Exam 1-6 HFT Marketing

The Forum Company found that the cost of retaining a loyal customer is just _________ percent of the cost of attracting a new one.

20

Today's baby boomers account for nearly __________ percent of the population.

25

Social Media Managers are one of the fastest growing positions in the hotel industry with ___________ percent of all U.S. companies having dedicated social marketing teams.

78%

__________________ groups are those groups we would like to belong to but do not.

Aspirational

__________________ describes a persons relatively consistent evaluations, feelinngs and tendencies toward an object or an idea.

Attitudes

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

Available, Affordable

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

Backward Integration

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

Backward integration

Volume, Velocity, and Variety are characteristics of ______________.

Big Data

When making a purchasing decisions, customers generally buy based on ______________.

Brand

Secondary data:

Can be found more quickly and is cheaper than primary data.

The single most important element in any hospitality marketing information system is a process for:

Capturing and using guest information

____________________ may also have a strong influence on family buying decisions.

Children

Which of the following can be cited as an example of microenvironment as well as macroenvironment.

Competition

When the researcher selects the easiest population memebers from which to obtain information, the smaple is called a :

Convenience Sample

________________ are a set of corporate priorities and instituational standards behavior.

Corporate Values

The ___________ environment includes institutions that affect society's basic values, perceptions, perferences, and behaviors.

Cultural

Institutions and other forces that effect society's basic values, perceptions, preferences and behavior are part of ____________________.

Cultural environment

The factor that exerts the broadest and deepest influence on behavior is:

Culture

Perhaps the best measure of service quality is:

Customer Retention

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

Demand with capacity

When backed by buying power, wants become:

Demands

Which of the following is NOT a type of microenvironment?

Demographics

____________________ is the study of human populations in terms of size, density, location, age gender race occupation, and other statistics.

Demography

Which of the following is NOT an example of a financial intermediary?

Department stores

The first stage of the environmental scanning process is:

Determing the areas that need to be monitored

_____________ growth make sense when good opportunities can bee found outside the preseent business.

Diversification

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

Employees

Two forces that affect the competition are the ability of companies to __________ and ____________ markets.

Enter, exit

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

Exchange

The type of research used to gather preliminary information to help generate a research hypothesis is called:

Exploratory research

The most important consummer buying unit in the United States (one that has been researched extensively) is the:

Family

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

Forward integration

The hotel industry characteristically has a __________________ barrier to exit.

High

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

Horizontal Integration

The most basic concept underlying marketing is that of:

Human needs

Which statement about guest comment cards is false?

If they are left in hotel rooms for customers to fill out, they reflect the opinions of the majority of guests.

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

Improvement

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

In terms of Customer Satisfaction

Empowering employees to resolve customer complaints involves giving them authority, responsibility and ____________ they need to recognize, care about and tend to the customer's needs.

Incentives

Customers cannot take services on a "test drive," meaning we cannot evaluate them before we use them. This is a problem with the ________ of the service.

Intangibility

The fact that services cannot be seen, tasted, felt, or smelled relates to which service characteristic?

Intangibility

Service marketing requires both internal marketing and ________________ marketing.

Interactive

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.

Internal

Price is ___________________ related to demand for most product.

Inversely

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

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

_______________ describes changes in an individual's behavior arising from experience.

Lernings

__________________ is a person's pattern of living as expressed in his or her activites, interest, and opinions.

Lifestyle

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

Long term

Companies that diversity too broadly into unfamiliar products or industries can _____________ their market focus.

Lose

The restaurant industry is characterized by a _______________ barrier to entry.

Low

If you are in a hurry to collect survey data, the worst method to use is:

Mail surveying

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

Market Targeting

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

Market segmentation

The portion of the target market held by each player is the ____________________.

Market share

The process by which companies create value for customer resulting in strong customer relationships that capture value from the customers in return is called:

Marketing

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

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

Marketing strategy

At the core or first level of competition, Hyatt Hotels would consider as their competition:

Marriott, Intercontinental, and Westin

The _____________________ consists of the forces close to the company that affect its ability to earn profits in the markplace.

Microenvironment

A well worked-out ____________ provide company employees with a shared sense of purpose, direction, and opportunity. o

Mission statement

______________ is perhaps the fasted growing digital marketing platform.

Mobile Marketing

The hotel industry in general has a _______________________ barrier to entry.

Moderately high

Which of the following is NOT a type of macroenvironmental impact?

Monopolistic

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

More than

Gen Xer look for something different, which means they spend ____________________.

More than boomrs

"Customers" who are in reality undercover inspector are called:

Mystery shoppers

A _________ is a state of felt deprivation.

Need

Which of the following is not an example of a marketing intermediary?

Next-Day delivery providers

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

Overbooking

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.

Perishability

According to Maslow, the most important need to be staisfied is:

Physiological

The information collected for the specific purpose at hand is called.

Primary Data

A _________ is anything that can be offered to a market to satisfy a want or need.

Product

Which of the following is NOT part of the four Ps of the marketing mix.

Profit

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

Public

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

Purpose

Which of the following is not true of online research?

Samples are never small or skewed.

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

Satisfy basic customer needs

Data that consists of information already in existence somewhere, having been collected for another purpose, is called:

Secondary Data

The selling concept holds the consumers will not buy enough of the organization's products unless the organization undertakes a large ____________ and _____________ effort.

Selling, promotion

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

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

Service differentiation, service quality, and service produtivity

The hotel management makes a direct connection between sales and supporting worthwhile causes, and resort managers eliminate pollution from their properties, the ________ concept is being employed.

Societal Marketing

One of the outcomes of currency devalutions in a destination country such as Argentina is that the country _______________ as a destinatioon of conventions and meetings.

Starts gaining

Market definitions of a business are ___________ to product definitions.

Superior

Partner Relationship Management is a process where marketers work at building relationship with customers, distributors, dealers, and:

Suppliers

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

Supply chain

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

Tangibilizing the serive

A product can be:

Tangible or Intangible

The most dramatic force shaping our destiny is:

Technological

Delivering experiences that "enlivens the senses, instills well-being, and fulfills event the unexpressed wishes and needs of our guests." is a motto for:

The Ritz-Carlton

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

The hospitality and travel industries

One of the biggest non-monetary costs for hospitality customers is ______________.

Time

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

Train the customer

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

Value Proposition

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

Value; sustain

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?

Variability

If a menu item is estimated to bring in $300,000 in future earnings without doing any market research, but it is believed the earnings could be increased to $330,000...

Veto the research

Which American social class comprises the largest part of the population?

Working