26) The sharing economy is not new to the hospitality industry, however, there has been a recent
surge due to higher accessibility through technological advancements.
27) Sharing economy accommodations are highly regulated to protect travelers similar to other
sectors of the hospitality industry/. For example, high taxes are collected on sharing economy
accommodations to help support the promotion of tourism and tourism infrastructure.
28) The simplest definition of marketing is delivering customer satisfaction at a profit.
29) There is no current evidence to suggest long-term customers are more profitable than new
customers.
30) The two main industries that comprise what we call tourism are the hospitality and attraction
industries.
31) A market is only the set of actual, not potential, buyers who have transacted with a seller.
32) “Quality” could be defined as the features and characteristics of a product that bear on its
ability to satisfy customer needs.
33) The practical definition of a marketing manager is one of a person focused entirely on
finding enough customers to buy the company’s current output.
34) In choosing among products, the guiding principle of most consumers is customer value –
the most benefit for the price.
35) The hospitality industry is the second largest employer in the United States.
36) Define marketing. How does this definition differ from the general perception of marketing?
37) Explain a marketer’s value proposition.
38) Describe each of the five marketing management orientations and identify which of these
appears to be best for society.