HA2243 Fall 2009 Final Study Guide

HA2243 Fall 2009 Final Study Guide - HADM 2243 Marketing...

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HADM 2243 Marketing Management for Services Fall 2009 HADM 2243 Marketing Management for Services Final Study Guide Professor Helen Chun December 2009 1. Demand Forecasting (Appendix B) We studied how to estimate market demand: You should understand key concepts and be able to estimate market demands. Total market demand for a product or service: o Total volume that would be bought by a defined consumer group in a defined geographic area in a defined time period in a defined marketing environment under a defined level and mix of industry marketing effort. Expandable market: sensitive to marketing efforts (e.g., for air travel or cruise vacations) Non-expandable market: difference between market minimum and market potential is small (e.g., Opera) Primary demand: total demand for all brands of a given product or service (e.g., cruises) Selective demand: demand for a specific brand of product or service (e.g., Crystal Cruises) Forecasting Future Demand o What People Say Survey of buyers’ intentions Composite sales force opinions Expert opinions o What People Do Test Marketing o What People Have Done Time Series Analysis Leading Indicators Statistical Demand Analysis (Regression analysis) 2. The New Product/Service Design Process (Chapter 9) We analyzed the product lifecycle and different processes for planning new products vs. new services. Understand different levels of the product Core Product is the most basic level, which answers: o What is the buyer really buying? Facilitating Products are services or goods which must be present for the guest to use the core product. o Core products require facilitating products but do not require supporting products. Supporting Products are extra products offered to add value to the core product. o Help to differentiate it from the competition Augmented Products include accessibility, atmosphere, customer participation, interaction with 1
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HADM 2243 Marketing Management for Services Fall 2009 o Captures the key elements that must be managed when the customer comes to the hotel, restaurant, conference center, etc. o Combines what is offered with how it is delivered o of the service Classify customers by time to adoption Explain the new product development process o Step 1: Idea Generation- The systematic search of new product ideas obtained internally from employees and also from customers, competitors, distributors, and suppliers. o Step 2: Idea Screening Goal : spot good ideas and drop poor ones as soon as possible. Many companies have systems for rating and screening ideas which estimate:
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HA2243 Fall 2009 Final Study Guide - HADM 2243 Marketing...

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