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RISK MANAGEMENT > MARKETING > Flashcards

MARKETING Flashcards

1
Q

Marketing is the art and science of finding, retaining, and growing profitable customers.

A

hospitality marketing

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2
Q

*A state of felt deprivation in a person.

A

Needs

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3
Q

*The form that a human need takes when shaped by culture and individual personality

A

wants

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4
Q

*Human wants that are backed by buying power

A

demand

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5
Q

Combination of tangible products, services, information, or experiences offered to the market

A

market offerings

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6
Q

Customer Value, Customer Expectations, Satisfaction

A

Value, expectation, &
Satisfaction

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7
Q

is the difference between the benefits that the customer gains from owning and/or using
a product and the costs of obtaining the product.

A

value

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8
Q

are based on past buying experiences, the opinions of friends, and market
information.

A

expectations

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9
Q

a product is determined by how well the product meets the customer’s expectations for
that product.

A

satisfaction

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10
Q

how you visualize your?

A

product

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11
Q

Product Strategies

A

variability
rebranding
relaunching (new launch)

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12
Q

means creating a value

A

pricing/ price

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13
Q

short goals, specific measurable , smart goals

A

promotion

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14
Q

traditional media

A

above the line

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15
Q

physical interaction where they give dirty works

A

below the line

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16
Q

available (where you are present)

A

place

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17
Q

2 categories of demand

A

price- buying concept
availability- behavior

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18
Q

presence in the market penetration

A

physical evidence

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19
Q

this includes strategic planning (long life)

A

process

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20
Q

feedback towards your product

A

performance

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21
Q

it includes external, internal, and interactive marketing in 8p’s

A

people

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21
Q

physical goods (touch/ seen)

A

tangible

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21
Q

intangible offerings (recreational, perishable, variability, unperishable)

A

services

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22
Q

moments beyond your product

A

experiences (intangible)

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23
Q

before 8 p’s

A

value
expectation
satisfaction

23
Q

company must decide who it will serve.

A

selecting customers to serve

24
Q

marketing management can design a customer-drive
marketing strategy. To design a winning marketing strategy,

A

designing customer value

25
Q

is the set of benefits or values it promises to deliver to consumers to satisfy their needs.

A

value proposition

26
Q

design strategies that will build profitable relationships with target consumers.

A

marketing management orientation

27
Q

is one of the oldest philosophies guiding sellers.

A

production concepts

28
Q

concept, like the production concept, has an inward focus.

A

product concept

29
Q

it holds that consumers will not buy enough of the products unless the company assumes a lage selling and promotion effort.

A

selling concept

30
Q

holds that achieving organizational goals depends on determining the needs and wants
of target markets and delivering the desired satisfaction more effectively and efficiently than competitors.

A

marketing concept

31
Q

holds that the organization should determine the needs, wants, and interests of target markets and deliver the desired satisfactions more effectively and efficiently than competitors in a way that
maintains or improves the consumers and society’s well-being.

A

Societal Marketing Concept.

31
Q

involves managing detailed information about individual customers
and carefully managing customer “touch points” in order to maximize customer loyalty.

A

Building Customer Relationships

32
Q

what is crm?

A

Customer relationship management

32
Q

Customer relationship management

A

intangibility
inseperability
variability
perishability

33
Q

Five links of Service Profit Chain

A

Internal Quality Service
Satisfied and Productive Service Employees
Greater service value
satisfied and loyal customers
healthy service and profit growth

34
Q

3 types of marketing

A

internal marketing
external marketing
interactive marketing

35
Q

The service firm must effectively train and motivate its customer- contact employees and all the supporting service people to work as a team to provide customer satisfaction.

A

Internal Marketing

35
Q

is the action of promoting your business and
its services.

A

External Marketing

35
Q

perceived service quality depends heavily on the quality of the buyer-seller interaction during the service encounter.

A

Interactive Marketing.

36
Q

It is the various external forces that can directly or indirectly affect the many activities of an organization.

A

Marketing Environment?

37
Q

consists of actors and forces close to the company that can affect its ability to serve its customers.

A

Microenvironment

38
Q

Marketing managers work closely with top management and the various company
departments.

A

company

39
Q

Firms and individuals that provide the resources needed by the company to produce its goods
and services.

A

Marketing intermediaries.

39
Q

The elimination of intermediaries.

A

Disintermediation.

40
Q

They are part of the microenvironment and must be monitored closely.

A

Competitors.

41
Q

Marketing research firms, advertising agencies, media firms, and
marketing consulting firms help companies to target and promote their products to the right market

A

Marketing services agencies.

42
Q

Include banks, credit companies, insurance companies, and other firms that help hospitality companies to finance their transaction or insure risks associated

A

Financial intermediaries.

42
Q

Managers must understand the different types of customers: consumers, business markets,
government markets, resellers, and international markets.

A

Customers.

43
Q

is any group that has an actual or potential interest in or impact on an organization’s
ability to achieve its objectives.

A

public

43
Q

consists of the larger societal forces that affect the whole microenvironment:
demographic, economic, natural, technological, political, competitor, and cultural forces.

A

Macroenvironment

43
Q

Each firm must consider its size and industry position in relation to its competitors.

A

Competitive environment

44
Q

is a review of external sources to discover factors that impact a business.

A

Environmental Scanning

45
Q

The study of human
populations in terms of size, generation group,
location, age, sex, race, occupation, and other
statistics.

A

Demographic environment.

46
Q

consists of factors that affect
consumer purchasing power and spending
patterns.

A

Economic environment.

47
Q

consists of natural resources required by marketers or affected by marketing activities.

A

Natural environment.

48
Q

means change in
products and production possibilities, also change in their manufacturing processes, costs and qualities.

A

Technological environment.

49
Q

environment is made up of laws, government agencies, and
pressure groups that influence and limit various organizations and individuals in society.

A

Political environment.

50
Q

includes institutions and other forces that affect
society’s basic values, perceptions, preferences, and behaviors.

A

Cultural environment.

51
Q

A business has ethical responsibilities while delivering goods to the community.

A

Ethical Factors.

RISK MANAGEMENT (2 decks)

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