market-oriented mission statement is to:

question

market segmentation

answer

*The process of dividing a market into distinct groups of buyers who have different needs, characteristics, or behavior and might require separate products or marketing programs is called _______________________.

question

conglomerate diversification

answer

*When hotel chains enter such markets as the retirement home industry they are practicing which type of strategy?

question

Diversification

answer

____________ growth makes sense when good opportunities can be found outside the present businesses.

question

Marketing strategy

answer

_________________ is the marketing logic by which the company hopes to create customer value and achieve profitable relationships.

question

the competitor's share of the target market

answer

share of market

question

The percentage of customers who named the competitor in responding to the statement, "Name the first company that comes to mind in this industry." - who do you first think of?

answer

share of mind

question

The percentage of customers who named the competitor in responding to the statement, "Name the company from whom you would prefer to buy their product.

answer

share of heart

question

Companies that offer similar services to the same customers at a similar price

answer

Product form competition (1)

question

Companies that make the same products or class of products

answer

Product category competition (2)

question

companies that supply the same service

answer

General competition (3)

question

companies that compete for the same consumer dollars

answer

Budget competition (4)

question

travel agents, wholesale tour operators, hotel representatives, and online travel agencies (OTAs)

answer

types of hospitality intermediaries

question

public

answer

A ____________ is any group that has an actual or potential interest in or impact on an organization's ability to achieve its objectives.

question

disintermediation and pricing

answer

The Internet has created both __________________________________ transparency.

question

1. Dividing a market into groups (market segmentation) 2. Selecting one or more (market targeting) 3. Developing competitive position and a marketing mix (market positioning)

answer

Target Marketing

question

buyer readiness stage

answer

"Unaware," "Aware," and "Informed" are three examples of which behavioristic segmentation variable?

question

position

answer

*A product's ________ is the way the product is defined by consumers on important attributes.

question

true

answer

*A segment may have desirable size and growth and still not offer attractive profits. T or F?

question

behavioral segmentation

answer

*Dividing a market into groups based on consumers' knowledge, attitude, use, or response to a product is called:

question

market targeting

answer

*Evaluating each market segment's attractiveness and selecting one or more of the market segments to enter is called:

question

market positioning

answer

*Formulating competitive positioning for a product and a detailed marketing mix is called:

question

undifferentiated

answer

*In using a(n) ________ marketing strategy, a company ignores market segmentation and goes after the entire market with one market offer.

question

concentrated marketing

answer

*Instead of going for a small share of a large market, the firm pursues a large share of one or a few small markets. This marketing strategy is called:

question

insensitive

answer

Loyal customers are price _____________ compared to brand-shifting patrons.

question

competitive advantage

answer

Offering consumers greater value either through lower prices or by providing more benefits that justify higher prices is called:

question

giving buyers too narrow a picture of the company

answer

Overpositioning is defined as:

question

actionability

answer

The degree to which effective programs can be designed for attracting and serving segments is the ____________ of the market segment.

question

accessibility

answer

The degree to which segments can be assessed and served is the ____________ of the market segment.

question

1. Size & growth 2. Structural attractiveness 3. Company objectives and resources

answer

3 factors for evaluating and selecting market segments

question

-physical attributes -service -personnel -location -image

answer

5 ways to differentiate position:

NHM 464 Marketing Test #1 – Flashcards

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