Chapter 4
Small and individually owned companies do not have to worry about __________ their products. This allows them to ________ quickly to local trends and offer more variety.
Small and individually owned companies do not have to worry about standardizing their products. This allows them to adapt quickly to local trends and offer more variety.
The US is experiencing the age of the "_________ consumer." Along with rising incomes have come increased financial burdens.
The US is experiencing the age of the "squeezed consumer." Along with rising incomes have come increased financial burdens.
After the baby boomers came a generation lacking distinguishable characteristics. Known as ___________ or Baby Busters, they grew up during the recession and corporate downsizing.
After the baby boomers came a generation lacking distinguishable characteristics. Known as Generation X or Baby Busters, they grew up during the recession and corporate downsizing.
At a period when existing hotels are struggling to fill their rooms, it is common to have competitors _______ the market. This is because most hotels are planned during _______ in the business cycle.
At a period when existing hotels are struggling to fill their rooms, it is common to have competitors enter the market. This is because most hotels are planned during upswings in the business cycle.
26. Baby boomers look for _______ and research in their vacations. This is one of the reasons why all-inclusive vacations are popular among them.
Baby boomers look for value and research in their vacations. This is one of the reasons why all-inclusive vacations are popular among them.
Because more people are divorcing, separating, choosing not to marry, marrying later, and marrying without intending to have children, marketers are increasingly adapting to the needs of __________ households.
Because more people are divorcing, separating, choosing not to marry, marrying later, and marrying without intending to have children, marketers are increasingly adapting to the needs of nontraditional households.
Believing in marriage is a core belief, while believing that people should get married early is a secondary belief. Marketers have some chance of changing _________ values but little chance of changing core values.
Believing in marriage is a core belief, while believing that people should get married early is a secondary belief. Marketers have some chance of changing secondary values but little chance of changing core values.
By communicating the possible effects of legislation on the industry and the community, PACs can sometimes influence pending legislation. This goes to show that the __________ environment is an element of the macro-environment that can be influenced.
By communicating the possible effects of legislation on the industry and the community, PACs can sometimes influence pending legislation. This goes to show that the political environment is an element of the macro-environment that can be influenced.
_________ markets consist of individuals and households that purchase hospitality services for leisure activities, medical needs, and gatherings.
Consumer markets consist of individuals and households that purchase hospitality services for leisure activities, medical needs, and gatherings.
Data collected about the environment must be reliable, timely, and used in decision making. Best Western's VP of Marketing said researchers must put less emphasis on data _________ and more effort in data __________.
Data collected about the environment must be reliable, timely, and used in decision making. Best Western's VP of Marketing said researchers must put less emphasis on data collection and more effort in data interpretation.
________ is the study of human populations in terms of size, density, location, age, gender, race, and occupation.
Demography is the study of human populations in terms of size, density, location, age, gender, race, and occupation.
Each firm must consider its size and industry position in relation to that of its competitors in order to implement a competitive marketing _________.
Each firm must consider its size and industry position in relation to that of its competitors in order to implement a competitive marketing strategy.
Each society contains __________, groups of people with shared value systems based on common life experiences or situations. These groups have specific wants and buying behavior that allow marketers to choose them as target markets.
Each society contains subcultures, groups of people with shared value systems based on common life experiences or situations. These groups have specific wants and buying behavior that allow marketers to choose them as target markets.
Environmental trends that marketers must be aware of are ________ of raw materials, increasing ________, and ________ government intervention in natural resource management.
Environmental trends that marketers must be aware of are shortages of raw materials, increasing pollution, and increased government intervention in natural resource management.
Government regulation and enforcement in business practices is likely to increase in the future. Business executives should take into consideration major laws protecting _________, _________, and _________ when planning products and marketing programs.
Government regulation and enforcement in business practices is likely to increase in the future. Business executives should take into consideration major laws protecting competition, consumers, and society when planning products and marketing programs.
Hotels have _____ barriers to entry. This is due to costs of building a hotel and scarcity of good locations.
Hotels have high barriers to entry. This is due to costs of building a hotel and scarcity of good locations.
Hotels may create ___________ by using Internet reservations systems, making them less dependent on travel agents.
Hotels may create disintermediation by using Internet reservations systems, making them less dependent on travel agents.
In addition to having behavioral loyalty, a "truly loyal" customer exhibits __________ loyalty and is more likely to make favorable recommendations.
