Travel Service Strategy Quiz

What is the main purpose of strategic planning?

• To avoid competition

• To improve work output

• To ignore resources

• To confuse employees

What does a vision statement outline?

• Employee salaries

• Long-term goals

• Short-term goals

• Daily tasks

What is a mission statement?

• A financial report

• A travel itinerary

• The company's purpose

• A list of employees

What does Cost Leadership focus on?

• Providing luxury services

• Offering the highest prices

• Targeting specific markets

• Becoming the lowest-cost producer

What is one benefit of Differentiation?

• Fewer product options

• Strong brand loyalty

• Lower prices

• Less customer service

What does the Focus Strategy target?

• A specific market segment

• General travel services

• All customers

• High prices

What does the Threat of New Entrants refer to?

• Supplier prices

• Customer preferences

• New competitors entering the industry

• Existing competitors

What is one implication of high supplier power?

• Less customer choice

• More competition

• Diversifying suppliers

• Lower prices for customers

What does the Bargaining Power of Customers mean?

• Customers ignore prices

• Customers have no influence

• Customers can demand better value

• Customers are always satisfied

What is a key part of Strategy Implementation?

• Ignoring resources

• Aligning resources with strategy

• Avoiding customer feedback

• Focusing only on profits