Question 1

The hotel industry in general has a ________ barrier to entry.
A) Low
B) Moderately low
C) Moderately high
D) High

Accepted Answer

The hotel industry requires significant investment in terms of real estate, permits, licenses, and furnishings. This makes the barrier to entry moderately high. Additionally, there is considerable competition, particularly in popular tourist destinations, which further makes it challenging for new entrants to establish themselves.

Question 2

________ is the study of human populations in terms of size, density, location, age, gender, race, occupation, and other statistics.
A) Demography
B) Demagoguery
C) Relative Statistics
D) General Statistics

Accepted Answer

Demography is the study of human populations in terms of various demographic factors such as size, density, location, age, gender, race, occupation, and other statistics. Demography provides valuable insights into population trends, patterns, and changes, and is used by governments, businesses, and academics to inform policy, planning, and research. Demagoguery refers to political speech or actions aimed at gaining power or support by appealing to popular prejudices or emotions, and is not related to the study of human populations. Relative statistics and general statistics are not specific enough to describe the study of human populations.

Question 3

A ________ is any group that has an actual or potential interest in or impact on an organization's ability to achieve its objectives.
A) People
B) Public
C) Profile
D) Pro-association

Accepted Answer

The definition provided in the question is a classic definition of "Public". A public is any group that has an actual or potential interest in or impact on an organization's ability to achieve its objectives. Option A (People) is too broad and does not define the group's relationship or interest with/the organization. Option C (Profile) is incorrect as it refers to an organization's image or reputation. Option D (Pro-association) is not a term used in the given definition.

Question 4

The most dramatic force shaping our destiny is:
A) Political
B) Natural
C) Environmental
D) Technological

Accepted Answer

Technology has been rapidly advancing and is changing almost every aspect of our lives. From the way we communicate to the way we work, technology has become an integral part of our daily routine. The pace of technological change is accelerating, and this is fundamentally altering our society and our world. It is therefore the most dramatic force shaping our destiny.

Question 5

Which of the following is NOT a type of micro-environment?
A) The company
B) Marketing channel
C) Demographics
D) Broad range of public

Accepted Answer

The company, marketing channel, and broad range of public are all examples of micro-environments that directly impact a business. Demographics, on the other hand, refer to the characteristics of a population (such as age or income), which is a macro-environmental factor.

Question 6

The competitive environment in the hospitality industry is ________.
A) Predictable
B) Unpredictable
C) Both predictable and unpredictable
D) Neither predictable nor unpredictable

Accepted Answer

The competitive environment in the hospitality industry is unpredictable due to various factors such as changing consumer preferences, economic fluctuations, and technological advancements.

Question 7

Which of the following are NOT an example of a marketing intermediary?
A) Public relations agencies
B) Next day delivery providers
C) Advertising agencies
D) Direct mail houses

Accepted Answer

Next day delivery providers are not a marketing intermediary. They are a transportation or logistics service that physically delivers products to consumers.

Question 8

The ________ consists of the forces close to the company that affect its ability to serve its customers.
A) Legal environment
B) Microenvironment
C) Macroenvironment
D) Marketing environment

Accepted Answer

The microenvironment includes the forces close to the company that affect its ability to serve its customers, such as suppliers, distributors, competitors, and other stakeholders. The legal environment is a part of the macroenvironment, which includes larger societal forces such as demographics, technology, culture, and political/legal factors. The marketing environment is a broader term that refers to all the forces that affect a company's ability to create and maintain successful relationships with its target customers.

Question 9

The restaurant industry is characterized by a ________ barrier to entry.
A) Low
B) Moderate
C) High
D) Does not apply

Accepted Answer

The restaurant industry typically has a low barrier to entry because it doesn't require a large amount of capital to start a small restaurant, and the necessary skills and resources are relatively accessible.

Question 10

When analyzing the competition, a question put to customers might be "Name the company from whom you would prefer to buy the product." In this case you are looking for:
A) Share of mind
B) Share of market
C) Share of heart
D) Share of belief

Accepted Answer

"Share of heart" refers to the emotional preference or loyalty customers have towards a brand, which is what is being assessed when asking customers which company they would prefer to buy from.

Question 11

Two forces that affect the competition are the ability of companies to ________ and ________ markets.
A) Enter, exit
B) Plan, enter
C) Plan, control
D) Control, exit

Accepted Answer

The ability of companies to enter and exit markets directly affects the level of competition. If barriers to entry are low, more companies can enter the market, increasing competition. On the other hand, if barriers to exit are high, companies may be forced to stay in a market even if they are not profitable, decreasing competition. Therefore, the ability to enter and exit markets is a significant factor in determining the level of competition.

