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Hospitality Business > Hospitality 360 > Flashcards

Hospitality 360 Flashcards

1
Q

What is competitive structure?

A

A way of evaluating how well your business and its products or services are performing compared to your competition.

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2
Q

What is the cost-benefit analysis?

A

The process of examining potential changes to your business to see if the benefits outweigh the cots.

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3
Q

What is a force multiplier?

A

Tools that help you amplify your effort to produce more output.

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4
Q

What is throughput

A

The amount of materials that pass through a system - the effectiveness of your value stream.

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5
Q

What is a value stream?

A

The set of all steps from the start of your value creation until the delivery of the end results to your customer.

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6
Q

What is competitive positioning?

A

A marketing strategy that refers to how a marketing team can differentiate a company from its competitors.

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7
Q

What is situational analysis?

A

The process of gathering information on the internal and external environment to assess the firms current SWOT.

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8
Q

What is a consumers black box?

A

How a consumer processes external stimuli from your marketing mix.

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9
Q

What is MAD?

A

Mean absolute deviation.

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10
Q

What is pricing power?

A

Your firms ability to increase pricing over time. The less value you capture, the greater your pricing power.

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11
Q

What are the 4 ways to increase revenue?

A
  1. Increase the number of customers.
  2. Increase the average transaction size.
  3. Increase the frequency of transactions.
  4. Raise Prices.
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12
Q

What is the cardinal sin of marketing?

A

Being boring.

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13
Q

What is a trade off?

A

A decision that places higher value on one of several competing options.

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14
Q

What is “intermediation” and “disintermediation”?

A

Intermedia is when you ad a party between a buyer and seller. Disintermediation is the opposite.

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15
Q

What is bundling and unbundling?

A

Bundling is when you repurpose value that you have already created to contain even more value by combining multiple small offers into one larger offer. Unbundling is the opposite.

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16
Q

What is total asset ratio?

A

Indicates how many dollars of assets a company deploys in order to generate each dollar of sales.

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17
Q

What is content marketing?

A

A strategic marketing approach that focuses on creating and distributing relevant, consistent, and valuable content to attract and retain a clearly defined audience and drive profitable transactions.

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18
Q

What is a distribution channel?

A

The path a product or service takes on its way to the market.

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19
Q

What is pickup forecasting?

A

A forecast based on the current reservations on hand plus the projected pick-up, based on booking trends.

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20
Q

What is a demand-control chart?

A

A chart to help determine when to change your rate based on demand.

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21
Q

What is modularity?

A

Combining multiple forms of value to offer value in multiple ways.

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22
Q

What is operating profit margin?

A

How many cents of every dollars the firm retains after accounting for not only production costs, but everything else (Except the cost of debt & taxes).

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23
Q

What do hotels sell?

A

Time.

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24
Q

What is total asset turnover?

A

Provides information on how well a firm is leveraging all of its assets in the generation of sales.

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25
Q

What is the mercenary rule?

A

Don’t start a business for the money alone. Everything always takes more effort than you expect.

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26
Q

What is the market leverage ratio?

A

A ratio that calculates the portion of the firms capital that is contributed by lenders.

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27
Q

What is a brand strategy?

A

A holistic approach behind how a brand builds identification and favorability with customers and potential customers.

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28
Q

What is visualization?

A

The most effective way to get people to want what you have to offer is to encourage them to visualize their lives if they accept your offer.

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29
Q

What is a brand promise?

A

The articulation of what the experiential take away from the brand will be.

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30
Q

What are the core human drives?

A
  1. Drive to Aquire.
  2. Drive to bond.
  3. Drive to learn.
  4. Drive to feel.
  5. Drive to defend.

The more you connect with, the better.

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31
Q

What is reactivation?

A

The process of making your customers buy from you again.

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32
Q

What is education-based selling?

A

The process of making your prospects better and more informed customers.

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33
Q

What is option fatigue?

A

Too many options overwhelm customers.

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34
Q

What is consumer involvement?

A

The state of mind that motivates a consumer to make a purchase, or the importance a consumer places on a product.

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35
Q

What is a damaging admission?

A

An acknowledgement o the potential risks or drawbacks an offer may have.

*Can build trust.

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36
Q

What is a service?

A

A service is a form of value where you provide some type of benefit to someone in exchange for a fee.

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37
Q

What is a service terrorist?

