is the art and science of finding, Retaining, and growing profitable customers.

The idea that consumers will favor products that offer the most quality, performance, and features, and therefore the organization should devote its energy to making continuous product improvements.

Holds that customers will favor products that are available and highly affordable, and therefore management should focus on production and distribution efficiency.

Involves creating, maintaining, and enhancing strong relationship with customers and other stakeholders.

Consists of a trade of values between two parties: marketing's unit of measurement.

The idea that consumers will not buy enough of an organization's products unless the organization undertakes a large selling and promotion effort.

The idea that an organization should determine the needs, wants, and interests of target markets deliver the desired satisfactions more effectively and efficiently than competitors in a way that maintains or improves the consumer's and society well–being.

In marketing is a concise statement of the benefits that a company is delivering to customers who buy Its products or services. It serves as a declaration of intent, both inside the company and in the marketplace.

is the difference between the benefits that the customer gains from owning and/or using a product and The costs of obtaining the produc

Some combination of tangible products, services, information, or Experiences that are offered to the market.

are Based on past buying experiences, the opinions of friends and market information.

product is Determined by how well the product meets the customer's expectation for that product.

focuses on building a relationship with a company profitable customers. Most companies are finding that they Earn a higher return from resources invested in getting repeat sales from current customers than from money spent to attract new customers.

is the art and Science of choosing target markets and building profitable relationships with them.

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

The product concept holds that customers prefer existing products and product forms, and the job of management is to develop good versions of these products

4 P's

is the discounted lifetime values of all the company’s current and potential customers

relationship between a guest and a host, wherein the host receives The guest with goodwill, including the reception And entertainment of guests, visitors, or strangers. it's also the way people treat others, that is the service of welcoming receiving guests for example in hotels.

is the collective name Given to the various marketing strategies used By businesses within the Tourism industry. The purpose behind this is to promote the business, make it stand Out from rivals, attract customers, and generate brand awareness.

Services cannot be stored, saved, returned or resold once they have been used.

do not have a physical existence. Hence services cannot be touched, held, tasted or smelt.

In most hospitality service, both the service provider and the customer must be present for the transaction to occur. The food in a restaurant may be outstanding. But if the service person has a poor attitude or provides inattentive service, customer will not be satisfied with their experiences.

also means that customers are part of the product. A couple may have chosen a restaurant because it is quiet and romantic, but if a group of loud and boisterous conventioneers is seated in the room, the couple will be disappointed. Managers must manage their customer so they do not create dissatisfaction for others.

means organization must select, hire, and train customer. Fast –food restaurants train customers to get their own drinks. This gives the customer something to do while waiting and reduces the need for employees to fill drink orders themselves. Hotel, airline, car rental, etc. (electric check-in, reservation).

Their quality depends on who provides them and when and where they are provided.

3 STEPS HOSPITALITY FIRMS CAN TAKE TO REDUCE VARIABILITY AND CREATE CONSISTENCY

They posses the required skill and knowledge.

They are friendly, respectful and considerate.

They are trust worthy.

They performed the service consistently and accurately.

They make an effort to understand the customer and communicate clearly.

They respond quickly to customer’s requests and problems

means that 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.

means that perceived service quality depends heavily on the quality of the Buyer – seller interaction during the service encounter.

is the process of documenting and establishing a direction of your small business—by assessing both where you are and where you're going.

He proposed a model of the characteristics of a high – performance business. They pointed to four factors: stakeholders, processes, resources, and organization

the factors or elements in a firm's immediate environment which affect its performance and decision-making; these elements include the firm's suppliers, competitors, marketing intermediaries, customers and publics.

the large-scale and long-term environment and conditions that affect an organism. Major external and uncontrollable factors that influence an organization's decision making, and affect its performance and strategies.

any group that has an actual or potential interest in or impact on an organization’s ability to achieve its objectives.

firms and individuals that provide the resources needed by the company to produce its goods and services.

help the company promote, sell, and distribute its goods to the final buyers.

are suppliers that help the firms formulate and implement its marketing strategy and tactics.

include banks, credit companies, insurance companies, and other firms that help hospitality companies finance their transactions or insure the risks associated with the buying and selling of goods and services

study of human populations in terms of size, density, location, age, gender, race, occupation, and other statistic

consists of factors that affect consumer purchasing power and spending patterns

made up of laws, government agencies, and pressure groups that influence and limit the activities of various organizations and individuals in society.

includes institutions and other forces that affect society’s basic values, perceptions, preferences, and behaviors.

continuing and interacting structure of people, equipment and procedures to gather, sort, analyze, evaluate, and distribute pertinent, timely and accurate information for use by marketing decision makers to improve their marketing planning, implementation, and contro

process of determining the viability of a new service or product through research conducted directly with potential customers