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BOSC1 > Hospitality Marketing > Flashcards

Hospitality Marketing Flashcards

1
Q

Define: Marketing

A

identifying and meeting human and social needs

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2
Q

“identifying and meeting human and social needs” describes…

A

Marketing

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3
Q

What is the goal of Marketing

A

creating and capturing customer value

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4
Q

What is the difference between Marketing and Selling

A

Selling: more focused on the volume of sale and short term
Marketing: long term and about delivering customer satisfaction

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5
Q

Levels of Maslow’s Pyramid (ascending)

A

physiological, safety, love-belonging, esteem, self-actualization

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6
Q

“physiological, safety, love-belonging, esteem, self-actualization” describes…

A

Maslow’s Pyramid

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7
Q

True or False: higher up on Maslow’s pyramid is more physiological than psychological

A

False, lower level is physiological and becomes more psychological as you move up the pyramid

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8
Q

Define: Market Orientation

A

essentially the philosophy of a company (can change depending on managers)

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9
Q

Name the 4 different Market Orientations

A

Product, Production, Selling, and Marketing Orientation

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10
Q

Market Orientation: define Production orientation

A

“what can we make easily” focused on availability and affordability

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11
Q

Market Orientation: define Product orientation

A

“how do we differentiate our product” focused on quality, performance, and innovation

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12
Q

Market Orientation: define Selling orientation (sale orientation)

A

using large scale selling and promotions ie. buy 1 get 1 free

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13
Q

What is the disadvantage of using a selling orientation?

A

it’s short term and lack loyalty and profitability

ie. buy 2 get 1 free is encouraging sales at the cost of customers buying unwanted quantity

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14
Q

Market Orientation: define Marketing Orientation

A

the organization focuses on its activities on understanding target market desires.

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15
Q

“the organization focuses on its activities on understanding target market desires. “ describes which market orientation

A

Marketing Orientation

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16
Q

"”how do we differentiate our product” focused on quality, performance, and innovation” describes which market orientation

A

Product Orientation

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17
Q

“using large scale selling and promotions ie. buy 1 get 1 free” describes which market orientation

A

Selling Orientation

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18
Q

"”what can we make easily” focused on availability and affordability” describes which market orientation

A

Production Orientation

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19
Q

name 3 phases of model of buyer behavior

A

Environment -> Buyers black box -> Buyers response

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20
Q

What are the 4 (5) influencing factors of customer behaviors?

A

Cultural, Social, Personal, Psychological, (Buyer)

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21
Q

social class is a ____ factor of customer behavior

A

Cultural

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22
Q

Groups are a ____ factor of customer behavior

A

Social

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23
Q

Family is a ____ factor of customer behavior

A

Social

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24
Q

Age is a ____ factor of customer behavior

A

Personal

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25
Q

Lifecycle is a ____ factor of customer behavior

A

Personal

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26
Q

Occupation is a ____ factor of customer behavior

A

Personal

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27
Q

Economic status is a ____ factor of customer behavior

A

Personal

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28
Q

Lifestyle is a ____ factor of customer behavior

A

Personal

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29
Q

Motivation is a ____ factor of customer behavior

A

Psychological

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30
Q

Belief and attitude is a ____ factor of customer behavior

A

Psychological

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31
Q

Perception is a ____ factor of customer behavior

A

Psychological

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32
Q

Define: Cognitive Dissonance

A

buyer discomfort after purchase

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33
Q

“buyer discomfort after purchase” describes

A

Cognitive Dissonance

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34
Q

Describe the buying decision process

A

need recognition -> information search -> evaluation of alternatives -> purchasing decision -> post purchase behavior

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35
Q

Define: Moment of Truth

A

moment when a customer/user interacts with a brand, product or service to form or change an impression about that particular brand, product or service. takes 7 seconds

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36
Q

“moment when a customer/user interacts with a brand, product or service to form or change an impression about that particular brand, product or service” describes …

A

Moment of truth

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37
Q

Define: Zero Moment of Truth

A

moment in the buying process when the consumer researches a product prior to purchase.

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38
Q

“moment in the buying process when the consumer researches a product prior to purchase” describes …

A

Zero Moment of Truth

39
Q

Define: Corporate strategy

A

process of interlocking all aspect of firm’s activities from top to down ie. business activities, how company will grow, competitive strategy, etc

40
Q

Define: Strategic Business Unit

A

autonomous divisions with specialization and operates independently ie. Nespresso with Nestlé

41
Q

Define: Business Portfolio

A

collection of businesses and products that make up the company

42
Q

The product analysis used in class is called

A

Ansoff Matrix

43
Q

The 4 quadrants of Ansoff Matrix includes …

A

Market penetration, Product development, Market development, Diversification

44
Q

The Ansoff Matrix is a ____ strategy for organizations

A

Growth strategy

45
Q

Ansoff Matrix: Market penetration focuses on

A

selling more of existing products to existing and potential customers

46
Q

Ansoff Matrix: Market Development focuses on

A

bringing existing products to new market through pricing, new distribution channels, geographic market

