Things

Customer: The purchasers of organizations 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 a point of view through informing the consumers through various communication channels.

Product - a good or service that most closely 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: Covers whole societies, or groups defined by “black and white” criteria such as gender, age, income, class, or education.

Market Segmentation - marketing strategy which involves dividing a broad target market into subsets of consumers, businesses, or countries that have, or are perceived to have, common needs, interests, and priorities, and then designing and implementing strategies to target them.

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

Geographics: The segmentation of a market by area, such as cities, counties, regions, countries, and international regions.

Behavioral: Segments the intended market into consumers based on their behavior regarding our product. This can involve the consumer’s loyalty, knowledge of, attitude towards, and use of our product.

Demographics, Psycographics, Geographics, Behavioral: Market Segmentation

Price, Place, Product, Placement: Marketing Mix

Prospecting & Qualifying- looks to identify a potential customer who has the potential financing to afford the purchase.

Approach- prepare for the personal selling process by observing the customers behavior and needs.

Presentation- really the art part of marketing, the salesperson must entice the customer by explaining a product's features, advantages over competition, list previously satisfied customers, and describe the feeling experienced by the customer when using our product/service.

Demonstration- the customer may also become interested in seeing their potential purchase in use. The action to satisfy this want is the process of demonstration. A salesperson showing a customer how to apply their mascara is a great example.

Handling Questions- allows the salesperson to respond to the customers inquiries.

It is important to highlight the benefits of a product and not its features (ex: talk about how your hand will feel at ease when writing with a comfy ballpoint pen and not about the pen's grip).

Closing- process in which you finalize the purchase (may include bargaining). This establishes the relationship between the brand and customer.

Follow Up- The most important step to maintain a large group of loyal customers. The salesperson delivers the purchase to the customer and often establishes a strong root in customer relations.

Evaluation- The salesperson must reflect on the whole sales process noting what works and what doesn’t work in closing the sale most effectively.

Product/Service Management- The process of creating and changing the information about a company's catalog of offerings. Many business websites have a specialist who maintains their online catalog according to the current list of products and services that the company provides to customers.

Customer relationship management- Managing a company's interactions with current and future customers. Involves use of technology to organize, automate, and synchronize sales, marketing, customer service/technical support (Coupons,emails,etc)

Manufacturing- production of goods for use or sale using labor and machines, tools, chemical and biological processing, or formulation.

Wholesale- the business of selling things in large amounts to other businesses rather than to individual customers

Retail- The sale of goods or commodities in small quantities directly to consumers

Quality Assurance- a program for the systematic monitoring and evaluation of the various aspects of a project, service, or facility to ensure that standards of quality are being met

Quota- A government-imposed trade restriction that limits the number or value of goods and services that can be imported or exported during a particular time period. Used in international trade to help regulate the volume of trade between countries.

Warranty- sellers assure the purchaser that goods/service being purchased will work as expected and if not, it shall be replaced/repaired

Limited Warranty: may exclude certain parts of the product from coverage or require the customer to bear some of the expense for repairs resulting from defects.

Full: if a product is found to be defective within the warranty period, it will be repaired or replaced at no cost to the purchaser.

Bundling- A marketing strategy that joins products or services together in order to sell them as a single combined unit. Bundling allows the convenient purchase of several products and/or services from one company.

Branding- marketing practice of creating a name,symbol, or design that sets apart and identifies a product

Product Mix- various products offered by a seller that can yield greater revenue when marketed together rather than be sold individually

Product life cycle- the period of time over which an item is developed, brought to market and eventually removed from the market

Introductory Period: Any business that is launching a new product needs to appreciate that this initial stage could require significant investment. This isn’t to say that spending a lot of money at this stage will guarantee the product’s success. Any investment in research and new product development has to be weighed up against the likely return from the new product, and an effective marketing plan will need to be developed, in order to give the new product the best chance of achieving this return.

Growth: Can be considered as the key stage for establishing a product’s position in a market, increasing sales, and improving profit margins. This is achieved by the continued development of consumer demand through the use of marketing and promotional activity, combined with the reduction of manufacturing costs. How soon a product moves from the introduction stage to the growth stage, and how rapidly sales increase, can vary quite a lot from one market to another.

Climax: The highest point of a business’ success. The company is currently not being affected by decreasing sales but that is to come in the foreseeable future.

Maturity: The business’ growth in sales diminishes. Now new competitors often enter into the market. The primary objective of a mature business is to maintain their market share. Furthermore, the business looks to maximize their profit to effectively hold their leverage over competition.

