Product terms
What is product extension?
Utilizing a current company’s recognizable brand name to introduce a new or upgraded product
Which of these lodging services would most likely be automated using software:
A. Registration
B. Concierge
C. Room setup
D. Sales forecasting
A) Registration
In addition to purchasing, Sherita's job responsibilities include developing partnerships and alliances with suppliers, watching for business threats and opportunities, and looking for ways to improve processes. Sherita is involved in _______
A. Sales
B. Clerical Work
C. Strategic planning
D. Accounting
C) Strategic Planning
Rita is upset with her employer because she always has to work during important holidays. This is an issue most likely associated with which type of workplace diversity?
A) Disability
B) Gender
C) Religion
D) Age
Religion
What is overbooking?
A situation where more room reservations are taken than the hotel can accommodate
What is product mix?
All of the different products and/or services a company makes or sells.
Which of the following is a common source of complaints about personnel:
A. Creation of policies
B. Rudeness
C. Hidden costs
D. Faulty design
B) Rudeness
Determine which function of marketing addresses the following question: Is the product packaged appropriately?
A. Product/Service management
B. Selling
C. Marketing-information management
D. Pricing
A) Product/Service management
One of the reasons why a chain of hotels might analyze and interpret the marketing information contained in databases is to
A) compare variables
B) organize products
C) tabulate findings
D) survey guests
A) compare variables
What is competitive advantage
A circumstance that puts a company in a favorable or superior business position
Whats an Audit?
Official inspection of organizations/individuals accounts, typically by an independent body
Which of the following is a characteristic of product extensions in the hospitality and tourism industry:
A. A necessary part of the hospitality and tourism experience
B. Related to the original product
C. Expensive addition to a trip
D. Sold only to generate income
B) Related to the original product
A business advertises, "Prove to us that you can buy it cheaper somewhere else, and we'll meet the lower price." This is an example of which of the following competitive techniques:
A. Price fixing
B. Discounts
C. Price matching
D. Rebates
C) Price Matching
The price of merchandise in a market economy is controlled by
A) supply and demand
B) consumers' knowledge
C) business competition
D) government decisions
A) supply and demand
What is FIFO?
First-in First Out inventory rotation method
What is product placement?
A promotion that involves a brand or product being mentioned or shown in a media outlet - such as television, movies or sporting events
What data-mining technique uses "if-then" criteria to classify objects in a database?
A. Neural networking
B. Histogram
C. Rule induction
D. Quantitative reasoning
C.) Rule induction
Workers who enjoy close supervision and specific instructions will feel most comfortable working under a(n) __________ leader.
A. republican
B. authoritarian
C. democratic
D. laissez-faire
B) authoritarian
One of the best ways to demonstrate exemplary customer service in the hospitality and tourism industry is to
A) offer discounts
B) be frugal
C) waive late fees
D) be proactive
D) be proactive
Name 3 examples of Recreation/Attractions
Zoos, Museums, Amusement parks, Aquariums, Theaters
What is product bundling?
Technique of offering two or more complementary goods or services together as a package deal. Bundled items are sold at a price attractively lower than the total of their individual selling prices
Which of the following is a true statement regarding operating costs:
A. Businesses spend more on operating costs than production costs.
B. Purchasing a piece of equipment is an operating cost.
C. They are usually divided into selling expenses and manufacturing expenses.
D. Some may be considered either fixed or variable.
D.) Some may be considered either fixed or variable.
A business advertised new-product financing with a 10% down payment and a low-interest rate with monthly payments spread over four years. What type of loan was the business offering?
A. Single payment loan
B. Installment loan
C. Cash payment
D. Revolving credit loan
B.) Installment loan
Which of the following is most likely to have a negative impact on a beach destination's economy:
A) Floods and severe storm damage
B) Occasional airline delays
C) Fluctuations in gasoline prices
D) Hotel and restaurant construction
A)Floods and severe storm damage
What is market identification?
The process of a marketer in identifying the most profitable areas to offer a new product or service.