TIM 304 EXAM 1 STUDY GUIDE
Marketing - Answers - Making business decisions with customers in mind
Purpose of a business - Answers - To create and maintain profitable customers.
Hospitality Marketing - Answers - the art and science of finding, retaining, and growing
profitable customers
5 core customer market place concepts - Answers - Needs wants and demands
Market offerings
Value and satisfaction
Exchanges and relationships
Markets
Understand customer needs wants and demands - Answers - Customer needs
Customer wants
Demands
Market Offering
Value expectations and satisfaction
What is Value? - Answers - Value is the customers estimate of the products overall
capacity to satisfy their needs
Benefit Minus cost Equals value
What is customer value - Answers - the difference between the benefits that the
customer gains from owning and/or using a product and the costs of obtaining the
product
Costs can be - Answers - both monetary and nonmonetary
One of the biggest nonmonetary costs for hospitality customers is ____ - Answers - time
Customer expectations - Answers - Customer satisfaction depends on a products
perceived performance in delivering value relative to a buyers expectation
The Marketing Mix 7Ps: - Answers - Product
Price
Promotion
Place
People
Physical environment
process
, Exchange and relationships: - Answers - Exchange is the act of obtaining a desired
object from someone by offering something in return.
Relationship marketing: - Answers - Focuses on building a relationship with a
company's profitable customers
Best to worst customers. - Answers - Truefriends, Butterflies, Strangers, Barnacles
Value proposition: - Answers - The benefits and value that the company promises to
deliver
The importance of Marketing: - Answers - Take care of customers (internal and
external)
Production concept - Answers - holds that customers will favor products that are
available and highly affordable. Management should focus on production and
distribution efficiency.
Product concept - Answers - holds that customers prefer existing products and product
forms, and the job of management is to develop good versions of these products.
Selling concept - Answers - holds that customers will not buy enough of the
organization's products unless the organization undertakes a large selling and
promotion effort.
Marketing concept - Answers - 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.
Societal marketing concept - Answers - 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
customer's and society's well being.
The marketing Trends impacting the marketing landscape - Answers - New methods of
communication both from organizations and from other consumers have led to
•increased product awareness,
•innovative product design, and
•improved information access.
Consumers are able to engage with marketing efforts through - Answers - •Online
•Social media
•Mobile platforms
Cocreation - Answers - Cocreation involves the hospitality or travel company interacting
with the guest to create experiences through this interaction.
Marketing - Answers - Making business decisions with customers in mind
Purpose of a business - Answers - To create and maintain profitable customers.
Hospitality Marketing - Answers - the art and science of finding, retaining, and growing
profitable customers
5 core customer market place concepts - Answers - Needs wants and demands
Market offerings
Value and satisfaction
Exchanges and relationships
Markets
Understand customer needs wants and demands - Answers - Customer needs
Customer wants
Demands
Market Offering
Value expectations and satisfaction
What is Value? - Answers - Value is the customers estimate of the products overall
capacity to satisfy their needs
Benefit Minus cost Equals value
What is customer value - Answers - the difference between the benefits that the
customer gains from owning and/or using a product and the costs of obtaining the
product
Costs can be - Answers - both monetary and nonmonetary
One of the biggest nonmonetary costs for hospitality customers is ____ - Answers - time
Customer expectations - Answers - Customer satisfaction depends on a products
perceived performance in delivering value relative to a buyers expectation
The Marketing Mix 7Ps: - Answers - Product
Price
Promotion
Place
People
Physical environment
process
, Exchange and relationships: - Answers - Exchange is the act of obtaining a desired
object from someone by offering something in return.
Relationship marketing: - Answers - Focuses on building a relationship with a
company's profitable customers
Best to worst customers. - Answers - Truefriends, Butterflies, Strangers, Barnacles
Value proposition: - Answers - The benefits and value that the company promises to
deliver
The importance of Marketing: - Answers - Take care of customers (internal and
external)
Production concept - Answers - holds that customers will favor products that are
available and highly affordable. Management should focus on production and
distribution efficiency.
Product concept - Answers - holds that customers prefer existing products and product
forms, and the job of management is to develop good versions of these products.
Selling concept - Answers - holds that customers will not buy enough of the
organization's products unless the organization undertakes a large selling and
promotion effort.
Marketing concept - Answers - 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.
Societal marketing concept - Answers - 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
customer's and society's well being.
The marketing Trends impacting the marketing landscape - Answers - New methods of
communication both from organizations and from other consumers have led to
•increased product awareness,
•innovative product design, and
•improved information access.
Consumers are able to engage with marketing efforts through - Answers - •Online
•Social media
•Mobile platforms
Cocreation - Answers - Cocreation involves the hospitality or travel company interacting
with the guest to create experiences through this interaction.
