HMGT 3300 CHAPTER 1-3 QUESTIONS WITH
VERIFIED ANSWERS
The social and managerial process by which individuals and groups obtain what they
need through creating and exchanging products and value with others is called -
Answers - Marketing
Marketing mix elements include the following EXCEPT - Answers - Marketing
Information Systems
Which is NOT a purpose of marketing in a customer-centered firm? - Answers - To
maximize customer satisfaction
Instead of simply being defined as "freedom from defects," QUALITY should be defined
- Answers - In terms of customer satisfaction
Relationship marketing is a process where marketers work at building relationships with
customers, distributors, dealers and - Answers - Suppliers
When backed by buying power, wants become - Answers - Demands
Building strong economic and social ties with customers by delivering high-quality
products and services is the foundation of - Answers - Relationship marketing
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. - Answers - Societal
marketing
A ________ is anything that can be offered to a market to satisfy a want or need. -
Answers - Product
A _________ is a state of felt deprivation. - Answers - Need
It is wise to assess the customer's ________ value and take appropriate actions to
ensure a customer's long-term support. - Answers - Long-term
The Forum Company found that the cost of retaining a loyal customer is just _________
percent of the cost of attracting a new one. - Answers - 20
Which of the following is NOT part of the four-p framework of marketing? - Answers -
Placement
, The two main industries that comprise the activities we call tourism are - Answers - The
hospitality and travel industries
The most basic concept underlying marketing is that of - Answers - Needs
A product can be - Answers - Tangible or intangible
One of the biggest nonmonetary costs for hospitality customers is - Answers - Time
________ is the act of obtaining a desired object from someone by offering something
in return. - Answers - Exchange
A company's ________ is the set of benefits or values it promises to deliver to
consumers to satisfy their needs. - Answers - Value Proposition
The production concept holds that consumers will favor products that are ______ and
highly _____, and therefore management should focus on production and distribution
efficiency. - Answers - Available, affordable
Under the product concept, marketing strategy focuses on making continuous product
_________. - Answers - Improvements
The selling concept holds that consumers will not buy enough of the organization's
products unless the organization undertakes a large ______ and ______ effort. -
Answers - Selling, promotion
The _______ describes a channel that stretches from raw materials to components to
final products that are carried to final buyers. - Answers - Supply chain
______ are highly loyal but not very profitable. - Answers - Barnacles
The hospitality industry is the second largest employer in the United States. - Answers -
True
A market is only the set of actual, not potential, buyers who have transacted with a
seller. - Answers - False
The simplest definition of marketing is delivering customer satisfaction at a profit. -
Answers - True
There is no current evidence to suggest long-term customers are more profitable than
new customers. - Answers - False
The two main industries that comprise what we call tourism are the hospitality and
restaurant industries. - Answers - False
VERIFIED ANSWERS
The social and managerial process by which individuals and groups obtain what they
need through creating and exchanging products and value with others is called -
Answers - Marketing
Marketing mix elements include the following EXCEPT - Answers - Marketing
Information Systems
Which is NOT a purpose of marketing in a customer-centered firm? - Answers - To
maximize customer satisfaction
Instead of simply being defined as "freedom from defects," QUALITY should be defined
- Answers - In terms of customer satisfaction
Relationship marketing is a process where marketers work at building relationships with
customers, distributors, dealers and - Answers - Suppliers
When backed by buying power, wants become - Answers - Demands
Building strong economic and social ties with customers by delivering high-quality
products and services is the foundation of - Answers - Relationship marketing
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. - Answers - Societal
marketing
A ________ is anything that can be offered to a market to satisfy a want or need. -
Answers - Product
A _________ is a state of felt deprivation. - Answers - Need
It is wise to assess the customer's ________ value and take appropriate actions to
ensure a customer's long-term support. - Answers - Long-term
The Forum Company found that the cost of retaining a loyal customer is just _________
percent of the cost of attracting a new one. - Answers - 20
Which of the following is NOT part of the four-p framework of marketing? - Answers -
Placement
, The two main industries that comprise the activities we call tourism are - Answers - The
hospitality and travel industries
The most basic concept underlying marketing is that of - Answers - Needs
A product can be - Answers - Tangible or intangible
One of the biggest nonmonetary costs for hospitality customers is - Answers - Time
________ is the act of obtaining a desired object from someone by offering something
in return. - Answers - Exchange
A company's ________ is the set of benefits or values it promises to deliver to
consumers to satisfy their needs. - Answers - Value Proposition
The production concept holds that consumers will favor products that are ______ and
highly _____, and therefore management should focus on production and distribution
efficiency. - Answers - Available, affordable
Under the product concept, marketing strategy focuses on making continuous product
_________. - Answers - Improvements
The selling concept holds that consumers will not buy enough of the organization's
products unless the organization undertakes a large ______ and ______ effort. -
Answers - Selling, promotion
The _______ describes a channel that stretches from raw materials to components to
final products that are carried to final buyers. - Answers - Supply chain
______ are highly loyal but not very profitable. - Answers - Barnacles
The hospitality industry is the second largest employer in the United States. - Answers -
True
A market is only the set of actual, not potential, buyers who have transacted with a
seller. - Answers - False
The simplest definition of marketing is delivering customer satisfaction at a profit. -
Answers - True
There is no current evidence to suggest long-term customers are more profitable than
new customers. - Answers - False
The two main industries that comprise what we call tourism are the hospitality and
restaurant industries. - Answers - False
