Things

Customer

The purchasers of an organization's products; the focal point of all marketing activities.

Target Market

The specific group of customers for whom an organization focuses its marketing efforts.

Promotion

The advancement of a product, idea, or point of view through informing consumers via various communication channels.

Product

A good or service that meets the requirements of a particular market and yields enough profit to justify its continued existence.

Place/Distribution

Where the product will be sold and how it will be delivered to the market.

Price

Quantity of payment someone gives in return for a good or service.

Demographics

Data covering whole societies or groups defined by criteria such as gender, age, income, class, or education.

Market Segmentation

Marketing strategy involving dividing a broad target market into subsets with common needs, interests, and priorities.

Psychographics

The study of personality, values, opinions, attitudes, interests, and lifestyles.

Geographics

Segmentation of a market by area, such as cities, counties, regions, and countries.

Behavioral

Segments the intended market based on behaviors regarding a product, such as loyalty and usage.

Marketing Mix

Combination of Price, Place, Product, and Promotion in marketing a product.

Prospecting & Qualifying

Identifying potential customers who can afford the purchase.

Approach

Preparing for personal selling by observing customer behavior and needs.

Presentation

The art of marketing, involving explaining a product's features, advantages, and testimonials from previous customers.

Demonstration

Showing a customer how to use a product, often increasing their interest in it.

Handling Questions

Salesperson's response to customer inquiries.

Closing

The process of finalizing a purchase, which establishes the relationship between brand and customer.

Follow Up

Key step to maintain loyal customers by delivering the purchase and strengthening customer relations.

Evaluation

Reflecting on the sales process to note what worked and what didn’t.

Product/Service Management

Creating and maintaining information about a company's catalog of offerings.

Customer Relationship Management

Managing interactions with current and future customers using technology for organization and automation.

Manufacturing

Production of goods for use or sale using labor and machines or other processing.

Wholesale

Business of selling goods in large amounts to other businesses.

Retail

Sale of goods or commodities in small quantities directly to consumers.

Quality Assurance

Systematic monitoring and evaluation to ensure standards of quality are met.

Quota

Government-imposed trade restriction that limits the number of goods that can be imported or exported.

Warranty

Seller assurance that goods/services will work as expected or be replaced.

Limited Warranty

Warranty that may exclude certain parts or require customer cost for repairs.

Full Warranty

Warranty that offers repair or replacement at no cost within the warranty period.

Bundling

Marketing strategy that joins products together to sell as a single unit.

Branding

Creating a name, symbol, or design that identifies and differentiates a product.

Product Mix

Various products offered by a seller that can yield greater revenue when marketed together.

Product Life Cycle

The period over which a product is developed, marketed, and eventually removed from the market.

Introductory Period

Initial stage of a new product launch requiring significant investment.

Growth

Key stage for establishing a product's market position and improving sales.

Climax

The highest point of a product’s success before sales begin to decrease.

Maturity

Stage where sales growth diminishes and competition increases.

Decline

Stage where overall product sales diminish, prompting decisions on the product’s future.

Operations

Management and maintenance of a business aimed at increasing marketing efficiency.

Adjoining Rooms

Two hotel rooms next to each other, not connected by a door.

All-Inclusive Resort

A resort where all amenities and services are included in the room cost.

All-Suite Hotel

A hotel where every room is a suite, catering mainly to business travelers.

A.M. Room Status Report

Report detailing the status of each room created by housekeeping supervisors.

Amenities

Services or goods offered to hotel guests in addition to the room.

American Plan

Hotel pricing plan that includes three meals with the room cost.

Back of the House

Operational areas of a restaurant, especially the kitchen.

Campground

Lodging offering a place to pitch a tent or park a recreational vehicle.

Central Reservation System (CRS)

Reservation system allowing customers to reserve rooms in a hotel chain through one number.

Commercial Hotel

Large hotel designed for business travelers, offering dining services and meeting rooms.

Complimentary Room

A hotel room offered for free, often to groups booking multiple rooms.

Concierge Service

Service provided by full-service hotels to help guests with information and reservations.

Connecting Rooms

Two hotel rooms connected by a door.

Continental Breakfast

Light breakfast typically offered for free, including pastries and beverages.

Corporate Lodging Operation

A corporation that owns and operates lodging facilities.

Corporate Rate

Special discount rate for hotel rooms for business travelers.

Country Inn

Small inn offering lodging and a restaurant, generally with breakfast included.

Cumulative Attraction

Lodging located near other attractions.

Date- and Time-Stamping Machine

Machine used to keep track of guest check-ins and hotel correspondence.

Drive-Up

Motel room at ground level directly accessible from the parking lot.

Dry Storage

Storage for dry goods not requiring refrigeration.

Economy Operation

Budget hotel with few services or amenities.

European Plan

Lodging pricing plan with no meals included.

Executive Chef

Restaurant employee responsible for menu planning and supervising the kitchen staff.

Familiarization Tour (FAM)

Tour for travel agents to familiarize them with a lodging facility.

Family Plan

Weekend discount rate offered by hotels to attract budget-conscious tourists.

FIFO

Method for rotating inventory to use the oldest items first.

Folio

Account of a hotel guest during their stay.

Global Reservation System

Computerized system for guests to make hotel reservations while booking travel.

Government Rate

Discount room rate offered to government employees.

Homestay

Private home accepting paying guests, usually with breakfast included.

Hostel

Inexpensive lodging for youth and travelers, usually very basic.

Independent Reservation System

Reservation system provided to smaller hotel operators for a fee.

Interception

Ability of lodging to attract travelers going to or from an attraction.

Inventory Log

Record of items entering or leaving a storage area.

Leisure Travel

Travel undertaken for pleasure instead of business.

Limited-Service Operation

Budget hotel providing limited services and amenities.

Lower Tier

Full-service hotel catering to frugal customers.

Maintenance Log

Record of repairs, both scheduled and unscheduled.

Mid Tier

Full-service hotel catering to business travelers, with amenities and meeting rooms.

Motor Inn

Inexpensive lodging near highways with multiple floors and additional services.

Non-Guaranteed Reservation

Reservation held for a set time without guaranteed payment.

Occupancy Rate

Average number of rooms occupied in a lodging facility.

Open House

Event for prospective guests to tour a lodging facility.

Out-of-Order (OOO)

Room that cannot be used due to maintenance issues.

Overstay

Room where guests decided to stay longer than planned.

Par Level

Amount of supplies needed to stock a hotel for one night.

Peak Season

Time of year with highest demand for hotel rooms.

Per Diem

Allowance for government and business travelers to cover expenses.

P.M. Room Status Report

Report detailing the status of each room created at the end of the day.

Post

To apply a charge to a guest's account (folio).

Posted Voucher Rack

Rack for storing vouchers for hotel charges.

Preventive Maintenance

Ongoing repairs to prevent breakdowns and maintain facility quality.

Production Chef

Restaurant employee responsible for making food.

Rack Rate

Standard rate for a hotel room.

Remind-O-Timer

Machine that reminds staff to make wake-up calls for guests.

Reserve Key Drawer

Drawer holding extra keys for hotel rooms at the front desk.

Resort Hotel

Hotel with recreational facilities offering complete vacations.

Retail Travel Agency

Company selling travel arrangements directly to customers.

Room Block

Reserved number of rooms to prevent overbooking.