A

A person who goes online and complains about any and everything.

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38
Q

What is the AEIOU method of listening?

A

Appreciative
Empathetic
Inquisitive
Open Minded
Understanding

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39
Q

What is agency?

A

A business model that focuses on marketing and selling an asset you don’t own.

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40
Q

How do you implement revenue management strategies?

A

Establish a baseline.
Understand the causes.
Develop a strategy.
Implement the changes.
Monitor the impact.

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41
Q

What is a “Hassle Premium”?

A

A premium you can charge for things people believe are too difficult or too much of a pain to take care of themselves.

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42
Q

What is audience aggregation?

A

Focusing on capturing the attention of a group of people with similar characteristics, then selling access to that audience.

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43
Q

What is the Iron Law of the Market?

A

Even the best idea will fail if no one wants it.

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44
Q

What are the 3 types of ratio analysis’ s that evaluate financial performance?

A

Profitability.
Asset management.
Capital and solvency.

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45
Q

What are the 4 dimensions of services in marketing?

A
  1. Intangibility.
  2. Perishability.
  3. Heterogeneity.
  4. Inseparability.
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46
Q

How is customer value defined?

A

The difference between what a customer believes they get from owning or using a product, and the cost of obtaining the benefits.

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47
Q

A want combined with purchasing power is called what?

A

A demand.

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48
Q

What 3 questions kick-start the marketing process?

A
  1. Who are our cusmters?
  2. What are their wants and needs.
  3. How can we satisfy them better than our competitors?
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49
Q

What are the seven P’s of services marketing?

A
  1. Product
  2. Place
  3. Price
  4. Promotion
  5. People
  6. Physical evidence
  7. Process
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50
Q

What is field testing?

A

Creating, using and iterating your offering before offering it to customers.

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51
Q

What is a minimum viable offer?

A

Offering the least amount of benefits possible to a customer to make the sale.

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52
Q

What is shadow testing?

A

Selling an offer before it actually exists, it lets you get critical feedback.

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53
Q

What are the 4 pricing methods?

A
  1. Value comparison.
  2. Price comparison.
  3. Discounted cash flow/net present value.
  4. Replacement cost.
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54
Q

What is perceived value?

A

How much a customer will be willing to pay for your offer.

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55
Q

What is an end result?

A

It is what you should be focusing on, it is what your offer provides. People don’t buy books, they buy knowledge.

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56
Q

List examples of capital structure and solvency ratios.

A

Quick Ratio
Current Ratio
Book Equity Ratio
Equity Multiplier Ratio
Market Leverage Ratio

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57
Q

List examples of profitability ratios.

A

Gross Profit
Net Profit
ROA
ROE
Operating Profit

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58
Q

What are critical assumptions?

A

Facts or characteristics that must be true in the real world for your offer to be viable.

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59
Q

What is the “point of market entry”?

A

The point where a potential customer becomes receptive to your offering.

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60
Q

What is qualification (marketing)?

A

The process of determining whether or not a prospect is a good customer before they purchase from you.

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61
Q

What is remarkability?

A

The act of being remarkable, which is the best way to attract attention, makes your offer worth purchasing.
Marketing is the tax you pay for not being remarkable.

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62
Q

What is a product?

A

A self contained unit of economic value.

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63
Q

What is “relative importance testing”?

A

A method that helps you determine what people actually want by asking them questions designed to stimulate real life trade offs.

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64
Q

What is ratio analysis?

A

An attempt to measure how well a company is leveraging its assets to generate sales.

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65
Q

Price transition shock.

A

A change in the price that shifts the market you appeal too.

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66
Q

What is addressability?

A

A measure of how easy it is to get in touch with people who might want what you are offering.

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67
Q

What is predictability?

A

Providing exactly what the customers expect.

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68
Q

What is a Brand Proposition?

A

A statement about your company that demonstrates to your customers the benefits of using your brand.

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69
Q

What are the three pillars of psychographics?

A

Activities
Interests
Opinions

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70
Q

What is “receptivity”?

A

Receptivity is a measure of how open a person is to your message.
People ignore what they don’t care about.

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71
Q

What is RevPASH?

A

Revenue per available seat per hour.
or
Revenue per available square foot per hour.

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72
Q

What is RRM?

A

Restaurant Revenue Management.

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73
Q

What is risk reversal?

