Hospitality & Tourism Marketing: Core Concepts – Flashcards
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Origins of Marketing--When did marketing first involve?
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-division of labor -specialization of production led to the exchange of goods -*exchange* is key to marketing, without an exchange, there is no need to market -began to develop during Sales Era 1930-1950 when supply of goods started to exceed demand and competition in product markets intensified
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Marketing is...
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....the delivery of customer satisfaction at a profit
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What is the goal of marketing?
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to achieve maximum customer satisfaction while maximizing organizational profits; to create and keep customers.
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What is the main focus of marketing?
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the customer (meaning that customer orientation must be integrated throughout the organization.)
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Marketing is not a function that is only carried out by the marketing department, but rather a way of doing...
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...business. (Marketing allows obtaining what customers need and want through creating and exchanging products and value with others.)
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The word marketing stems from the word...
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...markets
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According to customer orientation approach, the purpose of business it too...
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to create and maintain profitable customers, by creating value for and from them. (Value in such case refers to consumer's perception of the product's overall capacity to satisfy his/her needs.)
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according to customer orientation approach, profitability is not the purpose of but a ______ ______ on business enterprise.
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limiting factor
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according to customer orientation approach, Profit is not the explanation, cause, or rationale of business behavior and business decisions but the...
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...test of their validity
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marketing incorporates
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...ALL organizational functions that aim to satisfy customer needs. including: -Research -Distribution & Promotions -Advertising -Public Relations & Publicity -Pricing
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sales incorporates...
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...Efforts to sell products or services, make them available to customers
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The Marketing Mix includes:
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The 4 Ps: 1. Price 2. Product 3. Promotion 4. Place(ment)
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who was the orginial marketing mix was created by?
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Professor Neil Borden of Harvard
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why was the marketing mix created?
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to summarize four major areas of marketing activities. (The mix was developed for the marketing of goods, not services and that is why it was later expanded to fit services.)
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The marketing mix is composed of the marketing variables managers can....
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...control
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They are called a mix because they must....
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...support each other.
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The hospitality marketing mix includes...
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The 7 Ps: 1. Product/service 2. Presentation 3. Pricing 4. Communications 5. Distribution (placement) 6. People 7. Process
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The Core Marketing Concepts include:
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-Needs, wants, & demands -Product -Value, Satisfaction, & Quality -Exchange, Transactions, & Relationships -Market
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A need is...
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...a state of felt deprivation. -When a need is not satisfied, a void/unhappiness exists. -Humans are driven by unsatisfied needs. Until the need is satisfied, an individual keeps being motivated by it. That is why understanding needs is primary focus of marketing. -Human needs are complex and can be classified into many categories
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Wants are how people communicate their needs and are shaped by...
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...culture & personality.
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Wants are described in...
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...terms of objects (or actions) that satisfy needs.
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According to Maslow there are five categories of...
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...basic human needs.
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Maslow's Hierarchy of Needs
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1. Psychological Needs 2. Safety and Security 3. Social Needs 4. Esteem Needs 5. Self-Actualization
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*Maslow's Need Theory* states that an individual will be motivated to fulfill a higher-level need only when...
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...a lower-level need is satisfied or nearly satisfied.
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What are the first four needs called in Maslow's Need Theory?
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"D-needs" or deficiency needs because an individual doesn't feel anything is they are met, but feel anxious if they are not met.
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A product delivers a benefit when...
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...it satisfies a need/want.
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Marketers must develop offerings that provide benefits that are _____________ to consumers.
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important The challenge is to identify what benefits people look for and develop an offering that delivers those benefits better than competition.
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Customers choose product that produces the most ______ for their ______. (greater value)
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benefit; money
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_________ are wants backed by buying power.
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Demands
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A ________ is anything that can be offered to satisfy a need or a want.
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product
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A product goes through several ________ throughout its lifetime
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stages
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Nature of product life cycles:
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-Can be short or long -Can be concave or "S" shaped -A product can be different stages in different parts of the world -A product can adapt and remain in the "mature" stage
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How many stages does a product life cycle have?
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4
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What are the 4 stages of the product life cycle?
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1. Introductory/Embryonic Stage 2. Growth Stage 3. Mature Stage 4. Decline Stage
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Who are "early adopters" ?
