Sales and Marketing Final
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Created by:
gabriela225 on December 18, 2011
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69 terms
Terms | Definitions |
|---|---|
 Communications Mix | all communications between the firm and the target market that 1) increase the tangibility of the product/ service mix, 2) establish or monitor consumer expectations, 3) persuade or induce the customers to purchase |
| Communications Mix Elements | Advertising, Sales Promotion, Personal Selling, PR and Publicity, Merchandising |
| Six Stages of the Communication Process | 1. To Whom to Say it, 2. Why to say it, 3. What to say, 4. How to say it, 5. How often to say it, 6. Where to say it |
| Consumer Adoption Process Model | Awareness --> Interest --> Evaluation --> Trial --> Adoption |
| Push Strategy | directing marketing communication efforts to intermediaries such as travel agents, who then help "push" the product to their customer base (pay for shelf space) |
| Pull Strategy | directing marketing communication efforts directly to the consumer, who in turn (hopefully) purchases the product directly or through an intermediary such as a travel agent or online booking agency (outdoor ad) |
| Types of WOMA | buzz marketing, viral marketing, community marketing, grassroots marketing, evangelist marketing, product seeding, influencer marketing, cause marketing, etc. |
| 5% of sales | typical marketing budget |
| cognitive | the stage of thoughts/beliefs; what consumers think |
| conative | the stage of intention; what consumers plan |
| affective | the stage of emotion; what consumers feel |
| advertising | paid messaging in media (collateral, outdoor, direct mail, tv, co-ops, print, sponsorship, etc.) |
| sales promotion | time limited messages of incentives to stimulated sales |
| merchandising | on-property/ in-house messaging that achieves objectives and increase satisfaction, stimulating sales |
| public relations | organized attempt to get favorable messages delivered by media (not paid, but has costs) Journalism and publishing meet advertising (not paid) (ie. Fam trips for travel writers) |
| personal selling | 1:1 messaging |
| gorilla marketing | looks like WOM but paid |
| communication | 1. Send (encoded) messages GET IT, 2. Receive message GOT IT, 3. Confirm Receipt GOOD(decode) |
| Publicity | not controlled but can be influenced (could be negative) |
| event or experiential marketing | expansion of PR through trying a product within an event context |
| AIDA | attention, interest, decision, action |
| Overall Objective | move consumer toward greater lifetime value to business |
| Basic Rules of Merchandising | purpose, practicality, visibility, simplicity |
| Reach | how many people exposed to message (exposure size) |
| Frequency | how many times exposed to message (exposure frequency) |
| Types of publications | trade (industry, business IATA) and consumer (customer, buyer DEPARTURES) |
| POW WOW | travel industry's international trade show |
| Compression | shrink inventory, increase demand, price go up (groups, city events) |
| displacement analysis | loss in transient business giving up for group; analyze groups to see which one makes more (G1, G2 --> T?) |
| attrition/ wash | difference between group estimate and group actual (no-show in group bookings) |
| city-wide groups | one hotel cannot accomodate entire group |
| digitalization | converting text, data, sound, image into a stream of bits that can be dispatched at high-speeds from one location to another |
| connectivity | building networks because business is carried over networks connecting people and companies |
| E-Commerce | buying and selling electronically |
| E-Marketing | companies efforts to communicate, promote and sell product/ services over intranet |
| Philip Wolf Keynote 5 key ideas | 1. Disparate devices and channels, 2. Hear me See me Touch me, 3. Significant Surprise, 4. Strains on Search, 4. Trapping new travelers |
| Key drivers in internet intermediaries | Price and Convenience (reduce friction involved) |
| B2C | branded sites |
| B2B | passkey (group booking site) |
| C2B | facebook pages, user groups |
| C2B | blogs |
| Goals | Specific Measurable Attainable Realistic Timely |
| Executive Summary | selling the plan up, the #s and the rationale |
| Booking pace | rate at which future hotel date is being booked |
| Breakeven | All Costs (Debt, Capital, Investor Return) - Revenue aka point at which cost is covered or Revenue - (Fixed, Variable, Semi) |
| Investor Return (IRR) | Cost of capital (debt, service, mortgage, payment) % allocated to investor / $ |
| Principles of Consumer Behavior | 1. Consumers have choices, 2. Consumers can be educated, 3. Consumers can be influenced, 4. Consumer behavior is a process, 5. Consumer behavior is purposeful / goal oriented |
| Revenue Management | selling the right product at the right time to the right customer through the right distribution channel at the right place |
| Corporate Negotiate | Business/ Organizational buyer (NOT MICE because not necessarily group) |
| component of value | financial, social, experiential, etc. |
| Factors of displacement | booking pace, attrition rate, meeting/ room space, length of stay |
| Goal of Revenue Manager | Sell out rooms everyday |
| Goals of Outdoor Ad | Generate trial, reach |
| Theme of Semester | Engage, Enlist, Enjoy |
| 4 Elements of Experience Economy | Educational, Esthetic, Entertainment, Escapist |
| Unconstrained Demand | total demand for a particular date irrespective of your capacity. |
| Booking Window | time in advance of arrival that a reservation is made (purchase cycle, lead time to book) |
| Four Major Segments | Geographic (where they work, play, live), Demographic (social statistics eg. income, education, race, lifespan), Psychographic (attitudes and taste of segments), Behavioral/ Transactional (observed quantifiable activities/ purchases) |
| goal of segmentation | to communicate economically and effectively |
| purpose of marketing plan | make strategic choices, team building, harvesting of best thinking, assign resources, forecasting and budgeting, culture creation, expectatin setting |
| Characteristics of hotel product | heterogeneity, simultaneity of production and consumption, perishability, intangibility, blended product of both service and goods |
| product life cycle | introduction growth maturity decline/ disposition |
| four elements of management | planning, organizing and staffing, leading and directing, controlling |
| global distribution systems | worldspan, galileo, SABRE, apollo (connects travel agents) |
| Components of Selectivity | attention, comprehension, acceptance, retention |
| 4 Cs of price | cost competition consumer complex |
| Price reflects | value of product, scarcity of product, quality of product |
| Experience Economy ladder of economic value | commodities --> goods --> services --> experiences --> transformations |
| consumer trade-off model | triangle with Need (Problem), Price (Sacrifice) and Product/ Service (Solution) --> expectation, value, risk and POTENTIAL GAP |
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