HFT 2500 Final Exam Review
questions well answered
A company's _______________ is the set of benefits or values it promises to deliver to
consumers to satisfy their needs. - ANS ✔✔Value proposition
Building strong economic and social ties with customers by delivering high-quality products and
services is the foundation of: - ANS ✔✔Relationship marketing
The most basic concept underlying marketing is that of: - ANS ✔✔Needs
Instead of simply being defined as "freedom from defects," QUALITY should be defined: - ANS
✔✔In terms of customer satisfaction
The production concept holds that consumers will favor products that are __________ and
highly ____________, and therefore management should focus on production and distribution
efficiency. - ANS ✔✔available; affordable
When backed by buying power, wants become: - ANS ✔✔Demands
The social and managerial process by which individuals and groups obtain what they need
through creating and exchanging products and value with others is called: - ANS ✔✔Marketing
____________ are highly loyal but not very profitable. - ANS ✔✔Barnacles
T or F: During recessions or oil shortages, people rarely travel. - ANS ✔✔False
, A casino employee's uniform and a restaurant's fancy front lobby are a means of: - ANS
✔✔Tangibilizing the service
T or F: The three services of marketing are: internal, external, and interactive. - ANS ✔✔True
Because services are characterized by the issue of inseparability, service providers often will
have to: - ANS ✔✔Train the customers
T or F: Most restaurant kitchens would be considered examples of invisible organizations. - ANS
✔✔True
Which of the following is NOT a link in the service-product chain? - ANS ✔✔Increasingly
intangible services
Service marketing requires both internal marketing and ______________ marketing. - ANS
✔✔Interactive
____________ form(s) when capacity exceeds demand and guests are willing to wait. - ANS
✔✔Queues
The fact that a business traveler will have a very positive check-in experience during one stay at
a hotel and then a very negative check-in experience the next time is an issue related to which
service characteristic? - ANS ✔✔Variability
T or F: When a market's annual growth rate falls below 10 percent, a star will become a dog if it
still has the largest market share. - ANS ✔✔False
T or F: A company's mission statement should provide direction for the company for no more
than five years at a time. - ANS ✔✔False
questions well answered
A company's _______________ is the set of benefits or values it promises to deliver to
consumers to satisfy their needs. - ANS ✔✔Value proposition
Building strong economic and social ties with customers by delivering high-quality products and
services is the foundation of: - ANS ✔✔Relationship marketing
The most basic concept underlying marketing is that of: - ANS ✔✔Needs
Instead of simply being defined as "freedom from defects," QUALITY should be defined: - ANS
✔✔In terms of customer satisfaction
The production concept holds that consumers will favor products that are __________ and
highly ____________, and therefore management should focus on production and distribution
efficiency. - ANS ✔✔available; affordable
When backed by buying power, wants become: - ANS ✔✔Demands
The social and managerial process by which individuals and groups obtain what they need
through creating and exchanging products and value with others is called: - ANS ✔✔Marketing
____________ are highly loyal but not very profitable. - ANS ✔✔Barnacles
T or F: During recessions or oil shortages, people rarely travel. - ANS ✔✔False
, A casino employee's uniform and a restaurant's fancy front lobby are a means of: - ANS
✔✔Tangibilizing the service
T or F: The three services of marketing are: internal, external, and interactive. - ANS ✔✔True
Because services are characterized by the issue of inseparability, service providers often will
have to: - ANS ✔✔Train the customers
T or F: Most restaurant kitchens would be considered examples of invisible organizations. - ANS
✔✔True
Which of the following is NOT a link in the service-product chain? - ANS ✔✔Increasingly
intangible services
Service marketing requires both internal marketing and ______________ marketing. - ANS
✔✔Interactive
____________ form(s) when capacity exceeds demand and guests are willing to wait. - ANS
✔✔Queues
The fact that a business traveler will have a very positive check-in experience during one stay at
a hotel and then a very negative check-in experience the next time is an issue related to which
service characteristic? - ANS ✔✔Variability
T or F: When a market's annual growth rate falls below 10 percent, a star will become a dog if it
still has the largest market share. - ANS ✔✔False
T or F: A company's mission statement should provide direction for the company for no more
than five years at a time. - ANS ✔✔False
