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HMGT 4958 - Hotel & Resort Sales > Week 1 - Buying & Selling > Flashcards

Week 1 - Buying & Selling Flashcards

1
Q

What is the definition of marketing?

A
  • Trend research and development of successful sales techniques, depending on variables:
    1. External variables - uncontrolled
    2. Internal variables - inherent to the product/service itself.
  • It is also the study and management of the EXCHANGE PROCESS
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2
Q

What is the EXCHANGE PROCESS?

A

Selecting a target market and doing whatever is necessary to stimulate demand for service.

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3
Q

What are some major characteristics of marketing?

A
  • It must be focused.
  • It must be customer oriented.
  • It looks at demographics: who, what, where, when and how.
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4
Q

What is the definition of THE MARKETING MIX?

A

The choices organizations make to bring a product/service to market.

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5
Q

What is THE 4 P’s MODEL?

A
  • It is the best known method of defining the marketing mix.

- It was developed by EJ McCarthy in 1960.

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6
Q

What are the 4 P’s of the marketing mix?

A
  1. Product/Service
  2. Place
  3. Price
  4. Promotion/Advertising
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7
Q

In the 4 P’s Model, what does PRODUCT/SERVICE mean?

A
  • What does the customer want from the product/service?
  • What needs does it satisfy?
  • What features does it have to meet those needs?
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8
Q

In the 4 P’s Model, what does PLACE mean?

A
  • Where do buyers look for your product/service?
  • Where is it actually located?
  • Are there competitors?
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9
Q

In the 4 P’s Model, what does PRICE mean?

A
  • What is the value of the product/service to the buyer?

- Is the customer price sensitive? Will a small decrease gain market share? Will a small increase gain a profit margin?

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10
Q

In the 4 P’s Model, what does PROMOTION/ADVERTISING mean?

A
  • How, where and when can you get your message to your target market?
  • When is the best time to promote?
  • Is the market seasonal?
  • Are there environmental issues that might affect marketing timing?
  • How do competitors do their promotions?
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11
Q

What is the definition of advertising?

A

The “voice” that attempts to reach specific consumers.

  • It is designed to selectively attract customers.
  • It tells the “story” of the product/service.
  • It tells the customer why he should be interested.
  • It conveys the SERVICE PROMISE.
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12
Q

In advertising, what is the SERVICE PROMISE?

A

It tells the customer what he can expect from the product/service.

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13
Q

What is the definition of SALES/SELLING?

A

They are activities undertaken to generate a sales transaction.
These activities deal directly with customers
- Telephone/electronic contact
- Face-to-face or in-person contact

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14
Q

What is the SERVICE GAP?

A

The difference between expectations of service and the perception of the actual service provided.

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15
Q

What is the KNOWLEDGE GAP?

A

The difference between management perceptions of what a customer wants and the actual perception of the customer.

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16
Q

What is the STANDARDS GAP?

A

The difference between managements perception of what customers expect and the actual service delivery process.

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17
Q

What is the DELIVERY GAP?

A

The difference between service delivery specifications and the actual service delivery.

18
Q

What is the COMMUNICATION GAP?

A

The difference between the service promise to the customer and the actual service delivered

19
Q

What are the 6 ESSENTIAL STEPS OF THE SALES PROCESS?

A
  1. Preparation
  2. Approach
  3. Discovery
  4. Solution Design
  5. Presentation
  6. Implementation
20
Q

Define the PREPARATION STEP of The Sales Process.

A
  1. Start strong.

2. Be ready to sell in a particular market place.

21
Q

Define the APPROACH STEP of The Sales Process.

A
  1. Understand where opportunity is.

2. Identify potential customers who have a need for your product/service.

22
Q

Define the DISCOVERY STEP of The Sales Process.

A
  1. Know what your customers budget is.
  2. Find out if they have a need you can fill.
  3. Make sure they can leave the transaction satisfied.
23
Q

Define the SOLUTION DESIGN STEP of The Sales Process.

A
  1. Take advantage of everything learned in the previous steps to create a comprehensive solution.
24
Q

Define the PRESENTATION STEP of The Sales Process?

A
  1. Go back to the customer to present the complete project.

2. Offer them a well-organized solution that directly addresses their needs.

25
Q

Define the IMPLEMENTATION STEP of The Sales Process.

A
  1. Putting the project into motion.

2. Collecting your fee.

26
Q

Which step of the sales process is also know as “The negotiation Phase”

A

The Presentation Step.

27
Q

What are the 4 different kinds of selling?

A
  1. Cold Calls
  2. Public Relations Calls
  3. Presentation Calls
  4. Inside Calls
28
Q

What is the definition of COLD CALLS?

A
  • Calls made in a small geographic area where little is known about potential customers.
  • A fact-finding or exploratory call.
29
Q

What is the definition of PUBLIC RELATIONS CALLS?

A
  • Service calls made to existing customers
30
Q

What is the definition of PRESENTATION CALLS?

A
  • Calls made to potential customers to explain how your product/service can meet their needs.
  • Attempting to solicit their business.
31
Q

What is the definition of INSIDE CALLS?

A
  • Calls made to walk-in customers who are seeking information about your product/service.
32
Q

What 5 factors influence sales?

A
  1. Cultural
  2. Social
  3. Personal
  4. Psychological
  5. Buyer
33
Q

How do CULTURAL FACTORS influence sales?

A
  • Culture
  • Sub-culture
  • Social Class
34
Q

How do SOCIAL FACTORS influence sales?

A
  • Reference Groups
  • Family
  • Roles and status
35
Q

How do PERSONAL FACTORS influence sales?

A
  • Age and life-cycle stage
  • Occupation
  • Economic circumstances
  • Lifestyle
  • Personality
  • Self concept
36
Q

How do PSYCHOLOGICAL FACTORS influence sales?

A
  • Motivation
  • Perception
  • Learning
  • Beliefs
  • Attitudes
37
Q

What are the major functions of sales?

A
  1. To sell what’s in stock.
  2. To develop relationships with customers and/or channel partners.
  3. To overcome objections
  4. To negotiate prices and terms
  5. To make sure customers orders are filled.
38
Q

What is the perspective of sales?

A
  • Looking from inside the company, out toward the customers, focusing on this week, this month and this quarter.
  • Must be focused on the NOW. If sales is not focused on the now, there may not be any revenue
39
Q

What are the major functions of marketing?

A
  1. Helping to lead the company to where it should be in the future.
  2. Directing the organization to where it can profitably compete.
  3. Helping the organization see how it needs to modify its product offering/prices/and communication so it can meet the needs of customers.
40
Q

What is the perspective of marketing?

A
  • Understanding the market place from the perspective of the customer looking back towards the company.
  • Must Focus on the future. If marketing focuses too much on the “now” - growth can be limited and the future can be lost.
41
Q

What are the elements of the EXCHANGE PROCESS?

A

Elements include:

  • Sales
  • Research
  • Action Strategies
  • Advertising
  • Publicity
  • Promotions

HMGT 4958 - Hotel & Resort Sales (2 decks)

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