47
Q

Ansoff Matrix: Diversification focuses on

A

taking new products to new markets and customers

48
Q

Define: Microenvironment

A

includes all forces outside marketing function that affects the marketing managements ability to build and maintain relationships ie. suppliers, marketing intermediaries, competitors, public

49
Q

Name the 2 competitive advantages

A

Cost and Differentiation advanatges

50
Q

Define: Cost strategy

A

providing same level of goods at a lower price

51
Q

Define: Differentiation strategy

A

exceeding customer expectation by exceeding competitors (temporary because competitors will follow)

52
Q

What are the 5 forces in the 5 forces model

A

competitive rivalry, supplier power, buyer power, threat of substitutes, threat of new entry

53
Q

Define competitive rivalry (5 forces model)

A

the number and strength of competitors

54
Q

Define supplier power (5 forces model)

A

ability of suppliers to increase prices

55
Q

Define buyer power (5 forces model)

A

buyers ability to drive prices down (ie. if operating in a large market)

56
Q

Define threat of substitues (5 forces model)

A

customers ability to find substitute ie. uber + taxis, hotels + airbnb

57
Q

Define threat of new entry (5 forces model)

A

how easily can a new competitor enter your market

use of icloud creates barriers to keep customers buying apple over PC. therefore apple reduces threat of new entry

58
Q

what is the concept of demand in marketing?

A

desire to purchase with ability to buy

59
Q

Define: actual market

A

current customer that are actually buying from organization

60
Q

Define: market potential

A

customers interested in product but not buying yet

61
Q

Define: non consumers

A

people that are not buying and not interested

62
Q

True or False: market share is measured by volume only

A

False, market share can be measured by both volume and value

63
Q

Name the 6 macro environments discussed in class

A

demographic, economic, natural, technological, political, cultural

64
Q

Explain the difference between fad, trend, and marco trend

A

fad - unpredictable, short-lived, and no social, economic, and political significance

trend - more predictable and durable. reveals shape of the future

macro trend - slow to form but influences for 7+ years

65
Q

Define: Qualitative research

A

primarily exploratory research, used to gain understanding of underlying reasons, opinions and motivations

66
Q

“primarily exploratory research, used to gain understanding of underlying reasons, opinions and motivations” describes _____ research

A

Qualitative

67
Q

Define: Quantitative research

A

emphasizes objective measurements like statistics, mathematical, or numerical analysis

68
Q

“emphasizes objective measurements like statistics, mathematical, or numerical analysis” describes _____ research

A

Quantitative

69
Q

Define: Primary data

A

Information collected by organization for a specific purpose

70
Q

“Information collected by organization for a specific purpose” describes _______ Data

A

Primary Data

71
Q

Define: Secondary Data

A

information that already exists somewhere, having been collected previously

72
Q

“information that already exists somewhere, having been collected previously” describes _____ Data

A

Secondary data

73
Q

What are the 4 steps of Marketing Research

A

1) define problem / objective
2) develop research plan
3) implementing plan
4) interperting

74
Q

Define: Segmentation

A

requires dividing a market into a smaller segment with distinct needs

must be measurable, accessible, substantial, differentiable, actionable

75
Q

Define: Targeting

A

a target market is a set of buyers who share common needs or characteristics that a company decides to serve

76
Q

Identify targeting strategies from broad to narrow

A

unidentified marketing -> diferentiated marketing -> concentrated marketing -> micro marketing

77
Q

Define: undiferentiated marketing

A

targets the whole market with one offer (focuses on common needs)

78
Q

Define: differentiated market

A

targets several different market segments design separate offers for each segment (ie. Marriotts different brands)

79
Q

Define: concentrated marketing

A

targets a large selection of a smaller segmentation (niche). Highly profitable, more effective and efficient

80
Q

Define: micro marketing

A

tailoring products and marketing programs to suit the taste of individual (ie. netflix recommendations)

81
Q

Define: buyer persona

A

a hypothetical individual that conveys the company’s firms target segement

82
Q

What are the 4P’s in Marketing Mix?

A

Price, Place, Promotion, Product

83
Q

What are the 3 levels in a purchase?

A

1) core customer value
2) actual purchase
3) augmented product

84
Q

core customer value, actual purchase, augmented product describes …

A

the 3 levels in a purchase

85
Q

Define: Core customer value

A

the first level of purchase. why people buy what they buy (varies for each person)

ie. iPhone 12 - the desire to have the newest apple phone

86
Q

Define: actual purchase

A

the second level of purchase. the elements of the purchase

iPhone example: brand name, features, design, quality, etc

87
Q

Define: augmented product

A

additional service and benefits

apple example: warranty, after-sale service, product support

88
Q

Define: Product Line Filling

A

adding new products to the existing line

89
Q

What is a potential concern of Product line filling?

A

Cannibalism

90
Q

“adding new products to the existing line” describes..,

A

Product Line Filling

91
Q

Define: Product Line Stretching

A

stretching product line beyond current range

ie. IHG acquisition of six senses (upwards) or Mercedes with Class A (downwards)

92
Q

5 stages of Product Life Cycle

A

Product Development, Introduction, Growth, Maturity, Decline

93
Q

what are the 4 service elements of marketing? (explain each)

A

Intangibility, Inseparability, Perishability, Variability

BOSC1 (3 decks)

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