A market is only the set of actual, not potential, buyers who have transacted with a seller.

To be successful in business you must satisfy a lot of stakeholders. Which Stakeholer would Bill Marriott say is the most important?

The rev management team in a hotel serves a vital function as they help to forecast and analyze market trends, booking patterns, shifts in bus mix, etc, so hotels can best manage supply and demand to maximize rev and profit. This would describe managing the characteristic of _____within a hotel business?

consumers have many needs and wants. A ___ is anything that can be offered to a market to satisfy those needs and wants.

product, service, and concept

When backed by buying power, consumer ___ become demands

Smart companies strive to keep customers happy. Strong customer retention rates are one of the best measures of:

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

Best Western, Holiday Inn, Ramada.

A well worked out ____provides company employees with a shared sense of purpose, direction, and opportunity

According to the boston consulting group model, Red Lobster would be classified as a ___within Darden restaurant portfolio

We customers cannot take service on a test drive, meaning we cannot evaluate them before we use them. This is a problem with the __of services.

The most dramatic environmental factor shaping the future of marketing is:

macro-environmental factors

competitive, demographic, economic, natural, technological, political, cultural

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

When analyzing the competition, a question put to customers might be "name the company from whom you would prefer to buy the product." In this case, you are looking for:

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

Give the unhappy customer timely info regarding the failure

Which of the following is not one of the 2012 Top 10 hospitality industry trends we discussed

Decrease in demand for ADR

Ansoff product-market expansion grid- when evaluating growth strategies, management should first consider whether

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

strengths weaknesses opportunities threats

Most large companies consist of four organizational levels and develop strategic plans for each: corporate, division, business unit and :

We know bad customer service can negatively impact business performance. Which airline took a big hit due to a customer grievance on youtube?

The ___consider foreces close to the company that affect its ability to serve its customers

The ___ environment includes institutions that affect society's basic values, perceptions, preferences, behaviors.

7 deadly sins of customer service:

apathy, brushoff, coldness, condescension, robotics, rulebook, runaround

We discussed that brand and message strategies are designed to connect to consumers through the head, heart, or gut. An example of a company that heads straight for the heart is____

The ___concept holds that consumers will not buy enough products unless the company undertakes a large selling and promotion effort, which does not always establish a long-term relationship with the consumer

Which company we discussed in class goes above and beyond by offering new hires 200 to quit after the first week of training if they think they are not fit for the right company culture?

Companies can differentiate themselves by:

location, brand, and people

Darden is using acquisition to further grow its brand and market share. A few months ago they purchased _____for $59 million adding it to their specialty restaurant group portfolio in an effort to target ___customers

Many companies operate several businesses within their brand portfolio. Companies have to identify those businesses that must be managed strategically and has their own set of competencies. These are called_____?

Starbucks inroducing ground coffee and ice cream in grocery stores is an example of which growth strategy?

The most succinct way to define marketing would be delivering customer satisfaction at a profit.

Studies have shown that new customers are just as profitable as long term repeat customers

A merket is only the set of potential, not actual, buyers who have transacted with a seller

Market share refers to the percentage of the market that are your actual customers

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

The intangibility of that hospitality product can create advertising challenges

Social Media has not had much impact on marketers for retail and travel companies

o class discussion, marketers from the ford company are gaining share by srategically targeting Gen X consumers through social media

Changes in the demographic environment can have very minor implications for business.

Defining people by their bday may be less valuable to marketers that defining them by their life stage or lifestyle.

Market penetration refers to the strategy of creating new products to sell to small niche markets

Hotel marketers could see the accounting department as a part of their microenvironment

There is not a synergistic loop between satisfied customers and satisfied employees

Empowering employees in part means giving them the authority to tend to customer needs

An internal environmental analysis is essentially a strengths and weaknesses analysis

A companys mission statement should provide direction for the company for no more than five years at a time.

The political environment does not have much impact on businesses within our industry

Companies must gain strategic advantage by strongly positioning their company or product in the minds of consumers

Walmart is attempting to strategically reposition their brand in the minds of consumers

Baby boomers are not one of the most lucrative market segments for travel suppliers bc they generally have the lowest discretionary income levels.

Marketing intelligence includes everyday information about developments within the marketing environment that would be used to develop strategic plans and short run tactics. Where would you gather this information from?

Internal & external sources and marketing research

Understanding our guests is vital to business and impacts which of the following?

Improving existing products, creating effective sales and marketing programs, and improving service

Customers who are in reality undercover employees of hotel management are called

The first stage of the buyer decision process is

When we screen out info coming at us, we are engaged in the act of

The most important consumer buying unit in the US (one that has been researched extensively) is the:

Dividing buyers into groups based on their knowledge, attitudes, uses or responses to a product is called

In using a _____ marketing strategy, a company targets several market segments and develops separate offers for each

When ___, the seller identifies market segments, selects one or more, and develops products and services tailored to each selected segment

The first step in selecting a location for a hotel is

understanding the target market of the company

A product’s ___________ is the way a product is defined by consumers on important attributes —the place the product occupies in consumers’ minds relative to competing products

Unaware, Aware, and informed are 3 examples of which behavioristic segmentation variable?

Disneys "What will you celebrate campaign" was an example of employing a ____strategy

Consumer profiles developed by Nielson PRIZM provide marketers with a greater understanding of potential customers by using which of the following market segmentation principles?

Demographic, Psychographic, and Behavioral

According to Maslow, the most important need is

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

Which of the following is a psychographic segmentation variable?
age, income, gender, social class

The technique used to measure lifestyles is called

The stages through which families pass as they grow older are

In the US, the consumer spending accounts for over ____dollars annual and 71% of the GDP

Positioning refers to how a company/brand/product is viewed by consumers. Which methodology discussed in class can be used to visually show how these are viewed by customers against their competitors?

companies can differentiate themselves through

branding, people, and physical environment

Reviewing key hotel date such as occupancy patterns and general guest information including age, HHI, point of origin, etc, would most likely be considered ____data from ____sources.

Trained researchers have been utilized in the restaurants to observe customers and develop design recommendations that will improve customer experience and drive additional sales. This is an example of ___ research

test hypothesis about cause and effect relationships

to gather preliminary information that will help define the problem and suggest hypothesis.

the size and composition of the market

Telephone interviewing runs little risk of interviewer bias since the respondent cannot actually see the interviewer

In the US, social class is something you are born into and will remain throughout your life

A belief describes a person's relatively consistent evaluations, feelings and tendencies toward an object

People are more likely to notice stimuli they did not anticipate than notice stimuli they did anticipate

Culture and customs are types of forces that are seen as major influences on business buying behavior

Compared with consumer purchases, a business purchase usually involves more buyers and more professional sales effort

A market segment may have desirable size and growth and still not offer attractive profits

Income and occupation are psychographic segmentation variables.

Marketers in hospitality companies need to work to establish images that differentiate their company from competitiors

Most human behavior is learned

A sample is a segment of the population selected to represent the population as a whole

is a new field of marketing that studies consumers sensorimotor, cognitive and affective response to mark stimuli

The lodging industry is particularly effective in using income segmentation

Consumer behavior cannot be influenced

Secondary data consists of information that is collected by market researchers for the specific purpose at hand

Geographic segmentation is the most effective segmentation strategy for travel and hospitality companies

To create value for customers and build relationships with them, marketers must gain insight into what customers need and want.

The segmentation models discussed in class compiled by Nielson/Prizm are helpful tools marketers can use to target and find potential customers.

Behavioral segmentation strategies are not commonly used within the hospitality industry

What is the one major assumption that marketers who use an undifferentiated marketing strategy have made as they approach their market?

Which of the following is the most important consumer buying unit?

Which of the following is a psychographic segmentation variable group of answer choices?

Which of the following are parts of the Service Profit Chain?