Marketing Mix
What is the main goal of marketing?
To attract and keep customers
What is Hospitality?
A service that helps guest feel welcomed.
What is money a business earns called?
Revenue
What is a entrepreneur?
Someone who starts/organizes their own business
What is a target market?
A specific group of customers a business wants to reach
What are common places hospitality service are found?
Hotels, restaurants,
What are costs a business pays called?
Expenses
How can networking help entrepreneurs?
Helps connect them to people who can help their business grow.
What are the 4 P's of Marketing?
Product, Place, Price, Promotion
What factor MOST affects a guest's overall hotel experience
Customer Service
What is money made after expenses?
Profit
What is a competitive advantage?
Something that makes your buisness unique a service you offer that others don't.
What is word of mouth marketing?
Customers Sharing their experience with other potential customers
What is a example of a hospitality service in a restaurant?
Good waiters, Friendly towards customers
What does ROI stand for?
Return on Investment (bonus 100 points if you can tell me what it is)
What is the difference between a product or service?
Product is something a customer can physically take with them after purchasing (phone). Service is something non physical (cell-phone plan)
What is a S.W.O.T analysis?
SWOT analysis helps identify a companies Strengths, Weaknesses, Opportunities and Threats
Upselling is suggesting guest to buy the higher priced or premium item. A upgrade or add on to the guest's experience.
A business earns $2500 in revenue in one month and has $1900 in expenses. What is the business's profit?
2500-1900=$600
What is Market Research?
Gathering/analyzing information about customers.