Overbooking is another method that hotels, restaurants, trains, and airlines use to match:

HM 4110 Exam 1

When backed by buying power, wants become

The social and managerial process by which individuals and groups obtain what they need through creating and exchanging products and values with others is called

Building strong economic and social ties with customers by delivering high-quality products and services is the foundation of:

When hotel management establishes no-smoking floors, bar managers no longer allow happy hours with free drink specials, and resort managers eliminate pollution from their properties, the ________ concept is being employed.

the Forum Company found that the cost of retaining a loyal customer is just _ percent of the cost of attracting a new one

the production concept holds that customers will favor products that are _ and highly _, and therefore management should focus on production and distribution effeciency

The most basic concept underlying marketing is that of

The _ describes a channel that stretches from raw materials to components to final products that are carried to final buyers

a market is only the set of actual, not potential, buyers who have transacted with a seller

the simplest definition of marketing is delivering customer satisfaction at a profit

Quality" could be defined as the features and characteristics of a product that bear on its ability to satisfy customer needs.

the practical definition of a marketing manager is one of a person focused entirely on finding enough customer to buy the company's current product

We as customers cannot take service on a "test drive," meaning we cannot evaluate them before we use them. This is a problem with the ________ of the service.

studies have shown the best way to deal with service failure is to

give the unhappy customer timely information regarding the failure

perhaps the best measure of service quality is

service marketing requires both internal marketing and _ marketing

In a well-run hospitality organization, there are two customers-the paying customers and the ___________.

Overbooking is another method that hotels, restaurants, trains, and airlines use to match:

it is better to tell the customer _ the anticipated wait time

Within the realm of Customer Relationship Management (CRM) switching costs are only monetary in nature.

A well worked-out ________ provides company employees with a shared sense of purpose, direction, and opportunity.

According to the Ansoff product-market expansion grid, management should first consider whether:

it should gain more market share with its current products in their current market

When hotel chains enter such markets as the retirement home industry they are practicing which type of strategy?

conglomerate diversification

____________ growth makes sense when good opportunities can be found outside the present businesses.

marketing by a service firm to train effectively and motivate its customer-contact employees and all the supporting service people to work as a team to provide customer satisfaction

A hotel company acquiring a tour operator is an example of:

_ is the marketing logic by which the company hopes to create customer value and achieve profitable relationships

mission statements should be realistic and general in nature

Selecting one or more market segments to enter is part of:

Critics of strategic alliances point out the high failure rate of such alliances, which is probably unfair, since short-term objectives may have been met.

one of the major effects of the marketing plan process is that it forces marketing managers to objectively review all steps in the marketing process

An internal environmental analysis is essentially a strengths and weaknesses analysis.

The most dramatic force shaping the hospitality and tourism industry is

the first stage of the environmental scanning process is

determining the areas that need to be monitored

which of the following can be cited as an example of a microenvironment as well as macroenvironment

the internet has create both _ transparency

disintermediation and pricing

Today's baby boomers account for nearly ____ percent of the population.

Existing laws concerning marketing abuses are often difficult to enforce.

a company could see its competition as all other companies that compete for the consumer dollar

Defining people by their birthrate may be less valuable to marketers than defining them by their life stage or lifestyle.