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What is the strategic plan
- Who is the target market
- what are their needs, motivations, criteria
- who are the competitors
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4 P's
- Product & services
- price
- place
- promotion
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when designing a product what factors should the company consider ?
- Core product- basic need -excitment/atmosphere
- Tangible product-features and benifits
- Augmented product-extrinsic elements inflencing purchased
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what is the difference between a feature and benefit?
- Feature- how something is shaped
- benefit- easy twist off the feature is more effective
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what are the 4 "product to market" options a company has? EM,EP,NP,NM?
- EM= existing market
- EP= existing product
- NP= new product
- NM= new market
- EP-EM=market penetration
- EP-NM=market development
- NP-EM=product development
- NP-NM=
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Intangibility
services cannot be seen, tasted, felt, heard, smelled before purchase
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Inseparability
services cannot be separated from their provider
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Variability
quality of services depends on who provides them and when, where, how
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Perishability
services cannot be stored for later sale or use
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4 elements of marketing service that make it unique?
- Intangibility
- Inseparability
- Variability
- Perishability
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what are the 7 factors that could influence the pricing decision most firms?
- 1. Organizational and marketing objectives
- 2. Costs
- 3. Other marketing mix variables
- 4. Distribution- channel expectations
- 5. Buyer perceptions
- 6. Competition
- 7. Legal issues
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What is the marketing mix element that has a direct influence on revenues of a business?
Pricing
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how does elasticity of demand influence pricing?
?
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what are the 3 basic approaches to pricing?
- -Cost based- meets company needs
- -Demand based- consumer
- -acceptedcompetition based- keep an eye on competition prices
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what are the 3 pricing strategies for new product/service?
- -Premium pricing
- -value for money
- -undercut pricing
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What do marketing managers need to know to design an effective marketing strategy?
- asses needs
- assess competetion
- determine positioning
- design strategy
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what applications can marketin research be used for in tourism?
- consumers
- marketing mix
- competition
- positioning and marketing enviroments
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what does yield Management mean as it relates to pricing?
Developing strategies to maximize opportunities for the sale of an organizations perishable products(using price to take advantage of things that haven’t been sold ex. Discounts on seats for a flight that haven’t been sold)
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what is the formula for effective decisions?
- 80% information
- 20% inspiration(intuiton)
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What is an M.I.S?
Management information system
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Marketing research has to insure it meets 3 criteria. what are the criteria?
- Valid (relevant)
- Reliable(accurate)
- objective(non-biased)
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What are the 6 steps in the marketing research process?
- Identify and define problem
- investigate availabe resources
- develop research plan
- collect data
- analyze data
- prsent research results
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why is it important to make the research objective as specific as possible?
to get the right information on the why the problem had risen
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what is the difference between primary and secondary data?
- Primary data: data collected for first time
- secondary data: data that already exists
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what is the difference between quantitative and qualitive data?
Qualitive research- FINDINGS ARE EXPRESSED AS GENRAL STATEMENTS focused on obtaining respondents coments on topics through their disscussion of marketing issues.
Quantitative research- FINDINGS ARE PRESENTED numerically mainly involves obtainging respondents, selection of one or several answers to specific questions in a survey
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what are the 3 methods of capturing qualitative data?
- focus group
- in-depth interviews
- observations
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what are the 3 methods of capturing quantitive data?
- Surveys-phone
- personal interview and self somplete
- mechanical devices
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What are the 3 key considerations when designing a survey questionnaire?
- question order
- format
- wording
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What are the 3 typical Problems associated with conducting research?
- international issues
- out dated information
- sample is to small
- lack of valid information
- marking assumptions
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why is conducting international market research so difficult?
because you do not know there market and there stats for any of the information you will need.
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What are some unique characteristics of the tousim industry that might impact pricing decisions?
- 1.High fixed costs
- 2. Perishable nature of product
- 3. Cost fluctuations
- 4. Seasonal demands
- 5. Fixed capacity
- 6. Increased use of internet
- 7. Customers total purchases
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What is the difference between a direct and indirect channel of distrution?
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Direct- from service provider directly to consumer ex. Wallys
indirect- company distributes product with assistance of independent intermediaries
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What are the advantages and disadvantages of each direct and indirect?
Direct advantages- more control over delivery or pricing and experiencedisadvantage- it takes a lot of energy to get out there to each customer individually
Indirect advantage- efficiency disadvantage- a portion of the cost must go to intermediaries. Agency may not sell experience as well as provider could have
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what are some typical intermediaries in the tousim sector?
- Tour operators
- travel agents
- tourism specialists
- tour wholesalers
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What are two types of channel conflict that could exist?
- Horizontal conflict- conflict between organizations at the same level of the distribution channelex.
- 2 tim hortons
- a hotel has a different price on their website than the online travel agency
Vertical Conflict- occurs at different levels of the same channel and is more commonex. Argument between travel agents and airlines over the cutting of base commissions
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What are the elements of the communications process?
- Sender
- encoding
- message
- decoding
- receiver
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what are the steps in developing a promotional program?
- Planning
- implementation
- control
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what are the typical promotional objectives?
- Build awareness
- create interest
- stimulate demandre
- inforce the brand
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what are the typical elements of the promotional mix?
- Advertising
- sales promotion
- public relations
- personal selling
- word of mouth
- direct marketing
- internet marketing
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What is AIDA formula?
- Attention
- interest
- desire
- action
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What does "reach" mean in advertising?
The % of a mediums audience that is exposed to an advertising message at least once during a specific time frame
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