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Customers who buy products at the growth stage
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What is a core product?
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represents the most basic level of a product. (what the buyer is really buying)
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What are supporting products?
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Goods or services that must be present for the guest to use the core product. (depend on the expectations of the guest) Product design requires an understanding of target markets and the supporting services that they require.
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What are facilitating products?
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Extra products offered to add value to the core product and help to differentiate it from the competition. Firms should choose facilitating products that are not easily matched by the competition. The distinction between facilitating and supporting products is not always clear.
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The core, facilitating, and supporting products determine...
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...what the customer receives.
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What is the augmented product?
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The augmented offering combines what is offered (core, facilitating, and supporting products determine this as well) and *how* it is delivered. Includes: -Atmosphere -Customer interaction and participation -Accessibility
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What is marketing management?
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The analysis, planning, implementation, and control of programs designed to create, build, and maintain *mutually beneficial exchanges with target buyers* for the purpose of achieving organizational objectives. (5 Concepts/Philosophies)
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What is the Manufacturing Concept?
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holds that customers will favor products simply because they are affordable, encouraging management to focus on creating efficiency in production and distribution. This approach often leads to neglect of the customers.
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Production Concept
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(one of the Marketing Management Philosophies) Consumers favor products that are available and highly affordable. Improve production and distribution.
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Product Concept
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(one of the Marketing Management Philosophies) Consumers favor products that offer the most quality, performance, and innovative features.
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Selling Concept
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(one of the Marketing Management Philosophies) Consumers will buy products only if the company promotes/ sells these products.
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Marketing Concept
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(one of the Marketing Management Philosophies) Focuses on needs/ wants of target markets & delivering satisfaction better than competitors.
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Social Marketing Concept
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(one of the Marketing Management Philosophies) Focuses on needs/ wants of target markets & delivering superior value.
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5 Marketing Management Philosophies/Concepts
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1. Production Concept 2. Product Concept 3. Selling Concept 4. Marketing Concept 5. Social Marketing Concept
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What is a market?
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a set of actual and potential buyers who might transact with a seller and have resources to make the purchase.
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What is a target market?
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those customers who are most likely to buy your offering.
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What is a marketplace?
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any location or medium used to conduct an exchange.
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A marketer should always focus on the...
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target market
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What is value?
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the consumer's perception of the product's overall capacity to satisfy his or her needs. Value is different things to different people.
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What is satisfaction?
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determined by how well the product meets the customer's expectations for that product. Satisfaction is often a measure of the consumer's perception of that product
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What is quality?
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the totality of features and characteristics of a product that bear on its ability to meet customer needs.
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What is customer satisfaction?
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perceived value delivered relative to a buyer's expectations.
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What is customer value?
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customer benefits - costs of the product.
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What is an exchange?
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the act of obtaining a desired object from someone by offering something in return.
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What is a transaction?
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marketing's unit of measurement and consists of a trade of values between two parties. Not all transactions involve money.
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Most interactions in business happen among the _______, _________, and __________.
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company, employees, and customers
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What are 3 types of marketing in the hospitality industry?
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1. Internal Marketing 2. External Marketing 3. Interactive Marketing
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Internal Marketing
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covers the relationships between the company and its employees. The goal of internal marketing is employee satisfaction.
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Interactive Marketing
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covers the relationships between customers and employees. The goal of interactive marketing is to achieve customer satisfaction.
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External Marketing
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connects the company and its customers. The goal of external marketing is also customer satisfaction.
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Developing new products and services
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-Starts with customers' needs and wants -Numerous factors associated with successful new products -Should be a total company effort
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Atmosphere (the physical environment)
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-Critical since it can be the customer's reason for choosing, or not choosing, to do business with an establishment. -Appreciated through senses: sight, sound, scent, and touch.
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Atmosphere/Senses Dimensions
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1.Visual dimensions: color, brightness, size, and shape 2. Aural dimensions: volume and pitch 3. Olfactory dimensions: scent and freshness 4. Tactile dimensions: softness, smoothness, and temperature.
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Atmosphere can affect purchase behavior in at least four ways:
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1. Serve as an attention-creation medium 2. Serve as a message creating medium 3. Serve as an effect-creating 4. Serve as a mood-creating medium (high and low load)