Decline: The stage in the product life cycle in which overall sales diminish. The firm must make a decision between keeping their current product, changing their product, locating a new market for the product, or selling the product out. By keeping the product the way it has been often results in even greater losses, if a new use for the product or new target market can be established that is often the most effective approach while maintaining the business, selling the company to another firm or liquidating out all the resources is often the most financially secure approach.

How the Product Cycle Affects Marketing: During the introduction stage of the product the firm will look to inform their target market about their product. The growth stage requires the firm to both inform and persuade the consumer to buy their product. The maturity stage tends to use marketing to persuade the audience as well as remind them of the product's greatness. During the decline stage companies will use the nostalgic technique of reminding their market of their product. These explain the nature of the promotional mix.

Operations- management and maintenance of a business; the purpose is to increase marketing efficiency and organizational agility.

adjoining rooms Two hotel rooms that are located next to each other, but not connected by a door.

all-inclusive resort A resort in which all amenities and services, including food and beverages, are included in the cost of the room.

all-suite hotel A hotel in which every room is a suite, with a bedroom and living room, catering to business travelers.

a.m. room status report A report detailing the status of each room, created by a housekeeping supervisor from section housekeepers' reports, usually created by noon.

amenities Services or goods offered to hotel guests in addition to a basic room, such as soaps, robes, a game room, or a pool.

American plan A hotel pricing plan that includes three meals with the cost of the room.

back of the house The operational areas of a restaurant, especially the kitchen.

campground A lodging operation offering guests either a place to pitch a tent or a space to park a recreational vehicle.

central reservation system (CRS) A reservation system utilized by a hotel chain that allows customers to call one number, usually a toll-free number, to make reservations at any hotel in the chain.

commercial hotel Usually a large hotel designed for business travelers, offering dining service, and often meeting rooms, free breakfast, and other amenities.

complimentary room A room for which the hotel does not charge a fee, often offered to a group paying for a specified number of rooms.

concierge service A service provided by full-service hotels in which employees at a guest service desk provide information for guests, and sometimes secure restaurant reservations and theater tickets.

connecting rooms Two hotel rooms that are located next to each other and are connected by a door.

continental breakfast A light breakfast, usually consisting of muffins or sweet rolls, plus juice, coffee, or tea, often provided free of charge to hotel guests.

corporate lodging operation A corporation that owns and operates one or more lodging operations.

corporate rate A special discount rate for hotel rooms offered to business travelers.

country inn A small commercial inn that offers lodging and a restaurant, usually with six to 30 rooms, and generally offering breakfast included with the cost of a room.

cumulative attraction A term for lodging located near other attractions such as amusement parks, convention centers, or well-known restaurants.

date- and time-stamping machine A machine that stamps a date and time on

correspondence or forms; used to keep track of guest check in and check out, and hotel correspondence.

drive-up A room (usually in a motel) at ground level and directly off the parking lot, that guests can drive up to.

dry storage Storage for dry goods such as canned goods, boxed goods, napkins, and other items that do not need to be refrigerated or frozen.

economy operation A hotel catering to a traveler on a budget, with very few services or amenities; also called a budget hotel.

European plan A lodging pricing plan in which no meals are included in the price of the room.

executive chef The restaurant employee who plans the menu, purchases food and beverages, and supervises the kitchen staff.

familiarization tour (FAM) A tour provided by a lodging operator to familiarize travel agents with the facility, its location, and its amenities.

family plan A discount rate often offered on the weekend by hotels that specialize in corporate business, used to attract budget-conscious tourists when rooms are not in demand by business travelers.

FIFO First in-first out; a method for rotating inventory to make sure that the items that arrive first are used first.

folio The account for a hotel guest during his or her stay.

global reservation system A computerized reservation system in which guests can make hotel reservations at the same time they make airline and car rental reservations.

government rate A discount room rate offered to government employees which tries to match the per diem offered to government employees.

homestay A private home in which the owners accept paying guests, and usually include breakfast with the cost of the stay.

hostel An inexpensive lodging (usually a small inn) for students and other youth who are traveling on foot or bicycle, usually very inexpensive.

independent reservation system A computerized, toll-free reservation system provided to smaller hotel operators by an independent company for a fee.

interception Describes the ability of a lodging facility to intercept travelers going to or from an attraction, such as a business district or recreational facility.

inventory log A record of all items that go into or out of a storage area.

leisure travel Any travel undertaken for pleasure, rather than for business reasons.

limited-service operation A hotel targeting budget-conscious travelers that offers guest rooms and limited guest services and few amenities.

lower tier Describes a full-service hotel that offers several services and amenities, but caters to a frugal customer.

