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Midterm 3 > Sale and Marketing > Flashcards

Sale and Marketing Flashcards

1
Q

Marketing

A

All activities to match products or services to potential customers to maximise revenue. By doing research.

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2
Q

Sales

A

The actions to persuade people to buy

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3
Q

Marketing vs sales

A

Marketing is broader in scope than sales. Marketing is about setting a strategy and sales is about turning that strategy into action and results.

Marketing can’t have any good results without sales and sales can’t be successful without an effective marketing strategy.

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4
Q

Advertising

A

Salesmanship in media

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5
Q

Globalisation

A

The ease to travel and set up businesses worldwide.

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6
Q

Means to get large

A 
Strategic alliances
Franchising
Management contracts 
Joint-ventures (Starwood)
Association of independent hotels (LHW)
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7
Q

What is a brand?

A

A brand is an established name, reputation and design that is representative for the company.

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8
Q

Brand awareness

A

Easy recognition of a brand in terms of image and offer

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9
Q

Relationship marketing

A

To create customer loyalty with interaction and communication with the customer. Word of mouth marketing.

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10
Q

Benefits of having loyal customers:

A

Tend to spend more
Spread information around: free advertising
Less price sensitive

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11
Q

Niche market

A

Small but specific and well defined segment of the population. Niches do not “exist” but are created by identifying needs, wants and requirements.

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12
Q

Market segmentation

A

Know my clients, categories them to find common behaviours, needs and requests. Respond to those needs by adapting products and services.

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13
Q

Tangible

A

The product offered (guest rooms, dining facilities etc)

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14
Q

Intangible

A

Services provided

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15
Q

Intangibility

A

They do not sell guest rooms, they sell the use of the rooms. Since they can’t see or touch the experience they must trust the salesperson’s description - the credibility plays an important role.

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16
Q

Perishability

A

This makes hospitality different from other products, an empty seat or room is business lost forever. No shelf life.

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17
Q

Inconsistency

A

The services may vary greatly between hotels, restaurants or even employees. It is essential to maintain consistency for success within hospitality.

18
Q

Inseparably

A

Production and consumption are largely simultaneous with services. Services are consumed at the place and time they are created. The problem of this is that the guest does not only come in contact with employees but also with other guests. This makes the guests a part of the product and often affects the quality of service.

19
Q

Seasonality

A

Depending on the season. There is high season and low season. Unlimited time for marketing the product for a special event/ season.

20
Q

Public relations (PR)

A

Establish a dialogue between the company and the public to enhance the brand image and protect the brand.
The eyes, the ears and the voice of the company.

21
Q

4 p

A 
Price
Place
Promotion
Product
(People)
22
Q

Differentiation

A

The process of distinguishing a product or service from others, to make it more attractive to a particular target market.

23
Q

Market mix

A

set of marketing tools that the firm uses to pursue its marketing objectives in the target market. Also known as the 4p.(product, price, place, promotion)

24
Q

Market positioning

A

An effort to influence consumer perception of a brand or product relative to the perception of competing brands or products. Its objective is to occupy a clear, unique, and advantageous position in the consumer’s mind.

25
Q

Sustainability

A

Is to leave the planet the same way we received it for future generations, so that we are able to live with the same standard as we do today in the future. We need it because the planet has limited amount of resources. Since this has become so important to people they will more likely choose a sustainable hotel than one which is not. The role of marketing is to differentiating the property; with a sustainable program, determine how this might benefit the property and the community. The marketing team should communicate this message out to the clients, both to show them what they offer but also to get them involved.

26
Q

The role of marketing when sustainable

A

Differentiating your property
Determining the benefits for your property
Determining the benefits to your community
Getting the management and staff commitment
Communicating to clients and getting their involvement

27
Q

Marketing plan

A

Building a marketing plan is formalizing ideas, thoughts, analyses, and turning them into concrete actions.
It includes marketing, sales advertising, promotional actions and Public Relations
It is a living tool: needs to be constantly reviewed or it is soon obsolete

28
Q

Road map

A

Who you are. where you are, how you are going to get there
Purpose
Sets goals and objectives for each of the property’s revenue centers. ”A hotel is not one business, with one market segment: it is a series of different businesses with different makers under one roof”
Responsibility: Director of Marketing
Participating to its elaboration: each profit or guest related department head teamwork

29
Q

Property analysis

A

Assess strengths and weaknesses of the property. Statistics regarding rooms, restaurants and Bar, meeting facilities, any revenue center.
(Occupancy rate and ARR)

30
Q

Competition analysis

A

Know your competitors: who are the major competitors? How has this competitive set changed over the past one or two years? Have competitors taken actions which creates challenges or opportunities?
(Market share, fair share, RevPAR)

31
Q

Market share

A

Hotel room number sold / market room number sold

32
Q

Fair share

A

Hotel room numbers / market room numbers

33
Q

RevPAR

A

Occupancy rate x ARR

34
Q

Marketplace analysis

A

Identify opportunities and problems from your environment that could affect the hotel -> reveal potential opportunities… to promote the property
Tools: Market demographics, economic news, political changes, local events… Psychographics: attitude, behaviors, values, opinions

35
Q

Mission

A

Purpose of the company, its relation to the customer

36
Q

Vision

A

Where the company sees itself in the future

37
Q

Position

A

Where in the market the company is in customers mind compared to competition

38
Q

Elements used in an advertise

A 
Colors
Emotions
Slogan - Logo
Music
Message
Story telling
Association of ideas
39
Q

AIDA

A

Attention - the guest becomes aware of the hotel
Interest - the guest wants to learn more about the hotel
Desire - the guest wants to experience the hotel products
Action - the guest makes a reservation

40
Q

Maslows in advertising

A 
Physiological 
Safety 
Belonging 
Esteem
Self-actualisation

Midterm 3 (5 decks)

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