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Concepts- Marketing
Lesson 1
| Question | Answer |
|---|---|
| Marketing (1) | The process of identifying evolving consumer preferences; then capitalizing on them through creation, promotion, and delivery of products and services. |
| Customer value (1) | The customer perception of a fair return in goods, services, or money for something exchanged. |
| Concept of marketing (1) | The art of creating customer value and helping customers to be better off by fulfilling their expectations and solving their problems. |
| Consumer trade-off model (1) | The idea that if a solution to a customer's problems, needs, or wants meets the customer's expectations, and the value of that product or service justifies the sacrifice or risk, that sacrifice or risk is justifiable. |
| Operations orientation (1) | Focuses on the execution of the operation to provide a smoothly running organization. |
| Product/service orientation (1) | Primary emphasis on creating great products or services to attract customers. |
| Selling orientation (1) | Primary emphasis on salespeople and promotions that communicate a message to customers in order to sell. |
| Bottom-line orientation (1) | Focuses strictly on the bottom-line profitability of the business. |
| Marketing orientation (1) | Stresses the importance of the customer and focuses on creating value for customers by recognizing their changing needs and wants. |
| Marketing leadership (1) | A characteristic that integrates marketing into every phase of its operation. |
| Gross domestic product-GDP (2) | The market value of all final goods and services produced within a country in a given period of time. |
| Services (2) | The nonphysical and intangible aspects of a product that management does, or should, control. |
| Goods (2) | The physical factors of a product over which management has direct, or almost direct, control. |
| Intangibility (2) | The attributes of services that the customer cannot grasp with any of the five senses. |
| Perishability (2) | The life cycle of the hospitality service. |
| Heterogeneity (2) | The inconsistent delivery of service levels provided by different employees. |
| Inseparability of production and consumption (2) | Consumption of the service while it is being produced. |
| Moment of truth (2) | Anytime an employee has contact with a customer. |
| Hospitality product (2) | The combination of goods, services, environment, and experience that the hospitality customer buys. |
| Service gaps (2) | Areas in service delivery that are inadequate, missing, or poorly executed and result in customer dissatisfaction. |
| Zone of tolerance (2) | The area between desired service and adequate service that the customer will tolerate. |
| SERVQUAL model (2) | Identifies potential gaps in service delivery that could or should be corrected by management. |
Created by:
angela.may
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