A

A strategy that transfers some or all of the risk from the buyer to the seller.

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74
Q

What is “attention”?

A

The most important rule of marketing - attention is limited.

75
Q

What is the definition of revenue management?

A

Achieving the most amount of value possible for the company while delivering the most amount of value possible to the customer.

76
Q

What are levels of awareness?

A

How much a customer knows about their problem, potential solutions, and your offer.

77
Q

What is a demonstration?

A

The way to demonstrate to your customers that your sales and marketing claims are true.

78
Q

What is a prototype?

A

An early representation of what your final offer will look like.

79
Q

Define Business

A
  1. Creates and delivers something of value.
  2. That people want or need.
  3. At a price they are willing to pay
  4. In a way that satisfies the customers needs and expectations.
  5. So the business brings in sufficient profit to make it worthwhile for the owners.
80
Q

What is quality?

A

Fitness for purpose.
Quality = expectations - performance.

81
Q

What is a probable purchaser?

A

The type of person who is perfectly suited to what you are offering.

82
Q

What is expectation effect?

A

The effect whereby a customers perception of quality relies on expectation and performance.
Quality = expectations - performance.

83
Q

What is a booking curve?

A

A tool to show how bookings materialize over a certain period of time.

84
Q

What is ROH?

A

Reservations on hand.

85
Q

What is DBA, WBA, and HBA?

A

Days, weeks, and hours before arrival.

86
Q

What is a booking pace?

A

The rate at which reservations materialize over time.

87
Q

What is the “service recovery paradox”?

A

A situation in which a customer think more highly of a company after the company has corrected a service issue.

88
Q

What are the 3 universal currencies?

A

Time
Money
Opportunity Cost

89
Q

What is hotel revenue management?

A

Selling the right room to the right customer at the right price at the right time.

90
Q

What is a set point?

A

A minimum or maximum level of a reference level. As long as you are over/below the set point, you’re fine.

91
Q

What is an earned media channel?

A

Consumer generated social media content.

92
Q

What is a competitive set?

A

A group of hotels (or anything) you compete with at your property.

93
Q

What is preoccupation?

A

The state of being preoccupied. The best way to break preoccupation is to provoke a feeling of curiosity, surprise, or concern.

94
Q

What are the three dimensions of negotiation?

A

Setup
Structure
Discussion

95
Q

What is iteration velocity?

A

The speed at which you can get through your iteration cycle.

96
Q

What is framing?

A

The act of emphasizing the critical details of your offering and deemphasizing the others.

97
Q

What is prime cost?

A

The total direct cost of production, including raw materials and labor.

98
Q

What is constrained demand?

A

The demand when held back by rules, restrictions, and availability.
Supply side focused.

99
Q

What is unconstrained demand?

A

Demand focused on pure customer demand, unfettered by supply constraints.

100
Q

What are economic values?

A

Values people consider when considering a purchase.
1. Efficacy. 2. Speed. 3. Reliability. 4. Ease of use. 5. Flexibility. 6. Status. 7. Aesthetic appeal. 8. Emotion. 9. Cost.

101
Q

What is a shoulder night in a hotel?

A

The night on either side of a peak day.

102
Q

What is the allowable acquisition cost?

A

The marketing component of lifetime value. The more a customer is worth, the more you can spend to attract them and make them happy.

Lifetime value - value stream costs / customer base.

103
Q

What is persuasion resistance?

A

A natural resistance against people who are trying to track you into agreeing to something not in your best interest.

104
Q

What is a length of stay control?

A

A revenue management tool that requires customers to stay in a hotel for a required number of nights.

105
Q

What does P.I.N stand for?

A

Position, Interest, and needs.

Used when stakeholders have varying positions. They may find agreement on interest and needs.

106
Q

What is a fixed asset ratio?

A

A ratio that show sales generated for every dollar of fixed assets a company owns.

107
Q

What does operating profit measure?

A

A firms ability to control operating expenses relative to sales.

108
Q

What is a quick ratio?

A

Like the current ratio, measures a firms ability to pay short term obligations, but excludes inventory.

109
Q

List examples of asset management ratios.

A

DSI
DSO
CCC
DPO
Days to turnover
Total asset turnover

110
Q

What are the 5 parts of every business?

A
  1. Value creation
  2. Sales
  3. Marketing
  4. Value delivery
  5. Finance
111
Q

What are the five formal ratios?

