Food Service and Hospitality Strategic Marketing short answer questions
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1.An attractive market has the six characteristics. Name them.
2.Porter’s Five Forces are Substitute Products, Potential Entrants in the Marketplace, The Bargaining Power of Suppliers, the Bargaining Power of Buyers and Competitive Rivalry. Apply each of these factors to two very different operations within the food service industry, a small frozen yogurt retail shop and a feed lot for cattle. Which business is easier to get into? Which business is easier to stay in? Explain your answer.
3.In order, list the stages in the buying process. Describe what happens at each stage.
4.A marketing strategy can take one of four generic forms — market penetration, market development, product development or diversification. Provide a brief description for each strategy, being sure to address the kind of market and product each strategy includes.
5.The history of marketing can be broken down into four eras — the production orientation era, the selling orientation era, the product orientation era and the value orientation era. Roughly, during what period of time did each occur? How could each best be characterized?
6.Business to Consumer Marketing Channels can include three categories of intermediaries. Name the three intermediaries and provide a brief description of the function of each.
7.You own a small independent restaurant that you need to promote. You are going to create a promotion plan. You can employ any of the methods included in the promotional mix — advertising, public relations, sales promotion, direct marketing, personal selling. Address each option and determine whether it is likely to be effective for you and whether you will use it. Provide a brief description of how you will specifically use it.
8.There are four general methods of segmenting buyers. Name the four. Provide a brief description of how each method segments buyers and two examples of specific groups or characteristics included in each.
Answer preview
An attractive market must have the following characteristics. First, it must be identifiable where the business must identify each market segment and its usage behavior or demographics. Secondly, an attractive market must be substantial, which means that the market must be big enough to generate good profits. Thirdly, it is accessible. An attractive market must be easily accessed by the businesses either through distribution channels or communication. Fourthly, an attractive market must be stable. A market becomes attractive when it remains stable for a long time. A market becomes stable when it does not evolve within a short time. Also, an attractive market must be differentiable. An attractive foodservice market must have needs that differ from those in other market segments. Lastly, it must be actionable. The company must be able to offer services in the identified market segment.
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