NHM 464 EXAM 2 Questions and Answers| New Update with 100% Correct Answers
MIS "a system that analyzes and assesses marketing information, gathered continuously
from sources inside and outside an organization"
MIS Steps 1) Assessing Information Needs
2) Developing Marketing Information
3) Distributing Information
Internal Data ____ database, guest history information, guest information trends, guest
comment cards, listening and speaking with guests, mystery shoppers, point of sale (POS)
information
Marketing Intelligence -Includes everyday information about developments in the marketing
environment that helps managers prepare and adjust marketing plans and short run tactics
-internal sources, competition sources, external sources
Marketing Research -cannot always wait for information to arrive in bits and pieces from
marketing intelligence system
- defined as "a process that identifies and defines the marketing opportunities and problems,
monitors and evaluates marketing actions and performance, and communicates the findings
and implications to management"
Marketing Research Step 1 Defining the Problem and Research objectives
1) exploratory research
2) descriptive research
3) casual research
Marketing Research Step 2 Developing the research plan
-determining specific needs (must be translated from research objectives)
,-gathering secondary information (quick and cheap, the required information may not exist, not
very relevant, accurate, current, and impartial)
-planning primary data collection
Marketing Research Step 3 Implementing the research plan
-put the marketing research plan into action by collecting, processing, and analyzing the
information
-most expensive and most subject to error
Marketing Research Step 4 Interpreting and reporting the findings
-interpret the findings, draw conclusions, and report the conclusions to management
-avoid overwhelming managers with numbers and complex statistical techniques
-instead, management desires major findings that will be useful in decision making
REMEMBER- "marketing information has no value until managers use it to make better
decisions"
4 Characteristics affecting consumer behavior -social
-psychological
-personal
-cultural
What is a product? -anything that can be offered to a market for attention, acquisition, use,
or consumption that might satisfy a want or need
-it includes physical objects, services, places, organizations, and ideas
Market Segmentation the process of dividing a market into distinct groups of buyers who
might require separate products and/or marketing mixes
-no single way to segment a market!!
, Market Targeting the process of evaluating each segment's attractiveness and selecting one
or more of the markets segments
Market Positioning the process of developing competitive ___ for the product and an
appropriate marketing mix
Market: the set of all actual or potential buyers of a product
-companies today recognize that they cannot appeal to all customers in the marketplace, or at
least not all customers the same way
-customers are too numerous, too widely scattered, and too varied in their needs and buying
process
Requirements for effective segmentation? -measurability
-substantially
-accessibility
-actionability
Types of marketing strategies? -marketing intermediaries, competitors, suppliers, publics
-marketing analysis, marketing planning, marketing control, marketing implementation
-place, price, promotion, product
-Segmentation, targeting, differentiation, positioning
-consumer value and relationships
4 levels of product 1) physical environment
2) customer coproduction
3) customer interaction with other customers
4)customer interaction with service deliver system
MIS "a system that analyzes and assesses marketing information, gathered continuously
from sources inside and outside an organization"
MIS Steps 1) Assessing Information Needs
2) Developing Marketing Information
3) Distributing Information
Internal Data ____ database, guest history information, guest information trends, guest
comment cards, listening and speaking with guests, mystery shoppers, point of sale (POS)
information
Marketing Intelligence -Includes everyday information about developments in the marketing
environment that helps managers prepare and adjust marketing plans and short run tactics
-internal sources, competition sources, external sources
Marketing Research -cannot always wait for information to arrive in bits and pieces from
marketing intelligence system
- defined as "a process that identifies and defines the marketing opportunities and problems,
monitors and evaluates marketing actions and performance, and communicates the findings
and implications to management"
Marketing Research Step 1 Defining the Problem and Research objectives
1) exploratory research
2) descriptive research
3) casual research
Marketing Research Step 2 Developing the research plan
-determining specific needs (must be translated from research objectives)
,-gathering secondary information (quick and cheap, the required information may not exist, not
very relevant, accurate, current, and impartial)
-planning primary data collection
Marketing Research Step 3 Implementing the research plan
-put the marketing research plan into action by collecting, processing, and analyzing the
information
-most expensive and most subject to error
Marketing Research Step 4 Interpreting and reporting the findings
-interpret the findings, draw conclusions, and report the conclusions to management
-avoid overwhelming managers with numbers and complex statistical techniques
-instead, management desires major findings that will be useful in decision making
REMEMBER- "marketing information has no value until managers use it to make better
decisions"
4 Characteristics affecting consumer behavior -social
-psychological
-personal
-cultural
What is a product? -anything that can be offered to a market for attention, acquisition, use,
or consumption that might satisfy a want or need
-it includes physical objects, services, places, organizations, and ideas
Market Segmentation the process of dividing a market into distinct groups of buyers who
might require separate products and/or marketing mixes
-no single way to segment a market!!
, Market Targeting the process of evaluating each segment's attractiveness and selecting one
or more of the markets segments
Market Positioning the process of developing competitive ___ for the product and an
appropriate marketing mix
Market: the set of all actual or potential buyers of a product
-companies today recognize that they cannot appeal to all customers in the marketplace, or at
least not all customers the same way
-customers are too numerous, too widely scattered, and too varied in their needs and buying
process
Requirements for effective segmentation? -measurability
-substantially
-accessibility
-actionability
Types of marketing strategies? -marketing intermediaries, competitors, suppliers, publics
-marketing analysis, marketing planning, marketing control, marketing implementation
-place, price, promotion, product
-Segmentation, targeting, differentiation, positioning
-consumer value and relationships
4 levels of product 1) physical environment
2) customer coproduction
3) customer interaction with other customers
4)customer interaction with service deliver system