Question 12

At the core or first level of competition, Hyatt Hotels would consider as their competition:
A) Best Western, Holiday Inn and Ramada
B) Your apartment
C) KOA campgrounds
D) Marriott, Intercontinental and Westin

Accepted Answer

Marriott, Intercontinental and Westin are all luxury hotel chains that are in direct competition with Hyatt Hotels.

Question 13

The Internet has created both ________ transparency.
A) Disintermediation and pricing
B) Mediation and pricing
C) Intermediation and pricing
D) Disintermediation and supply

Accepted Answer

Disintermediation and pricing transparency are two significant impacts of the Internet. Disintermediation refers to the removal of intermediaries in a supply chain, allowing direct transactions between buyers and sellers. This process, facilitated by the Internet, often leads to increased pricing transparency as consumers can easily compare prices across different sellers.

Question 14

Which of the following is NOT a general trend in the United States?
A) More attention being paid to both the disabled and gay and lesbian markets
B) Population getting older
C) College graduation rates staying roughly the same
D) More women in the workforce

Accepted Answer

College graduation rates have actually been increasing steadily over the years, so this is not a general trend in the United States.

Question 15

The ________ environment includes institutions that affect society's basic values, perceptions, preferences and behaviors.
A) Political
B) Technological
C) Cultural
D) Legislative

Accepted Answer

The cultural environment includes institutions that shape the values, beliefs, attitudes and behaviors of a society or a group within a society. It includes religion, education, family, media, arts, and other forms of expression that reflect and shape the culture of a society. The political environment is concerned with the government and its policies, while the technological environment deals with the innovations and advancements in technology. The legislative environment is related to the laws and regulations governing a society or a business.

Question 16

The first stage of the environmental scanning process is:
A) Determining how information will be collected
B) Determining the areas that need to be monitored
C) Implementing the plan
D) Collecting data

Accepted Answer

The first stage of environmental scanning is determining the areas that need to be monitored. This involves identifying the relevant sources of information and the key environmental factors that may impact the organization. Once these areas have been identified, the organization can then move on to collecting data and determining how that data will be collected.

Question 17

Which of the following is NOT a type of macro-environmental impact?
A) Competitive
B) Monopolistic
C) Natural
D) Technological

Accepted Answer

Competitive, natural, and technological are all types of macro-environmental impacts that can affect a business. Monopolistic, on the other hand, is not a type of macro-environmental impact.

Question 18

Which of the following can be cited as an example of microenvironment as well as macroenvironment?
A) Competitors
B) Demographics
C) The company
D) Cultural forces

Accepted Answer

The answer of Which of the following can be cited...

Question 19

The hotel industry characteristically has a ________ barrier to exit.
A) Low
B) Moderately low
C) Moderately high
D) High

Accepted Answer

The hotel industry typically has a high barrier to exit due to the significant investment in real estate, infrastructure, and the costs associated with terminating staff, selling or repurposing properties, and other contractual obligations. Exiting the market can be financially and logistically challenging.

Question 20

Which of the following are NOT an example of a financial intermediary?
A) Banks
B) Credit companies
C) Departmental stores
D) Insurance companies

Accepted Answer

Financial intermediaries are institutions that act as a middleman between savers and borrowers to facilitate the flow of funds from one party to another. Banks, credit companies, and insurance companies are examples of financial intermediaries because they accept deposits from savers and lend or invest these funds to borrowers. Department stores do not typically perform this function and therefore are not considered financial intermediaries.

Quiz 4: The Marketing Environment

The hotel industry in general has a ________ barrier to entry.

________ is the study of human populations in terms of size, density, location, age, gender, race, occupation, and other statistics.

A ________ is any group that has an actual or potential interest in or impact on an organization's ability to achieve its objectives.

The most dramatic force shaping our destiny is:

Which of the following is NOT a type of micro-environment?

The competitive environment in the hospitality industry is ________.

Which of the following are NOT an example of a marketing intermediary?

The ________ consists of the forces close to the company that affect its ability to serve its customers.

The restaurant industry is characterized by a ________ barrier to entry.

When analyzing the competition, a question put to customers might be "Name the company from whom you would prefer to buy the product." In this case you are looking for:

Two forces that affect the competition are the ability of companies to and markets.

At the core or first level of competition, Hyatt Hotels would consider as their competition:

The Internet has created both ________ transparency.

Which of the following is NOT a general trend in the United States?

The ________ environment includes institutions that affect society's basic values, perceptions, preferences and behaviors.

The first stage of the environmental scanning process is:

Which of the following is NOT a type of macro-environmental impact?

Which of the following can be cited as an example of microenvironment as well as macroenvironment?

The hotel industry characteristically has a ________ barrier to exit.

Which of the following are NOT an example of a financial intermediary?