HFT 4502 STUDY GUIDE WITH
SOLUTION
CHAPTER 1
Customer Equity - ANSWER the discounted lifetime values of all the
company's current and potential customers.
Customer Expectations - ANSWER based on past buying experiences, the
opinions of friends, and market information.
Customer Relationship Management (CRM) - ANSWER involves managing
detailed information about individual customers and carefully managing
customer "touch points" in order to maximize customer loyalty.
Customer Touch Point - ANSWER any occasion on which a customer
encounters the brand and product—from actual experience to personal or
mass communications to casual observation.
Customer Value - ANSWER the difference between the benefits that the
customer gains from owning and/or using a product and the costs of
obtaining the product.
Demands - ANSWER Human wants that are backed by buying power.
Exchange - ANSWER The act of obtaining a desired object from someone by
offering something in return.
Hospitality Industry - ANSWER Made up of those businesses that offer one or
more of the following: accommodation, prepared food and beverage service,
, and/or entertainment.
Human Need - ANSWER A state of felt deprivation in a person.
Human Want - ANSWER The form that a human need takes when shaped by
culture and individual personality.
Lifetime Value - ANSWER The lifetime value of a customer is the stream of
profits a customer will create over the life of his or her relationship to a
business.
Market - ANSWER A set of actual and potential buyers of a product.
Marketing - ANSWER The art and science of finding, retaining, and growing
profitable customers.
Marketing Concept - ANSWER The marketing management philosophy that
holds that achieving organizational goals depends on determining the needs
and wants of target markets and delivering desired satisfactions more
effectively and efficiently than competitors.
Marketing Management - ANSWER The art and science of choosing target
markets and building profitable relationships with them.
Marketing Manager - ANSWER A person who is involved in marketing
analysis, planning, implementation, and control activities.
Marketing Mix - ANSWER Elements include product, price, promotion, and
distribution. Sometimes distribution is called place and the marketing
situation facing a company.
Product - ANSWER Anything that can be offered to a market for attention,
acquisition, use, or consumption that might satisfy a want or need. It
SOLUTION
CHAPTER 1
Customer Equity - ANSWER the discounted lifetime values of all the
company's current and potential customers.
Customer Expectations - ANSWER based on past buying experiences, the
opinions of friends, and market information.
Customer Relationship Management (CRM) - ANSWER involves managing
detailed information about individual customers and carefully managing
customer "touch points" in order to maximize customer loyalty.
Customer Touch Point - ANSWER any occasion on which a customer
encounters the brand and product—from actual experience to personal or
mass communications to casual observation.
Customer Value - ANSWER the difference between the benefits that the
customer gains from owning and/or using a product and the costs of
obtaining the product.
Demands - ANSWER Human wants that are backed by buying power.
Exchange - ANSWER The act of obtaining a desired object from someone by
offering something in return.
Hospitality Industry - ANSWER Made up of those businesses that offer one or
more of the following: accommodation, prepared food and beverage service,
, and/or entertainment.
Human Need - ANSWER A state of felt deprivation in a person.
Human Want - ANSWER The form that a human need takes when shaped by
culture and individual personality.
Lifetime Value - ANSWER The lifetime value of a customer is the stream of
profits a customer will create over the life of his or her relationship to a
business.
Market - ANSWER A set of actual and potential buyers of a product.
Marketing - ANSWER The art and science of finding, retaining, and growing
profitable customers.
Marketing Concept - ANSWER The marketing management philosophy that
holds that achieving organizational goals depends on determining the needs
and wants of target markets and delivering desired satisfactions more
effectively and efficiently than competitors.
Marketing Management - ANSWER The art and science of choosing target
markets and building profitable relationships with them.
Marketing Manager - ANSWER A person who is involved in marketing
analysis, planning, implementation, and control activities.
Marketing Mix - ANSWER Elements include product, price, promotion, and
distribution. Sometimes distribution is called place and the marketing
situation facing a company.
Product - ANSWER Anything that can be offered to a market for attention,
acquisition, use, or consumption that might satisfy a want or need. It
