Foundation Questions

FOUNDATION KNOWLEDGE QUESTIONS

The foundation knowledge questions are very important because they will help you review the materials from prerequisite courses and make sure that you have the basic foundation knowledge to be able to be successful in this class. A passing grade for these basic foundation knowledge questions is 75%. If a team does receive a passing grade from any set of foundation knowledge questions, the team is required to submit a revision to the instructor within a week of the returned assignment. Revisions can be submitted for any foundation knowledge questions. The original grade will be recorded and a “passing” revision will noted. If a team has not passed all foundation questions, a 25 percent deduction will be applied to the final grade.

QUESTION SET 1

1. Please define the terms:

a. Situation Analysis

b. Market

c. Market Segmentation

d. Market Demand.

2. Below is a list of market segments included in the simulation we use in this class.

* Business

* Small Business

* Corporate contract

* Families

* Affluent Mature Travelers

* International leisure travelers

*  Corporate/Business Meetings

* Association Meetings

a. Provide a brief profile of the market segments listed below.

b. List the attributes, amenities and services that may be important to each of those segments.

c. Using the information you found while answering the “part b” of this question, please explain:

i) How that information may affect the way managers spend their money.

ii) How managers can utilize this information to make decisions.

d. Does this suggest a segmentation strategy? Please define segmentation strategy and explain the rationale for each market segment considered.

3. Discuss the importance of...