Hospitality Marketing Chapter 1 Quiz
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Questions and Answers

What is the purpose of business according to Dr. Hassan Sherif?

  • To dominate the market
  • To generate maximum revenue
  • To create and maintain satisfied, profitable customers (correct)
  • To minimize costs and maximize profits
  • According to Peter Drucker, who determines business success?

  • The customer (correct)
  • The producer
  • The government
  • The shareholders
  • What is the definition of marketing as per Dr. Hassan Sherif?

  • A strategic process of minimizing costs to increase profitability
  • A process of creating and maintaining satisfied employees
  • A societal process of obtaining and exchanging products and value (correct)
  • A process of dominating the market through aggressive advertising
  • What does the concept of 'needs' refer to in the context of marketing?

    <p>A state of felt deprivation</p> Signup and view all the answers

    What do 'wants' represent in the context of marketing?

    <p>How people communicate their needs</p> Signup and view all the answers

    What is the difference between needs and wants according to Dr. Hassan Sherif?

    <p>Needs are essential for survival, such as food and shelter, while wants are desires for goods or services.</p> Signup and view all the answers

    What is the definition of a product according to Dr. Hassan Sherif?

    <p>A product is anything that can be offered to satisfy a need or a want.</p> Signup and view all the answers

    What is the act of obtaining a desired object from someone by offering something in return called?

    <p>Exchange</p> Signup and view all the answers

    What does customer value represent in the context of marketing?

    <p>The difference between the benefits gained from owning/using a product and the cost of obtaining it.</p> Signup and view all the answers

    Why should managers be concerned about customer loyalty according to Dr. Hassan Sherif?

    <p>Customer loyalty leads to increased profit, lower marketing and sales costs, and increased partnership.</p> Signup and view all the answers

    Study Notes

    Purpose of Business

    • Dr. Hassan Sherif emphasizes that the primary purpose of a business is to create value for customers, ultimately leading to profitability and sustainability.

    Business Success Determinants

    • Peter Drucker asserts that business success is determined by the customer's needs and satisfaction, highlighting the importance of a customer-centric approach.

    Definition of Marketing

    • Dr. Hassan Sherif defines marketing as a process of creating, communicating, and delivering value to customers while managing customer relationships to benefit the organization as well as stakeholders.

    Concept of 'Needs'

    • In marketing, 'needs' refer to the basic human requirements essential for survival and well-being, such as food, shelter, and safety.

    Representation of 'Wants'

    • 'Wants' represent specific desires or preferences shaped by individual culture, personality, and experiences, reflecting how needs can be fulfilled by products or services.

    Difference Between Needs and Wants

    • Dr. Hassan Sherif clarifies that needs are universal and fundamental, while wants are personalized and vary widely among individuals, illustrating the distinction between basic requirements and desires.

    Definition of Product

    • According to Dr. Hassan Sherif, a product is defined as any offering that satisfies a need or want, which can be a tangible good, service, or idea.

    Reciprocity in Transactions

    • The act of obtaining a desired object from someone by offering something in return is known as exchange, which is fundamental to marketing transactions.

    Customer Value in Marketing

    • Customer value represents the perceived benefits, both tangible and intangible, that a customer gains in relation to the cost incurred, influencing their purchase decisions.

    Importance of Customer Loyalty

    • Dr. Hassan Sherif states that managers should prioritize customer loyalty as it leads to repeat business, reduces marketing costs, and fosters brand advocacy, contributing to long-term success.

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    Description

    Test your knowledge of Chapter 1: Introduction to Marketing for Hospitality and Tourism, as taught by Dr. Hassan Sherif. Explore concepts such as customer orientation and the business perspective from the customer's point of view.

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