maintenance log A written record of what repairs have been made and when, including scheduled and unscheduled repairs.

mid tier Describes a full-service hotel that caters to business travelers, usually with meeting rooms, some in-room services and amenities, a pool, and shuttle service to an airport or train station.

motor inn A lodging similar to a motel, inexpensive and located near a highway, but with more than one floor and more services.

non-guaranteed reservation A lodging reservation for which the guest has not offered guaranteed payment, usually held until some set time in the evening, and then given to someone else if needed.

occupancy rate The number of rooms that are occupied in a lodging facility on average.

open house An event sponsored by a lodging facility in which prospective guests are invited to tour the facility, meet management, and usually enjoy refreshments.

out-of-order (OOO) Describes a room that cannot be used because of a maintenance or other problem.

overstay Describes a room in which the guests have decided to stay longer than originally intended.

par level The amount of supplies needed to stock the hotel for one night.

peak season The time of year when demand for rooms is highest.

per diem A sum of money allowed to government and business travelers by their

employers to cover their food and lodging expenses.

p.m. room status report A report detailing the status of each room, created by a

housekeeping supervisor from section housekeepers' reports, usually created at the end of

the day.

post Apply a charge to a guest's folio.

posted voucher rack A rack where vouchers for hotel charges such as telephone calls and restaurant meals are stored after the charges have been posted but before they are checked by the auditor at night.

preventive maintenance Ongoing repairs to a facility's buildings and equipment that prevent breakdowns, slow deterioration, and maintain the quality of the facility.

production chef A restaurant employee who actually makes the food, usually responsible for one portion of production, such as vegetables; also known as a station chef.

rack rate The standard rate for a room in a hotel; also known as the walk-in rate.

remind-o-timer A machine that sounds a loud alarm to remind the front desk clerk to

make wake-up calls to hotel guests.

reserve key drawer A drawer at the hotel's front desk that holds extra keys for each room, in addition to the keys on the key rack.

resort hotel A hotel with a number of onsite recreational facilities, offering a complete vacation in one location; often located near a beach, golf course, or popular recreation destination.

retail travel agency A company that sells travel arrangements, including lodging, to customers, either through packages or direct communication with a hotel.

room block A given number of rooms that are held in reserve, to ensure that overstays and clerical errors do not result in overbooking.

room status report A report listing the status of each room for the day; given to the

housekeeping manager to determine which rooms need to be cleaned or changed.

rotary information rack A round, rotating piece of equipment found at a hotel's front

desk that is used to alphabetically keep track of registration information for guests.

section housekeeper's report A report made by a housekeeper to keep track of the status

of the rooms to which he or she is assigned.

section master key A key that opens all rooms in a section assigned to one housekeeper.

senior living service A lodging for elderly guests that combines a health facility,

luxurious rooms, and food and beverage service.

senior rate A discount room rate offered to guests over a certain age, usually 55 to 65.

short-order cook A cook who prepares food such as hamburgers and French fries, often supporting a line chef.

shoulder season The time of year when demand for rooms is at its lowest.

shuttle service Guest transportation from a hotel to an airport, train station, and sometimes local attraction, usually provided for free by full-service hotels.

specialty rate A discount rate offered to airlines, employees, or other pre-approved groups.

standard resort A resort where guest rooms are priced and paid for separately from activities, some services, and food.

station chef A restaurant employee who actually makes the food, usually responsible for one portion of production, such as vegetables; also known as a production chef. stay-over (S/O) Describes a hotel room in which the guest is expected to stay another day.

table-d'hote menu A menu on which a complete meal or a few courses are offered together at a fixed price.

telephone printer A printer attached to the hotel's phone and accounting systems that keeps track of outgoing calls made by guests.

tour operator A company that provides travel packages, either to travel agents or directly to customers.

transient consumer market Travelers.

travel agent discount A room rate discount offered to travel agents for their personal use.

understay Describes a room in which the guest checked out before they were scheduled.

upgrade Sell a guest a room with additional features or amenities (and usually a higher price).

upper tier upper tier

vacant (V) Describes a room that was not occupied the night before and is ready to be rented.

vacant and ready (V/R) Describes a room that the guest has checked out of and the housekeeping staff has cleaned.

valet service A laundry service offered to hotel guests.

waiter or waitress The person who provides table or counter service to customers in a restaurant.

walk-in Someone who wants to stay in a lodging, but does not have a reservation.

yield management A pricing strategy in which the price of rooms is adjusted based on consumer demand, rising in periods of peak demand and falling in the "slow season."