Marketing Chapter 20

Front 1

True or False

The objective-and-task method for settling marketing budgets is the best approach recommended in hospitality and travel marketing

Back 1

True

Front 2

True or False

Marketing evaluation and marketing control are carried out at the same time

Back 2

False

Front 3

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

Back 3

True

Front 4

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.

Back 4

True

Front 5

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

Back 5

True

Front 6

True or False

The objective-and-task approach is an application of zero-based budgeting

Back 6

True

Front 7

This approach represents a systematic, comprehensive, and periodic evaluation of an organization's entire marketing function, including its marketing goals, objectives, strategies, and performance

Back 7

Marketing audit

Front 8

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

Back 8

Percentage-of sales or rule-of-thumb approaches

Front 9

This term refers to all activities required to research, plan, implement, control, and evaluate the marketing efforts of a hospitality and travel organization

Back 9

Marketing management

Front 10

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

Back 10

Building block

Front 11

5 Components of marketing

Back 11

Price

Front 12

5 Components of marketing

Back 12

Research

Front 13

5 Components of marketing

Back 13

Implementation

Front 14

5 Components of marketing

Back 14

Control

Front 15

5 Components of marketing

Back 15

Evaluation

Front 16

2 Best approaches to develop a marketing budget

Back 16

Unsophisticated budgeting

Front 17

2 Best approaches to develop a marketing budget

Back 17

Sophisticated budgeting

Front 18

Unsophisticated budgeting

Affordable and incremental approaches

Back 18

Involves personal judgements of marketing managers or business owners

Front 19

Unsophisticated budgeting

Percentage of sales

Back 19

Set as a percentage of last years expected total sales

Front 20

Unsophisticated budgeting

Competitive Parity

Back 20

You find out what your competitors are spending and then model it close and around that number for your budget

Front 21

Sophisticated budgeting

Objective-task

Back 21

Setting objectives and figuring out what must be done to achieve

Front 22

Sophisticated budgeting

Zero-based

Back 22

Budget always starts at 0

Front 23

Sophisticated budgeting

Marginal economic

Back 23

Organizations spend money on promotional mix elements up to a point where the last dollar brings in exactly one dollar in sales

Front 24

Marketing control

Back 24

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

Front 25

Marketing evalution

Back 25

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