HTM 231 STUDY EXAM 1 QUESTIONS WITH
100%RATED ANSWERS 2024/2025 LATEST
UPDATED/GET A+
Purpose of a Business - to create and maintain satisfied, profitable customers
What is marketing - the process by which companies create value for customers and build strong
customer relationship in order to capture value from the customers in return
Marketing Mix (4P's) - product, price, promotion, and place (distribution)
Tourism Marketing - the two main industries are the hospitality industry and the travel industry.
The marketing process (5 steps) - 1. understand the marketplace and customer needs and wants
2. design a customer-driven marketing strategy
3. construct an integrate marketing program that delivers superior value
4. build profitable relationships and create customer delight
5. Capture value from customers to create profits and customer equity
Customer needs, wants, and demands - Needs- state of felt deprivation
Wants- humans needs that are impacted by culture and individual personality
Demands- wants that are backed by buying power
customer value and satisfaction - customer value- the difference between the benefits that the
customer gains from owning and/or using a product and the costs of obtaining the product
customer satisfaction- depends on a products perceived performance in delivering value relative
to a buyer's expectations.
exchange and markets - exchange- obtaining a desired object form someone by offering
something in return
markets- a set of actual and potential buyers of a product
marketing management orientations - the act of choosing target markets and building profitable
relationships with them
customer relationship management - building and maintaining profitable customer relationships
by delivering superior customer value and satisfaction
customer engagement marketing - fosters direct and continuous customers involvement in
shaping brand conversations, experiences, and community
the changing marketing landscape - 1. the digital age
2. sustainable marketing
, 3. changing economic environment
4. co-creation
5. rapid globalization
6. the sharing economy
marketing myopia - gap between what customers want and what companies think they need
production concept - customers will favor products that are available and highly affordable, and
therefore management should focus on production and distribution efficiency
product concept - consumers will favor products that offer the most quality, performance, and
features, and therefore the organization should devote its energy to making continuous product
improvements
selling concept - consumers will not buy enough of an organizations products unless the
organization a large selling and promotion effort
marketing concept - organization goals depends on determining the needs and wants of target
markets and delivering desired satisfactions more effectively and efficiently than competitors
societal marketing concept - should determine the needs, wants, and interests of target markets
and deliver the desired satisfaction more effectively and efficiently than competitors in a way
that maintains or improves the consumers and society's well being.
The service culture - system of values and beliefs in an organization that reinforces the idea that
providing the customer with quality service is the principal concern of the business
Characteristics of service marketing - 1. Intangibility- cannot be seen, tasted, felt, heard, or
smelled before they are bought
2.Inseparability- cannot be separated from their providers
3.Variability- quality of service depends on who provides them and when, where, and how
4. Perishability- services cannot be stored for later sale or use
service profit chain - model that shoes that shows the relationships between employee
satisfaction, customer satisfaction, customer retention, value creation, and profitable
types of marketing - 1.internal marketing
2. external marketing
3. interactive marketing
internal marketing - the service firm must effectively train and motivate customer-contact
employees and all the supporting service people to work as a team to provide customer
satisfaction
interactive marketing - a service firm that recognizes perceived service quality depends heavily
on the quality of the buyer-seller interaction
100%RATED ANSWERS 2024/2025 LATEST
UPDATED/GET A+
Purpose of a Business - to create and maintain satisfied, profitable customers
What is marketing - the process by which companies create value for customers and build strong
customer relationship in order to capture value from the customers in return
Marketing Mix (4P's) - product, price, promotion, and place (distribution)
Tourism Marketing - the two main industries are the hospitality industry and the travel industry.
The marketing process (5 steps) - 1. understand the marketplace and customer needs and wants
2. design a customer-driven marketing strategy
3. construct an integrate marketing program that delivers superior value
4. build profitable relationships and create customer delight
5. Capture value from customers to create profits and customer equity
Customer needs, wants, and demands - Needs- state of felt deprivation
Wants- humans needs that are impacted by culture and individual personality
Demands- wants that are backed by buying power
customer value and satisfaction - customer value- the difference between the benefits that the
customer gains from owning and/or using a product and the costs of obtaining the product
customer satisfaction- depends on a products perceived performance in delivering value relative
to a buyer's expectations.
exchange and markets - exchange- obtaining a desired object form someone by offering
something in return
markets- a set of actual and potential buyers of a product
marketing management orientations - the act of choosing target markets and building profitable
relationships with them
customer relationship management - building and maintaining profitable customer relationships
by delivering superior customer value and satisfaction
customer engagement marketing - fosters direct and continuous customers involvement in
shaping brand conversations, experiences, and community
the changing marketing landscape - 1. the digital age
2. sustainable marketing
, 3. changing economic environment
4. co-creation
5. rapid globalization
6. the sharing economy
marketing myopia - gap between what customers want and what companies think they need
production concept - customers will favor products that are available and highly affordable, and
therefore management should focus on production and distribution efficiency
product concept - consumers will favor products that offer the most quality, performance, and
features, and therefore the organization should devote its energy to making continuous product
improvements
selling concept - consumers will not buy enough of an organizations products unless the
organization a large selling and promotion effort
marketing concept - organization goals depends on determining the needs and wants of target
markets and delivering desired satisfactions more effectively and efficiently than competitors
societal marketing concept - should determine the needs, wants, and interests of target markets
and deliver the desired satisfaction more effectively and efficiently than competitors in a way
that maintains or improves the consumers and society's well being.
The service culture - system of values and beliefs in an organization that reinforces the idea that
providing the customer with quality service is the principal concern of the business
Characteristics of service marketing - 1. Intangibility- cannot be seen, tasted, felt, heard, or
smelled before they are bought
2.Inseparability- cannot be separated from their providers
3.Variability- quality of service depends on who provides them and when, where, and how
4. Perishability- services cannot be stored for later sale or use
service profit chain - model that shoes that shows the relationships between employee
satisfaction, customer satisfaction, customer retention, value creation, and profitable
types of marketing - 1.internal marketing
2. external marketing
3. interactive marketing
internal marketing - the service firm must effectively train and motivate customer-contact
employees and all the supporting service people to work as a team to provide customer
satisfaction
interactive marketing - a service firm that recognizes perceived service quality depends heavily
on the quality of the buyer-seller interaction