A

Operating
Productivity
Activity
Liquidity
Solvency

112
Q

What is the iteration cycle?

A

A process to improve anything over time.

Watch, Ideate, Guess, Which, Act, Measure

113
Q

What are the 5 barriers to purchase?

A

It wont work
It wont work for me
Loss aversion
Its too difficult
I can wait

114
Q

What are the 10 ways to evaluate the market?

A
  1. Urgency
  2. Pricing Potential
  3. Cost of Value Delivery
  4. Customer Acquisition Cost
  5. Uniqueness of Offer
  6. Speed to Market
  7. Up-sell Potential
  8. Up-Front Investment
  9. Evergreen Potential
  10. Market Size
115
Q

What is Value Capture?

A

The process of retaining some percentage of the value provided in every transaction

116
Q

What is the benefit of hidden competition?

A

The benefit of knowing from the start that there is a market of paying customers.

117
Q

What is social status?

A

A relative ranking of power of stats in a group.

118
Q

What is the barrier to competition?

A

Every improvement to make your value stream better makes it harder for your competitors to compete.

119
Q

What three things tell us how well our rooms are being managed?

A

Occupancy %
Average Daily Rate
RevPAR

120
Q

What is lifetime value?

A

The total value of a customers business over the lifetime of their relationship with your company.

121
Q

What is a rate fence?

A

Logical rules or restrictions designed to allow customers to segment themselves into categories based on needs, behavior, or willingness to pay.

122
Q

What is an interest coverage ratio?

A

Measures a firms ability to cover interest expenses with cash flow generated from operations.

123
Q

What is the current ratio?

A

Measures a firms short-term solvency, its ability to generate sufficient cash to meet obligations.

124
Q

What is an accrual?

A

An expense incurred or revenue earned where cash has not changed hands.

125
Q

What is restaurant revenue management?

A

Making choices and managing trade-offs between space, time, and price.

126
Q

What are the six necessary conditions for revenue management?

A
  1. High fixed costs and low variable costs.
  2. The ability to take reservations.
  3. Relatively fixed seating capacity.
  4. Varied time demand.
  5. Varied pricing sensitivity.
  6. Perishable inventory.
127
Q

What is a range (reference level)?

A

A spread of acceptable values, with an upper and lower level.

128
Q

What is an error (reference level)?

A

Anything above zero is out of control (customer service complaints).

129
Q

What does gross profit measure?

A

A firms ability to control the level of production expenses relative to sales.

130
Q

What is differed income?

A

Money received for goods and services which have has not yet been earned.

131
Q

What is DPO?

A

Days payable outstanding.

132
Q

What is a fixed asset?

A

A asset that will not become liquid in the next 12 months.

133
Q

What are the 4 rate fences?

A
  1. Physical location.
  2. Controlled availability.
  3. Customer charachteristics.
  4. Product line.
134
Q

What is a current asset?

A

An asset that your company plans to convert to cash in the next 12 months.

135
Q

What is the crusader rule?

A

Don’t enter into a business purely for the passion, you have bills to pay.

136
Q

What is MAPE?

A

Mean absolute percentage error?

137
Q

What is a hook in marketing?

A

A single phrase or sentence that describes an offers primary benefit.

138
Q

What is DSO?

A

Days sales outstanding.

139
Q

What is DSI?

A

Days sales in inventory.

140
Q

What is a reference level?

A

A range of perceptions that indicate a system is under control.

141
Q

What are the 12 forms of value?

A
  1. Product
  2. Service.
  3. Shared resource.
  4. Subscription
  5. Resale
  6. Agency
  7. Lease
  8. Audience aggregation
  9. Loan
  10. Option
  11. Insurance
  12. Capital
142
Q

What is AIDA (Marketing)

A

The cornerstone of modern marketing strategy. A = Attention I = Interest D = Desirability A = Action

143
Q

What are the three competitive strategies for corporations?

A

Low cost leader
Differentiation
Niche Strategy

144
Q

What is the low cost leadership strategy?

A

A strategy where you attempt to have the lowest cost structure so you can deliver the lowest prices to your customers.

145
Q

What is the differentiation strategy?

A

A strategy to provide some source of value that is important to customers that they are willing to pay more for, or patronize your business more frequently than the competition.

146
Q

What is a Niche strategy?

