Deck 1: The Concept of Marketing

Question 1

Innovation is one of the building blocks of marketing.

Answer 1

True

Question 2

One role of marketing is to determine the price point at which customers are willing to buy and then design a quality product or service to match that price point.

Answer 2

True

Question 3

Promotions get the customers to purchase the product once and keep coming back.

Answer 3

False

Question 4

The definition of marketing is identifying the customer's preferences, and then using this to create, deliver, and promote products.

Question 5

An example of size (in competitive advantage) is the total number of hotel properties in one chain.

Question 6

The main role of marketing is to create customers and keep them coming back.

Question 7

The dimensions that define quality can be abbreviated RATAR.

Question 8

According to Drucker, the purpose of a business is to first create customers and then create value for these customers.

Question 9

Sales-oriented companies and sales-oriented people are the ones who are truly successful in the highly competitive hospitality marketplace.

Question 10

An example of customer responsiveness is when a firm develops an elaborate database so that it can track the likes and dislikes of the customer.

Question 11

Innovation is where a company copies what the competitor is doing.

Question 12

Non-traditional marketing oriented management thinks in terms of the entire buying process.

Question 13

Efficiency is when the whole process of production is designed to minimize the cost of production.

Question 14

Competitive advantage is when a firm is able to capture a large share of the market and earn higher than average profits.

Question 15

Customer responsiveness is used to determine what the individual customer wants and then make sure he or she receives it.

Question 16

High quality = high prices

Question 17

Competitive advantage is defined as the ability of a firm to develop and maintain distinctive competencies that enable it to capture a larger share of the market and earn higher than average profits.

Question 18

Two of the most important competencies are brand and scarce resources.

Question 19

Marketing is the integration of all the professional disciplines required to determine the price and location of company services.

Question 20

Value chain activities are those that are undertaken by an organization in order to transform raw material into the final product or service that the customer buys.

Question 21

Marketing's role in creating value includes:

A) Keeping the customer coming back
B) Bringing the customer into the organization
C) Operational advice to management
D) Both A & B

Question 22

The process that is designed to minimize the cost of production is:

A) Size
B) Quality
C) Efficiency
D) Innovation
E) None of the above

Question 23

Which of the following is not a building block of marketing?

A) Size
B) Value
C) Efficiency
D) Quality
E) All of the above

Question 24

Knowledge-based marketing means spending time with customers, constantly monitoring competitors, and developing a feedback system that turns this information into new product/service intelligence.

Question 25

The ability to develop new products and services that change the way an industry does business is .

A) Customer responsiveness
B) Change
C) Innovation
D) Quality

Question 26

The acronym RATER stands for:

A) Reliability, advertising, teaching, empathy and responsiveness
B) Reliability, assurance, tangible, empathy and research
C) Reliability, assurance, tangible, empathy and responsiveness
D) Reliability, accountability, tangible, empathy and responsiveness
E) Reasoning, assurance, tangible, empathy and responsiveness

Question 27

Which of the following is not considered a type of orientation for an organization?

A) Selling orientation
B) Marketing orientation
C) Profit orientation
D) Product/service orientation
E) Operations orientation

Question 28

In the trade-off problems-solutions graph, at the top would be:

A) Marketing/solutions
B) Price/sacrifice
C) Want/desire
D) Need/problem

Question 29

The building blocks of competitive advantage include:

A) Efficiency
B) Innovation
C) Size
D) Customer responsiveness
E) All of the above

Question 30

Providing customers with outstanding value may be the only reliable way to achieve sustained customer satisfaction and loyalty.

Question 31

Size can represent:

A) Big
B) Number of rooms
C) Number of properties
D) Small
E) All of the above

Question 32

oriented companies and oriented people are the ones who are truly successful in a competitive hospitality marketplace.

A) Business; success
B) Profit; marketing
C) Success; profit
D) Marketing; marketing
E) Customer; success

Question 33

Functional areas of a firm include all but:

A) Production
B) Human resources
C) Pricing
D) Infrastructure
E) Marketing

Question 34

Which one of these is not an example of competence?

A) Management knowledge
B) Value chain
C) Skills
D) Location
E) Special patents

Question 35

The purchase of Promus Hotels by Hilton Corporation is an example of:

A) Size
B) Innovation
C) Customer responsiveness
D) Quality
E) None of the above

Question 36

The RATER system is in which building block?

A) Customer responsiveness
B) Size
C) Efficiency
D) Quality
E) Innovation

Question 37

Competencies that lead to competitive advantage include:

A) Brand name
B) Location
C) Creativity
D) Knowledge
E) All of the above

Question 38

The building blocks of competitive advantage are:

A) Quality, innovation, marketing, customer responsiveness and location
B) Efficiency, quality, innovation and customer responsiveness
C) Innovation, customer responsiveness, quality, location and efficiency
D) Efficiency, innovation, customer responsiveness, quality and size

Question 39

The value chain consists of the following:

A) Quality
B) Innovation
C) Infrastructure
D) Marketing
E) Both C & D

Question 40

The building block of competitive advantage that focuses on the individual customer is:

A) Size
B) Quality
C) Efficiency
D) Customer responsiveness
E) Innovation

Question 41

What are the different management orientations? Discuss the pros and cons of each one. Provide examples of hospitality firms that follow each of the different management orientations.

Question 42

A(n) orientation emphasizes a "smooth operation."

A) Selling
B) Product/service
C) Marketing
D) Operations

Question 43

What are the 5 building blocks of competitive advantage? Provide examples of hospitality firms whose strategy focuses on one or more of these building blocks.

Question 44

Where there is a problem, there is a(n) .

A) Plan
B) Control
C) Opportunity
D) All of the above

Question 45

A(n) orientation markets according to the concept of "build it and they will come."

A) Selling
B) Product/service
C) Operations
D) Bottom line

Question 46

Heightening an interest or desire of a customer induces .

A) Excitement
B) Impulse buying
C) Repeat business
D) None of the above

Question 47

A(n) orientation is categorized by its emphasis on a "smooth operation."

A) Management
B) Business
C) Marketing
D) Operations

Question 48

A(n) orientation is only concerned with profitability and ROI.

A) Product/service
B) Selling
C) Bottom line
D) Marketing

Question 49

The of marketing is to create and keep a customer.

A) Idea
B) Two-fold purpose
C) Concept
D) Trade-off

Question 50

Having created expectation, marketing needs to reduce perceived .

A) Experience
B) Value
C) Risk
D) Time

Question 51

A marketing oriented management thinks in terms of the entire buying process, from understanding the customer's needs when designing the service or product to delivering the service and supporting the product after the sale is over.

A) Traditional
B) Non-traditional
C) Successful
D) Good
E) None of the above

Question 52

Why do customers buy products?

A) The product provides a solution to a problem.
B) They hope the product will help them achieve certain images, aspirations, and dreams.
C) They are attracted to specific features of a product.
D) All of the above.