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Questions and Answers
What is marketing?
What is marketing?
A process by which companies create value for customers and build strong customer relationships to capture value from customers in return.
Which of the following is NOT a function of the hospitality industry?
Which of the following is NOT a function of the hospitality industry?
- Provide entertainment
- Provide transportation
- Offer accommodation
- Provide healthcare (correct)
What does market segmentation refer to?
What does market segmentation refer to?
- Setting prices for products
- Choosing a value proposition
- Dividing the markets into segments of customers (correct)
- Building customer relationships
What are the original 4 Ps of marketing?
What are the original 4 Ps of marketing?
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What is a brand’s value proposition?
What is a brand’s value proposition?
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What is target marketing?
What is target marketing?
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Understanding the marketplace and customer needs is essential for effective marketing.
Understanding the marketplace and customer needs is essential for effective marketing.
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What is customer relationship management?
What is customer relationship management?
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What are the five core marketplace concepts?
What are the five core marketplace concepts?
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Study Notes
Marketing Defined
- Creating and building strong relationships with customers to capture value in return
- Aims to meet customer needs and wants
Focus of Hospitality and Tourism Marketing
- Aims to create and maintain profitable customer relationships
- Goes beyond promotion, product, price, and place
The Importance of Understanding Customers and the Marketplace
- Customer Needs, Wants, and Demands: Differentiating between what customers need, want, and demand
- Market Offerings: Any good, service, experience, or idea a company offers. This could include consumer goods/services, ideas, places, and even people marketing
- Customer Value and Satisfaction: Marketers must set the right expectations for customers, neither too high nor too low
- Exchanges and Relationships: Marketing actions aim to create, maintain, and grow desirable exchange relationships.
- Markets: Defined as the set of all actual and potential buyers of a product
Designing a Customer-Driven Marketing Strategy
- Selecting Customers to Serve: Determining which customers the company will serve and how to best serve them
- Market Segmentation: Dividing markets into segments of customers with similar needs and characteristics
- Target Marketing: Selecting which specific segments to pursue
- Choosing a Value Proposition: Determining the key set of benefits and values the company promises to deliver to its customers
- Marketing Management Orientations
- Production Concept: Focuses on efficiency and low costs
- Product Concept: Emphasis on product quality and features
- Selling Concept: Focuses on aggressive sales techniques
- Marketing Concept: Prioritizes understanding and meeting customer needs and wants
- Societal Marketing Concept: Considers the well-being of society and its impact on stakeholders
Preparing an Integrated Marketing Plan and Program
- Product-Service
- Guestroom: Includes physical aspects like size, décor, and amenities
- Banquet space: Considerations include capacity, layout options, and catering capabilities
- F&B outlets: Includes restaurant types, menu offerings, and dining experiences
- Check-In: Covers the first interaction with guests and includes processes like registration, key card delivery, and providing information
- Housekeeping: Focuses on cleanliness, maintenance, and attending to guest requests
- Place-Distribution
- Accessibility to product & service - How easy it is for customers to access the product or service.
- Direct distribution channel: These channels allow customers to book directly with the hospitality provider.
- Indirect distribution channel: These are third-party channels like travel agencies, online travel agents (OTAs), and wholesalers.
- Promotion-Communication:
- Advertising
- Personal selling
- Sales Promotion
- Price-Rate
- Different rate structures: Hotel rates may vary based on factors including seasonality, day of the week, room type, and occupancy.
- Customer: Crucial to the entire marketing process.
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