In addition to having behavioral loyalty, a "truly loyal" customer exhibits attitudinal loyalty and is more likely to make favorable recommendations.
In general a company has three variables to monitor when analyzing each of its competitors: share of _______, share of _______, and share of _______.
In general a company has three variables to monitor when analyzing each of its competitors: share of market, share of mind, and share of heart.
__________ economies constitute rich markets for many different kinds of goods. This type of economy has greater market opportunities.
Industrial economies constitute rich markets for many different kinds of goods. This type of economy has greater market opportunities.
It takes a relatively _____ amount of capital to get started in the restaurant business.
It takes a relatively small amount of capital to get started in the restaurant business.
Large firms with ________ positions in an industry can use strategies that smaller companies cannot afford.
Large firms with dominant positions in an industry can use strategies that smaller companies cannot afford.
_____ barriers to entry characterize the restaurant business. This makes it hard to predict future competition because _____ individuals have the means to become immediate competitors.
Low barriers to entry characterize the restaurant business. This makes it hard to predict future competition because many individuals have the means to become immediate competitors.
Many companies view the marketing environment as an __________ element to which they must adapt.
Many companies view the marketing environment as an uncontrollable element to which they must adapt.
Marketers must do more than adapt to the needs of ________ customers. They must also adapt to the strategies of other companies serving the same target markets.
Marketers must do more than adapt to the needs of target customers. They must also adapt to the strategies of other companies serving the same target markets.
Marketing __________ help the company promote, sell, and distribute its goods to the final buyers. They include travel agents, wholesale tour operators, and hotel representatives.
Marketing intermediaries help the company promote, sell, and distribute its goods to the final buyers. They include travel agents, wholesale tour operators, and hotel representatives.
Marketing services agencies are suppliers that help the firm implement its marketing strategy and tactics. Their capabilities include Public __________, _________, and ______ mail housing.
Marketing services agencies are suppliers that help the firm implement its marketing strategy and tactics. Their capabilities include Public Relations, advertising, and direct mail housing.
Part of environmental ________ requires that information be collected and analyzed in the market planning process to evaluate the importance of the trends so the organization may keep them in proper perspective.
Part of environmental scanning requires that information be collected and analyzed in the market planning process to evaluate the importance of the trends so the organization may keep them in proper perspective.
The company's marketing environment should include various publics. These groups have an ________ or ________ interest in or impact on an organization's ability to achieve its objectives.
The company's marketing environment should include various publics. These groups have an actual or potential interest in or impact on an organization's ability to achieve its objectives.
"__________ loyal" customers are frequent visitors but are not emotionally attached.
"Spurious loyal" customers are frequent visitors but are not emotionally attached.
A farming environment is said to have a _________ economy. The population consumes most of its own industrial and agricultural products.
A farming environment is said to have a subsistence economy. The population consumes most of its own industrial and agricultural products.
Companies can gain strategic advantage by strongly _________ their product in the minds of consumers.
Companies can gain strategic advantage by strongly positioning their product in the minds of consumers.
When outsourcing food and beverage operations, a _________ deal creates more commitment on the chef's part because they share directly in the __________ of the company.
When outsourcing food and beverage operations, a partnering deal creates more commitment on the chef's part because they share directly in the profits of the company.
Rather than watching and reacting, some firms take aggressive action to affect the publics and forces in their marketing environment. This is an example of the __________ management perspective.
Rather than watching and reacting, some firms take aggressive action to affect the publics and forces in their marketing environment. This is an example of the environmental management perspective.
Suppliers are firms and individuals that provide the _________ needed by the company to _________ its goods and services.
Suppliers are firms and individuals that provide the resources needed by the company to produce its goods and services.
The four levels of competition: ________, _________, Product __________, and Product _________.
The four levels of competition: Budget, General, Product Category, and Product Form.
The ________-environment consists of the larger societal forces that affect the entire microenvironment, that is, demographic, economic, natural, technological, political, competitor, and cultural forces.
The macro-environment consists of the larger societal forces that affect the entire microenvironment, that is, demographic, economic, natural, technological, political, competitor, and cultural forces.
The _______-environment consists of factors close to the company that affect its ability to serve its customers, the company itself, marketing channel firms, customer markets, and a broad range of publics.
The micro-environment consists of factors close to the company that affect its ability to serve its customers, the company itself, marketing channel firms, customer markets, and a broad range of publics.