A

The strategy of finding a target market that competitors have largely chosen not to serve.

147
Q

What is a market penetration strategy?

A

A firm using existing products to penetrate existing markets, grab a larger share, or increase sales.

148
Q

What is market development?

A

Using existing products to develop new markets.

(maybe a market over seas)

149
Q

What is a facilitating product?

A

The goods or services that are essential for a consumers satisfactory use of the core product.

150
Q

What is a supporting product?

A

The nice to have elements that support the core product. They help a customer derive maximum value out of the product.

151
Q

What is a core product?

A

A product that is the company’s primary promotion, service, or product.

152
Q

What is a feature innovation?

A

A change to the existing core customer experience.

Example, laptops or gaming units in the rooms.

153
Q

What is a Form Innovation?

A

A change to the existing customer experience that creates a new core experience.

Example - A hotel redesign.

154
Q

What is a structural innovation?

A

A change that alters how the service is delivered.

Example - a slot machine where you wear a 3d headset.

155
Q

What is a experience innovation?

A

A type of innovation that changes the experience of the customer.

Example - a smaller boutique hotel that is also called Circa.

156
Q

What is a service innovation framework?

A

A way to categorize your innovation to gain perspective on the level of effort and change that might be required to implement your innovation.

157
Q

What is the stage/gate model?

A

A services project management technique in which a initiative is divided in phases, separated by decision points. At each phases, a decision maker moves the initiative along.

158
Q

What is the product lifecycle?

A

Describes the growth stages and eventual demise of service concepts.

159
Q

What are the 5 stages of the product life-cycle?

A

Development
Introduction
Growth
Maturity
Decline

160
Q

What is the Ansoff Matrix?

A

A model used to identify revenue generating opportunities for businesses.

161
Q

What is the market penetration strategy?

A

Increasing sales of existing products to existing customers.

162
Q

What is the product development strategy?

A

Introduce new products to an existing market.

163
Q

What is the market development strategy?

A

Entering a new market with existing products.

164
Q

What is a diversification strategy?

A

Entering a new market with new products.

165
Q

What is a re-experience cue?

A

A inexpensive of free take-away that serves as a memory of the experience the guest enjoyed.

166
Q

What are the three P’s of service?

A

People
Process
Physical evidence

167
Q

What is a customer journey map?

A

A diagram that depicts the stages customers go through when interacting with a company.

168
Q

What are the 4 methods hotels can use to set their prices?

A

Single rate pricing
Cost-based pricing
Competitive Pricing
Demand-Based Pricing

169
Q

What is a reference transaction?

A

How individuals will decide what is a justifiable price to pay for a product or service by comparing it to other reference prices.

170
Q

What is the concept of Dual Entitlement?

A

A rule that says it is fair for consumers to pursue lower prices and fair for companies to raise prices when their costs increase.

171
Q

What is pricing science?

A

The application of social and business science methods to the problem of setting prices.

172
Q

What is SEO?

A

Search Engine Optimization

173
Q

What is SEM?

A

Search Engine Marketing.

174
Q

What is user generated content?

A

Any content—text, videos, images, reviews, etc.—created by people, rather than brands.

175
Q

What is a click-through rate?

A

The number of clicks a brand receives on paid ads or organic listings per the number of impressions (the number of times a brands ads/listing appeared on a search engine results page).

176
Q

What is a conversation rate?

A

The percentage of visitors to a website who take action, such as those who make a booking or purchase.

177
Q

What is a qualified available market?

A

The individuals or organizations in a particular market who are interested in a product, can afford it, and are not prevented from purchasing based on any other barriers.

178
Q

What is the chain ratio method?

A

Involves multiplying a base number by several adjusting factors that are believed to influence market sales potential.

Q = n x q x p

Q = total market demand, N = number of buyers, Q = quantity purchased on average per buyer per year, p = price per unit

179
Q

What is channel management?

A

A process where the company develops various marketing techniques as well as sales strategies to reach the widest possible customer base.

180
Q

What is a promotion?

A

Short term incentives designed to stimulate demand.

181
Q

What is price?

A

An exchange of value.

182
Q

What is competition-based pricing?

A

A pricing model where your price points are heavily influenced by your competitors.

183
Q

What is cost-plus pricing?

A

A pricing method where you total your costs and then add a markup.

Hospitality Business (4 decks)

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