Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Tourism Management > Exam 2 > Flashcards

Exam 2 Flashcards

0
Q

Purpose of advertising

A 
To sell products/services
To create awareness & familiarity
To enhance brand image
To build customer demand
To advertise new p/s
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
1
Q

Define advertising

A

is a message designed to promote a product, a service, or an idea.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

advertising: buying decision process

A 
Problem recognition 
Info search
Alternative evaluation
Purchase decision
Post purchase behavior
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

7 advertising techniques

A 
Basic appeals
Attention getting headlines
Slogans
Testimonials
Product characters
Comparison of products
Depiction
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Basic appeals

A

Ad. Technique
Biological: consumer’s basic needs for health and security
Emotional: focus on consumer’s feelings( love, romance, pride)
Rational: focus on consumer’s reasoning abilities (cost, safety, convince)
Social: focus on the way that social pressures influence consumer behavior (odor, weight, acne, fashion)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Attention-getting headlines

A

Successful headline leads into reading the rest of ad

Attract attention by promising reader personal benefit (wanna save money?!)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Slogans

A

Short phrases, repetitive, easy to remember, and sticks to your mind

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Testimonial

A

A person endorses product (ex: Proactive)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Product characters

A

Fictional people or cartoon( Taco Bell chihuahua)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Comparison of products

A

MOST FREQUENTLY USED

Mac v. PC

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Depiction

A

Most basic to get message across
Familiarity = credibility/trust?
Builds and reinforces a company’s reputation (the more a person hears or sees the most likely it will be accepted)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Reaching best target audience

A

Geography ( nations, states, regions)
Demographic (gender, age, religion, education)
Psychographics ( lifestyle, social class, personality)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Positioning

A

Mgmts desired positioning of the product (brand) in the eyes and minds of targeted buyers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Positioning strategies

A 
Entire company (Marriott brands)
Mix of products ( Marriott only in oc)
Specific line (luxury brands)
Particular brand (ritz)
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Strategic relationships

A

Suppliers, distribution channels, customers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

strategic relationships objective

A 
Gain access to markets
Enhance p/s
New product development
Reduce financial risks
Share skills, knowledge, info, techniques
16
Q

Why is strategic relationships more important?

A

Environmental complexity
Risks of a global economy
Skill/resource limitations of a single organization

17
Q

Strategic relations challenges

A 
Is partnering a promising strategy?
Are good candidates available?
Do relationships fit our culture?
Ex: Heinz and TGIF
Lodging: airlines and hotel shuttles
Happy meals and Disney toys
18
Q

CRM

A

Customer relationship management
Goal: establish a profitable long term relationship with customers rather than just expanding customer base or market share

19
Q

3 levels of CRM

A

Strategic CRM
Operational CRM
Analytical CRM

Front end customer service and relationships, the back end is analytical or infrastructure for decision support, which links to strategic level of CRM

Key words:
Customer service
" relationships
Infrastructure 
Decision support
20
Q

Strategic CRM

A

Competitive differentiation
Market segmentation
Strategic positioning

21
Q

Operational CRM

A

Customer service, relationships, database

22
Q

Analytical CRM

A

Customer knowledge

Targeted marketing communications

23
Q

Benefits of CRM

A

Customer retention
Share of wallet
Cross-selling
Up-selling

24
Q

Costs of CRM

A

IT infrastructure

Process change

25
Q

80/20 rule CRM

A

80% of business comes from 20% of customers

26
Q

RFM

A

Recency: last customer interaction
Frequency: how frequent customer interacts with business
Monetary value: value of interactions

27
Q

RFM marketing problem

A

Evaluate customer behavior customer value

28
Q

RFM: Recency Coding using example with emails to 30,000 customers, but only 458 responded.

A
  • 30,000 customers are sorting in descending order w/ respect to their most recent purchases
  • Data divided into 5 EQUAL GROUPS, each containing 6,000 people
  • Recency codes are assigned: top group has code 5, bottom group has code 1

Results
Group with highest Recency have highest response rates
Most recent purchasers are more willing to buy new products

29
Q

RFM: Frequency coding

A

Frequency metrics: average number of purchases made by customer in a time period ( sorted in descending order with respect to purchase frequency)

Assigned into 5 groups, top 20% in the first frequency group

Frequency codes, where top group assigned to group 5 and bottom is 1

Results: highest response rates come from customers with highest frequency (differences between groups are less that RECENCY)
Lowest frequency contains new customers

30
Q

RFM: Monetary Value

A

Same process as Recency and frequency
Monetary value is average amount purchased in a time period
Coding M=1,….5 to groups according to their groups

Results
Highest response rate is from customers with highest monetary value (unlike Recency, there are NOT big differences between groups)

31
Q

Trends in tourism

A

Ecotourism, sustainable tourism, and heritage tourism are growing importance.

Promotion and development of tourism are moving from public (govt) to private (fairmount hotel gm, oc tourism annual conferences)

Technology advancements

Managing tourist destination will be more challenging

Increased concern for health and safety

Airlines entice travelers to book trips via private websites rather than other distribution channels

32
Q

Economic benefits of tourism

A

Important source of employment
Fastest-growing economic sector in terms of foreign exchange earnings
Leading producer of tax revenues
Stimulates investment infrastructure to improve living conditions

33
Q

Economic Impact of Tourism

What are the direct effects?

A

Production changes associated with immediate effects of changes in tourism expenditures.

34
Q

Economic Impact of Tourism

What are the indirect effects?

A

Production changes resulting from various rounds of re-spending of the tourism industries receipts in other backward-linked industries

35
Q

Economic Impact of Tourism

What are the induced effects?

A

Changes in economic activity resulting from household spending of income earned directly or indirectly as a result of tourism spending

36
Q

Economic Impact of Tourism

What are the direct effects examples?

A

Accommodation, transportation, entertainment attractions

37
Q

Economic Impact of Tourism

What are the indirect effects examples?

A

Most money

T&T investment spending
Purchases from suppliers
Govt collective T&T spending

38
Q

Economic Impact of Tourism

What are the induced effects examples?

A 
Spending from employes for the following:
F&B
Recreation
Clothing
Housing
Household goods

Tourism Management (1 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions