Brainscape's Knowledge GenomeTM


Top Flashcards (Certified)
All Flashcards

BOSC1 > Hospitality Marketing > Flashcards

Hospitality Marketing Flashcards

1
Q

Define: Marketing

A

identifying and meeting human and social needs

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

“identifying and meeting human and social needs” describes…

A

Marketing

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

What is the goal of Marketing

A

creating and capturing customer value

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

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

Levels of Maslow’s Pyramid (ascending)

A

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

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

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

A

Maslow’s Pyramid

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

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

Define: Market Orientation

A

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

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

Name the 4 different Market Orientations

A

Product, Production, Selling, and Marketing Orientation

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

Market Orientation: define Production orientation

A

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

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

Market Orientation: define Product orientation

A

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

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

Market Orientation: define Selling orientation (sale orientation)

A

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

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Market Orientation: define Marketing Orientation

A

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

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

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

A

Marketing Orientation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

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

A

Product Orientation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

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

A

Selling Orientation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

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

A

Production Orientation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

name 3 phases of model of buyer behavior

A

Environment -> Buyers black box -> Buyers response

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

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

A

Cultural, Social, Personal, Psychological, (Buyer)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

social class is a ____ factor of customer behavior

A

Cultural

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Groups are a ____ factor of customer behavior

A

Social

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Family is a ____ factor of customer behavior

A

Social

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Age is a ____ factor of customer behavior

A

Personal

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Lifecycle is a ____ factor of customer behavior
Personal
26
Occupation is a ____ factor of customer behavior
Personal
27
Economic status is a ____ factor of customer behavior
Personal
28
Lifestyle is a ____ factor of customer behavior
Personal
29
Motivation is a ____ factor of customer behavior
Psychological
30
Belief and attitude is a ____ factor of customer behavior
Psychological
31
Perception is a ____ factor of customer behavior
Psychological
32
Define: Cognitive Dissonance
buyer discomfort after purchase
33
"buyer discomfort after purchase" describes
Cognitive Dissonance
34
Describe the buying decision process
need recognition -> information search -> evaluation of alternatives -> purchasing decision -> post purchase behavior
35
Define: Moment of Truth
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
36
"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 ...
Moment of truth
37
Define: Zero Moment of Truth
moment in the buying process when the consumer researches a product prior to purchase.
38
"moment in the buying process when the consumer researches a product prior to purchase" describes ...
Zero Moment of Truth
39
Define: Corporate strategy
process of interlocking all aspect of firm's activities from top to down ie. business activities, how company will grow, competitive strategy, etc
40
Define: Strategic Business Unit
autonomous divisions with specialization and operates independently ie. Nespresso with Nestlé
41
Define: Business Portfolio
collection of businesses and products that make up the company
42
The product analysis used in class is called
Ansoff Matrix
43
The 4 quadrants of Ansoff Matrix includes ...
Market penetration, Product development, Market development, Diversification
44
The Ansoff Matrix is a ____ strategy for organizations
Growth strategy
45
Ansoff Matrix: Market penetration focuses on
selling more of existing products to existing and potential customers
46
Ansoff Matrix: Market Development focuses on
bringing existing products to new market through pricing, new distribution channels, geographic market
47
Ansoff Matrix: Diversification focuses on
taking new products to new markets and customers
48
Define: Microenvironment
includes all forces outside marketing function that affects the marketing managements ability to build and maintain relationships ie. suppliers, marketing intermediaries, competitors, public
49
Name the 2 competitive advantages
Cost and Differentiation advanatges
50
Define: Cost strategy
providing same level of goods at a lower price
51
Define: Differentiation strategy
exceeding customer expectation by exceeding competitors (temporary because competitors will follow)
52
What are the 5 forces in the 5 forces model
competitive rivalry, supplier power, buyer power, threat of substitutes, threat of new entry
53
Define competitive rivalry (5 forces model)
the number and strength of competitors
54
Define supplier power (5 forces model)
ability of suppliers to increase prices
55
Define buyer power (5 forces model)
buyers ability to drive prices down (ie. if operating in a large market)
56
Define threat of substitues (5 forces model)
customers ability to find substitute ie. uber + taxis, hotels + airbnb
57
Define threat of new entry (5 forces model)
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
what is the concept of demand in marketing?
desire to purchase with ability to buy
59
Define: actual market
current customer that are actually buying from organization
60
Define: market potential
customers interested in product but not buying yet
61
Define: non consumers
people that are not buying and not interested
62
True or False: market share is measured by volume only
False, market share can be measured by both volume and value
63
Name the 6 macro environments discussed in class
demographic, economic, natural, technological, political, cultural
64
Explain the difference between fad, trend, and marco trend
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
Define: Qualitative research
primarily exploratory research, used to gain understanding of underlying reasons, opinions and motivations
66
"primarily exploratory research, used to gain understanding of underlying reasons, opinions and motivations" describes _____ research
Qualitative
67
Define: Quantitative research
emphasizes objective measurements like statistics, mathematical, or numerical analysis
68
"emphasizes objective measurements like statistics, mathematical, or numerical analysis" describes _____ research
Quantitative
69
Define: Primary data
Information collected by organization for a specific purpose
70
"Information collected by organization for a specific purpose" describes _______ Data
Primary Data
71
Define: Secondary Data
information that already exists somewhere, having been collected previously
72
"information that already exists somewhere, having been collected previously" describes _____ Data
Secondary data
73
What are the 4 steps of Marketing Research
1) define problem / objective 2) develop research plan 3) implementing plan 4) interperting
74
Define: Segmentation
requires dividing a market into a smaller segment with distinct needs must be measurable, accessible, substantial, differentiable, actionable
75
Define: Targeting
a target market is a set of buyers who share common needs or characteristics that a company decides to serve
76
Identify targeting strategies from broad to narrow
unidentified marketing -> diferentiated marketing -> concentrated marketing -> micro marketing
77
Define: undiferentiated marketing
targets the whole market with one offer (focuses on common needs)
78
Define: differentiated market
targets several different market segments design separate offers for each segment (ie. Marriotts different brands)
79
Define: concentrated marketing
targets a large selection of a smaller segmentation (niche). Highly profitable, more effective and efficient
80
Define: micro marketing
tailoring products and marketing programs to suit the taste of individual (ie. netflix recommendations)
81
Define: buyer persona
a hypothetical individual that conveys the company's firms target segement
82
What are the 4P's in Marketing Mix?
Price, Place, Promotion, Product
83
What are the 3 levels in a purchase?
1) core customer value 2) actual purchase 3) augmented product
84
core customer value, actual purchase, augmented product describes ...
the 3 levels in a purchase
85
Define: Core customer value
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
Define: actual purchase
the second level of purchase. the elements of the purchase iPhone example: brand name, features, design, quality, etc
87
Define: augmented product
additional service and benefits | apple example: warranty, after-sale service, product support
88
Define: Product Line Filling
adding new products to the existing line
89
What is a potential concern of Product line filling?
Cannibalism
90
"adding new products to the existing line" describes..,
Product Line Filling
91
Define: Product Line Stretching
stretching product line beyond current range | ie. IHG acquisition of six senses (upwards) or Mercedes with Class A (downwards)
92
5 stages of Product Life Cycle
Product Development, Introduction, Growth, Maturity, Decline
93
what are the 4 service elements of marketing? (explain each)
Intangibility, Inseparability, Perishability, Variability

BOSC1 (3 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions