TDM 350 Exam 1Quetions With 100% Verified Answers.

Three C's - correct answers Critical thinking, creativity, collaboration critical thinking - correct answers consider all options, do the research, be aware, be active, "stay woke" 5 Ws- who, what, where, when, why, how creativity - correct answers be creative collaboration - correct answers individuals work together to achieve a common purpose for a business benefit speed bumps- don't be one/stopped by one tourism - correct answers the business of providing hotels, restaurants, entertainment etc. for people who are traveling recreation - correct answers refreshment by means of a pastime, agreeable exercise, or the like sports - correct answers an athletic activity requiring skill or physical, often of a competitive nature (school, amateur or professional) marketing - correct answers the process by which companies create value for customers, and build strong relationships in order to capture value in return 3 key themes of marketing - correct answers -create and capture value -communicate to target customers -end goal of generating profits 5 key marketplace concepts - correct answers 1. needs, wants and demands 2. marketing offerings (products, services, experiences) 3. value + satisfactions 4. exchanges + relationships 5. markets 5 aspects of marketing - correct answers 1. collateral- logo, motto, tagline 2. brand/theme- value proposition 3. costs / budgeting 4. customers- identify, target, establish equity 5. methods- commercials, billboards, social media who is involved in marketing? - correct answers -organization doing MKTing (pr/sales staff, CEO, employees, suppliers) -target audience (customers, govt. officials, public/voters) "when" is important when... - correct answers 1. special event / deadline 2. seasonal activities 3. fiscal year 4. election cycles 5. key tv viewing / radio listening times "Where" does marketing take place - correct answers 1. industry based (boat ads in FL not MN) 2. Local (ex. city of scottsdale) 3. national (ex. AZ spring training ads in Chi) 4. international (az tourism campaigns in CAN / MEX) 5. internal (pitching an idea to a supervisor) "why" do we market - correct answers most important W customers yield profits / donors so the customer is the most important factor in marketing to satisfy needs, wants, demands Needs - correct answers basic desires, state of felt deprivation physical, social, esteem physical need - correct answers food, clothing, warmth social needs - correct answers affection, fun, belonging esteem needs - correct answers prestige, recognition, fame, knowledge wants - correct answers how people communicate their needs -breakfast means something different in Barcelona than in Boise demands - correct answers demands = wants + buying powers -people must feel they are getting satisfaction for their money effective marketing - correct answers identifies what a person really needs and develops a product or service that the person wants and which a company hopes will become a demand 4 P's of marketing - correct answers Price, Product, Place, Promotion price - correct answers can determine the success/failure of a product, must understand needs/culture, can be changed over time product - correct answers ex. attractions, services, restaurants, regular sports games, special events (super bowl) place - correct answers a location/venue, transportation, access, inventory, distribution channels (brick + mortar, location, website) promotion - correct answers 1-time (going out of business), contests, raffles, celebrity endorsements, sales, special days/hours (happy hour) recreation - correct answers refreshment by means of a pastime, agreeable exercise, or the like