Marketing
Ensuring that customers have the correct perception of a product
Product Positioning
Product positioning is the consumer's impression of a product in comparison to the competition's
Which of these lodging services would most likely be automated using software:
A. Registration
B. Concierge
C. Room setup
D. Sales forecasting
A. Registration
Bull dozers, photocopiers, and roads examples of this
Capital Goods
Todd recently purchased a mountain bike from ABC Company. After two weeks of normal use, the frame broke. ABC had promised Todd that it would refund his entire purchase price if the bike did not perform as expected. This promise would be classified as:
A gurantee
What is one thing you have to wear in order to compete?
A Blazer
The stage in a product's life cycle where a company would likely spend the least amount of time and resoruces promoting it
Declining
When do successful hospitality businesses often hire temporary staff
Peak seasons
Peak seasons see the highest volume of customer demand, so managers often hire temporary staff during those seasons to make sure year-round staff isn't overwhelmed
What is the first step in holding a group meeting?
An insurance company offers customers a discount when they purchase both a homeowners policy and an automobile policy. The deal benefits customers by providing them with two needed products for less; it benefits the company by bringing in more customers and encouraging more sales. This is an example of:
Product Bundling
A hiring director at an engineering firm rarely hires women, even though many women apply to work there, because he doesn't feel that they are as skilled as male employees. This hiring director is exhibiting a(n):
Bias
Out of 25 survey participants, 16 people rate a product's durability at five on a rating scale ranging from one to seven. What measure of central tendency does the number five represent?
Mode
Mode is the answer to a question that the respondents give most often.
A reliable source of information that a resort can use to determine its peak season
Sales History
How a person should conclude an analytical report about a problem that the business is facing.
Recommending solutions
A company is most likely to only promote a product on social media if the product has a?
Low profit margin
Pricing affects promotion decisions in a number of different ways. Products with very low profit margins are usually promoted in lower priced media. In other words, companies that have low profit margins and/or small promotional budgets often promote themselves largely on social media, which usually costs very little.
When a change in price creates a large change in demand
Elastic Demand
A foreign business legally obtains a license to make products, then sells them for low prices to businesses in the country where the license originated. This is an example of:
A Gray Market
To cover small and unexpected business expenses, many hotels maintain these.
Petty Cash Funds
What are the three main types of resources
1. Land/Natural 2. Labor 3. Capital
A negotiating strategy in which one person claims they do not have the authority to make a decision and must consult another person who is not present during the negotiating process
Limited Authority
Making a product easy to purchase adds value to the product
Possession Utility
What is a respondent is asked during a telephone interview to recall advertising that was aired on television the previous evening
Day After Recall (DAR)
Industry slang referring to the primary marketing objective of accommodations and most destinations - increasing the number of overnight stays.
Heads in Beds
Phil maintains a listing of the serial numbers and model numbers for every computer that his business owns. These data are considered __________ records.
Asset
Asset records include details regarding a business's furniture, equipment, and other items that enable the business to operate. The records include details such as asset descriptions, serial numbers, model numbers, and insurance policies covering particular assets
What phase in the product's like cycle does commercialization typically occur?
Developing New Products
If a product has made it through every other stage in the new-product development process, it is finally ready for commercialization. This is the point at which the product goes into full-scale production, a marketing plan is put in place, service and sales training are conducted, and the product's life cycle begins.
What is a market structure where only a few sellers have barriers to enter the marketplace
Oligopoly