basic marketing
What is marketing?
The process of understanding customer needs and promoting, pricing, and delivering products or services
What is a target market?
The specific group of customers a business wants to attract.
What is a tangible product?
A product customers can physically touch.
What is a mission statement?
A statement explaining a business's purpose and why it exists.
What is primary research?
Information collected firsthand through surveys, interviews, or observations.
What is the difference between marketing and advertising?
What is the difference between marketing and advertising?
Age, income, and family size are examples of what type of market segmentation?
Demographic
What is an intangible product? Give an example.
A service or experience that cannot be physically touched, such as hotel service or a guided tour
What is the difference between a mission statement and a slogan?
A mission statement explains the business's purpose; a slogan is a short, memorable promotional phrase.
What is secondary research?
Information already collected and published by others, such as census data or tourism reports.
What does PR stand for?
Public Relations
A resort targets customers who enjoy adventure, nature, and outdoor activities. What type of segmentation is this?
Psychographic
What does perishability mean in hospitality?
An unused service cannot be saved and sold later, such as an empty hotel room for a past night.
Why should business goals be measurable?
So a business can track progress and determine whether it achieved its goals.
A survey finds that 68% of customers prefer weekend visits. Is this quantitative or qualitative data?
Quantitative
A hotel offers discounted rooms and restaurant vouchers to attract winter visitors. What is the hotel trying to accomplish?
Attract customers by creating an appealing offer that meets their needs.
A hotel targets customers who frequently travel for business and book rooms during weekdays. What type of segmentation is this?
Behavioral
What is product differentiation?
Making a product or service stand out from competitors through unique features or benefits.
Rewrite this vague business goal to make it specific and measurable: "We want lots of visitors."
Example: Attract 5,000 visitors during the first six months of operation.
What is wrong with this survey question: "Don't you agree our amazing attraction is worth $50?"
It is a leading, biased question.
A business spends thousands on advertisements without researching its customers. What major marketing mistake is it making?
Failing to understand its target market before developing a marketing strategy.
What is the difference between a target market and a niche market?
A target market is a specific customer group; a niche market is a smaller, more specialized group within a larger market.
A Buffalo attraction combines admission, a meal, and a souvenir for one price. What is this called?
Product bundle
A museum's mission is to make Buffalo history accessible to families. Give one measurable business goal that supports this mission.
Example: Host 12 family-friendly history workshops during the first year.
A survey of 12 classmates finds that 10 would visit your attraction. Why can't you conclude that 83% of Buffalo residents would visit?
The sample is too small and may not represent the actual target market.