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25 Cards in this Set
- Front
- Back
True or False The objective-and-task method for settling marketing budgets is the best approach recommended in hospitality and travel marketing |
True |
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True or False Marketing evaluation and marketing control are carried out at the same time |
False |
|
True or False There is a strong tendency in the hospitality and travel industry to require that sales and marketing personnel have some previous experience in operations |
True |
|
True or False One of the benefits of sound marketing management is that there is a much clearer understanding of marketing results, good or bad. |
True |
|
True or False One of the steps in the building-block budgeting procedure is to set tentative budgets for advertising, sales promotion, personal selling, and public relations/publicty |
True |
|
True or False The objective-and-task approach is an application of zero-based budgeting |
True |
|
This approach represents a systematic, comprehensive, and periodic evaluation of an organization's entire marketing function, including its marketing goals, objectives, strategies, and performance |
Marketing audit |
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When an organization sets a marketing budget as a percentage of last year's total sales or next year's expected total sales, this is an example of |
Percentage-of sales or rule-of-thumb approaches |
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This term refers to all activities required to research, plan, implement, control, and evaluate the marketing efforts of a hospitality and travel organization |
Marketing management |
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This approach to developing a marketing budget uses a step-by-step process and begins with the establishment of a tentative marketing budget for the whole marketing department |
Building block |
|
5 Components of marketing |
Price |
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5 Components of marketing |
Research |
|
5 Components of marketing |
Implementation |
|
5 Components of marketing |
Control |
|
5 Components of marketing |
Evaluation |
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2 Best approaches to develop a marketing budget |
Unsophisticated budgeting |
|
2 Best approaches to develop a marketing budget |
Sophisticated budgeting |
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Unsophisticated budgeting Affordable and incremental approaches |
Involves personal judgements of marketing managers or business owners |
|
Unsophisticated budgeting Percentage of sales |
Set as a percentage of last years expected total sales |
|
Unsophisticated budgeting Competitive Parity |
You find out what your competitors are spending and then model it close and around that number for your budget |
|
Sophisticated budgeting Objective-task |
Setting objectives and figuring out what must be done to achieve |
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Sophisticated budgeting Zero-based |
Budget always starts at 0 |
|
Sophisticated budgeting Marginal economic |
Organizations spend money on promotional mix elements up to a point where the last dollar brings in exactly one dollar in sales |
|
Marketing control |
Steps that an organization takes to monitor and adjust the marketing plan as it progresses as well as procedures it selects to ensure that its marketing plans are successful |
|
Marketing evalution |
Techniques used after the marketing plan period to analyze success in achieving individual marketing objectives and to more broadly assess the entire organizations marketing efforts |