HFT 2500 Final Exam questions well
answered graded A+
Needs - ANS ✔✔Food, Shelter, etc.
*Needs* turn into *wants* which turn into *demands*.
Four P's of Marketing - ANS ✔✔Product, Price, Place, Promotion
Characteristics of Service Marketing - ANS ✔✔Intangibility, Inseparability, Variability,
Perishability
Women Business Travelers - ANS ✔✔Rapidly Growing Market. Security highly demanded. More
loyal if companies address their needs.
Undifferentiated Marketing - ANS ✔✔Mass Marketing. Older. Produces only one product or
product line and promotes it to all customers with a single marketing mix.
Differentiated Marketing - ANS ✔✔Expensive. Produces numerous products and promotes
them w/ different marketing mix designed for smaller segments.
Concentrated Marketing - ANS ✔✔High Risk. Pursues a large share of one or a few smaller
markets instead of going for a small share of a larger market.
Bifurcated Marketing - ANS ✔✔Market is divided into two major marketing segments. For high-
income and low-income, no middle ground.
, Product Levels - ANS ✔✔These include core products, facilitating products, supporting
products, and augmented products.
Internal Marketing Process - ANS ✔✔1. Establishment of a service culture.
2. Development of a marketing approach to human resource management.
3. Dissemination of marketing information to employees.
Internal Marketing - ANS ✔✔The practice of applying the philosophy and practices of marketing
to the people that serve the external customer so that the best possible people can be
employed AND retained as well as do the best possible work. The objective is to enable
employees to deliver satisfying products to the guest.
Macro Environment - ANS ✔✔Consists of the larger societal forces that affect the entire micro
environment.
Micro Environment - ANS ✔✔Consists of factors close to the company that affect its ability to
serve its customers. (Company, suppliers, competitors, customers)
Marketing Intermediaries - ANS ✔✔Travel Agents, Tour Wholesalers, Concierges, Specialists:
Brokers & Junket Reps, Internet Hotel Representatives, Consortia & Reservations Systems,
Global Distribution Systems, National, State, and Local Tour Agencies.
Derived Demand - ANS ✔✔Comes from the demand for consumer goods or services. Where
demand for one good or service occurs as a result of demand for another.
Market - ANS ✔✔People or institutions with sufficient purchasing power, authority, and
willingness to buy.
Destination - ANS ✔✔Places with some form of actual or perceived boundary, such as physical
boundary of an island, political boundaries, or even market-created boundaries
answered graded A+
Needs - ANS ✔✔Food, Shelter, etc.
*Needs* turn into *wants* which turn into *demands*.
Four P's of Marketing - ANS ✔✔Product, Price, Place, Promotion
Characteristics of Service Marketing - ANS ✔✔Intangibility, Inseparability, Variability,
Perishability
Women Business Travelers - ANS ✔✔Rapidly Growing Market. Security highly demanded. More
loyal if companies address their needs.
Undifferentiated Marketing - ANS ✔✔Mass Marketing. Older. Produces only one product or
product line and promotes it to all customers with a single marketing mix.
Differentiated Marketing - ANS ✔✔Expensive. Produces numerous products and promotes
them w/ different marketing mix designed for smaller segments.
Concentrated Marketing - ANS ✔✔High Risk. Pursues a large share of one or a few smaller
markets instead of going for a small share of a larger market.
Bifurcated Marketing - ANS ✔✔Market is divided into two major marketing segments. For high-
income and low-income, no middle ground.
, Product Levels - ANS ✔✔These include core products, facilitating products, supporting
products, and augmented products.
Internal Marketing Process - ANS ✔✔1. Establishment of a service culture.
2. Development of a marketing approach to human resource management.
3. Dissemination of marketing information to employees.
Internal Marketing - ANS ✔✔The practice of applying the philosophy and practices of marketing
to the people that serve the external customer so that the best possible people can be
employed AND retained as well as do the best possible work. The objective is to enable
employees to deliver satisfying products to the guest.
Macro Environment - ANS ✔✔Consists of the larger societal forces that affect the entire micro
environment.
Micro Environment - ANS ✔✔Consists of factors close to the company that affect its ability to
serve its customers. (Company, suppliers, competitors, customers)
Marketing Intermediaries - ANS ✔✔Travel Agents, Tour Wholesalers, Concierges, Specialists:
Brokers & Junket Reps, Internet Hotel Representatives, Consortia & Reservations Systems,
Global Distribution Systems, National, State, and Local Tour Agencies.
Derived Demand - ANS ✔✔Comes from the demand for consumer goods or services. Where
demand for one good or service occurs as a result of demand for another.
Market - ANS ✔✔People or institutions with sufficient purchasing power, authority, and
willingness to buy.
Destination - ANS ✔✔Places with some form of actual or perceived boundary, such as physical
boundary of an island, political boundaries, or even market-created boundaries
