Untitled Quiz

Study Notes

Creating and building strong relationships with customers to capture value in return
Aims to meet customer needs and wants

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

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

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.