marketing is the art and science of finding, retaining, and groeing profitable customers

importance of marketing in hospitality and tourism industry (3)

travel industry marketing (3)

a state of felt deprivation in a person

the form that a human need takes shaped by culture and individual personality

human wants that are backed by buying power

combination of tangible products, services, information, or experiences offered to the market

market offerings (3)

the company will decide who it will serve

the company must also decide how it will serve targeted customers; is the set of benefits or values it promises to deliver to consumers to satisfy their needs

design strategies that will build profitable relationships with target consumers

one of the oldest philosophies guiding sellers

consumer will favors products that offers the most quality, performance, and innovative features

consumers will not buy enough of the product unless the company assumes a large selling and promotion effort

holds that achieving organizational goals depends on determining the needs and wants of target markets and delivering desired satisfaction more effectively and efficiently than competitors

holds that organization should determine the needs, wants, and interest of target markets and delivers the desired satisfaction more effectively and efficiently than competitors in a way that maintains or improves the consumers and society well being

involves managing detailed information about individual customers and carefully managing customers “touch point” in order to maximize customer loyalty

we try to capture value from our customers in the form of current and future sales, market share, and profits

capturing value from customers (3)

thr benefits of customer loyalty come from continued patronage of loyal customers, reduced marketing costs, decreased price sensitivity of loyal customers

beyond simply retaining good customers to capture ltv, good crm

customers equity is the discounted ltv of all the companys current and potential customers

focuses on serving and satisfying the customer

four characteristics of services (4)

cannot be seen, tasted, felt, heard, or smelled before purchase

most hospitality services, both the service provider and the customer must be present for the transaction

depends on who provides the services and when and where they are provided; services are produced and consumed simultaneously

services cannot be stored; cannot carry forward unsold inventory

the customer-driven marketing strategy (4)

divide the total market into smaller segments

select the segment or segments to enter

differentiate the market offering to create a superior customer value

position the market offering in the minds of target customers

a model that shows the relationships between employee satisfaction, customer satisfaction, customer retention, value creation, and profitability

five links of service profit chain (5)

3 types of marketing (3)

the service firm must effectively train and motivate its customer-contact employees and all the supporting service people to work as a team to provide customer satisfaction

action of promoting your business and its service.

the perceived service quality depends heavily on the quality of the buyer-seller interaction during the service encounter

management strategies for service businesses (7)

the solution to price competition is to develop a differentiated offering

with hospitality products, quality is measured by how well customer expectations are met

resolving customer complaints is a critical component of custmer response retention

in the hospitality industry, employees are critical part of the product and marketing mix

the high risk that people perceive when purchasing hospitality products increases loyalty to companies in that have provided them with a consistent presence product in the past

because services are perishable, managing capacity and demand is a key function of hospitality marketing