HB375Exam3 - HB 375 Hospitality Marketing Exam 3 Study Guide Core Product Answers What is the buyer really buying Facilitating Product Services or

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HB 375; Hospitality Marketing- Exam 3 Study Guide Core Product Answers: What is the buyer really buying? Facilitating Product Services or goods that must be present for the guest to use the core product One important aspect is accessibility Augmented Product Includes accessibility, atmosphere, customer interaction with the service organization, customer participation, and customers’ interaction with each other Combine with the core facilitating and supporting products to provide the augmented product Important concept because hospitality and travel services require customer coproduction of the service Supporting Product Extra products offered to add value to the core product and help to differentiate it from the competition Must meet or exceed customer expectations to have a positive effect Horizontal Integration Growth within a marketplace How you are expanding Same market element in one area (East Lansing) Vertical Integration Owner owning all pieces of production process Example: Owning farms, warehouses, etc… Internal Marketing Employees are part of the product Marketers must develop techniques and procedures to ensure that employees are able and willing to deliver quality service Internal marketing is marketing aimed at the firm’s employees Employee satisfaction and customer satisfaction are correlated Revenue Management Discriminatory pricing
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Involves upselling, cross-selling, and analysis of profit margins and sales volume for each product line. Revenue Management is a system used to maximize a hospitality company’s yield or contribution margin. Forecasting demand to optimize profit. Demand is managed by adjusting price. Describe the three phases of customer interaction with the service delivery system: 1. Joining Stage Customer makes initial inquiry contact When designing products, make it easy for people to learn about product Enhanced through sampling 2. Consumption Stage Takes place when the service is consumed Designers of hospitality products must understand how guests will interact with the product Physical features, layout, and signage can also be used to help customers interact with the product 3. Detachment Stage When the customer is through using a product and departs List the four elements of the Product Life Cycle (not considering product development): 1. Introduction 2. Growth 3. Maturity 4. Decline Describe the three dimensions of a brand: 1. Competencies Think of as core product Minimum expectations (bed, meal…) 2. Standards Level of performance (green, white, Spartan helmet…)
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3. Style Communication and interaction o Example: Hooters girls’ uniforms, Dick’s Last Resort- peanuts on floor, servers rude to you… List at least 5 guidelines for naming (branding) a product: 1. Animals 2. Positive/ Describe benefits 3. Family name 4. Memorable/ Distinctive 5. KISS (keep it simple stupid)
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This note was uploaded on 11/30/2011 for the course HB 375 taught by Professor Beck during the Fall '11 term at Michigan State University.

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HB375Exam3 - HB 375 Hospitality Marketing Exam 3 Study Guide Core Product Answers What is the buyer really buying Facilitating Product Services or

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