Chapter 1 Introduction to Hospitality and Tourism Marketing PDF

HPTH4013 Tourism Marketing and Promotional Techniques Chapter 01 Introduction to Hospitality and Tourism Marketing Roland Lin E-mail: [email protected] Direct Line: 3923-7043 Mobile: 9031-5994 ...

HPTH4013 Tourism Marketing and Promotional Techniques Chapter 01 Introduction to Hospitality and Tourism Marketing Roland Lin E-mail: [email protected] Direct Line: 3923-7043 Mobile: 9031-5994  Learning Objectives 1. Describe the importance of marketing to the hospitality industry and outline the steps in the marketing process. 2. Explain the importance of understanding customers and the marketplace and identify the five core marketplace concepts. 3. Identify the key elements of a customer-driven marketing strategy and discuss the marketing management orientations that guide marketing strategy.  Learning Objectives 4. Discuss customer relationship management and identify strategies for creating value for customers and capturing value from customers in return. 5. Explain the major trends impacting the marketing landscape. Marketing: Creating Customer Value and Engagement  I. Describe the importance of marketing to the hospitality industry and outline the steps in the marketing process.  What Is Marketing? Marketing is a process by which companies create value for customers and build strong customer relationships to capture value from customers in return  Group Discussion The purpose of a business? Profits vs Customers  Hospitality and Tourism Marketing Hospitality industry – Offer accommodation, food and beverage service, and/or entertainment. Travel industry – Provide transportation for tourists, tours, and entertainment activities for tourists. Aims to create and maintain satisfied, profitable customers. Includes not only the original 4 Ps of promotion, product, price, and place  The Marketing Process Creating and Capturing Customer Value  II. Explain the importance of understanding customers and the marketplace and identify the five core marketplace concepts. Understanding the Marketplace and Customer Needs Customer Needs, Wants, and Demands  Understanding the Marketplace and Customer Needs Market Offerings Product: any good, service, A person walking a group of dogs Description automatically generated with medium confidence experience, or idea – Consumer goods/services – Idea, place, and people marketing Understanding the Marketplace and Customer Needs Customer Value and Satisfaction Customers Value and satisfaction Marketers Set the right level of expectations Not too high or low  Understanding the Marketplace and Customer Needs Exchanges and Relationships Exchange is the act of obtaining a desired object from someone by offering something in return. Marketing actions try to create, maintain, and grow desirable exchange relationships. Understanding the Marketplace and Customer Needs Markets  III. Identify the key elements of a customer-driven marketing strategy and discuss the marketing management orientations that guide marketing strategy.  Designing a Customer-Driven Marketing Strategy Selecting Customers to Serve Marketing management is the art and science of choosing target markets and building profitable relationships with them. – What customers will we serve? – How can we best serve these customers?  Designing a Customer-Driven Marketing Strategy Selecting Customers to Serve Market segmentation refers to dividing the markets into segments of customers. Target marketing refers to which segments to go after.  Designing a Customer-Driven Marketing Strategy Choosing a Value Proposition A brand’s value proposition is the set of benefits or values it promises to deliver to customers to satisfy their needs. Designing a Customer-Driven Marketing Strategy Marketing Management Orientations Designing a Customer-Driven Marketing Strategy Preparing an Integrated Marketing Plan and Program Product-Service Guestroom Place-Distribution Banquet space Accessibility to product & service F&B outlets Direct distribution channel Check-In Indirect distribution channel Housekeeping Customer Promotion- Communication Price-Rate Advertising Different rate structure Personal selling Sales promotion Public relations  IV. Discuss customer relationship management and identify strategies for creating value for customers and capturing value from customers in return.  Building Customer Relationship Customer Relationship Management (CRM) Delivering superior customer value and satisfaction to build and maintain profitable customer relationships – Customer-perceived value – Customer satisfaction  Building Customer Relationship Customer Engagement Marketing Customer-engagement marketing makes the brand a meaningful part of consumers’ conversations and lives.  Building Customer Relationship Consumer Generated Marketing Consumers play an increasing role in shaping their own brand experiences and those of other consumers. Graphical user interface, website Description automatically generated  Capturing Value from Customer Lifetime Value of the Customer Customer lifetime value is the value of the entire stream of purchases a customer makes over a lifetime of patronage. Losing a customer means losing more than a single sale. – It means losing the entire stream of purchases that the customer would make over a lifetime of patronage A company can lose money on a specific transaction but still benefit greatly from a long-term relationship – This is one of the reasons successful companies empower employees to resolve customer complaints V. Explain the major trends impacting the marketing landscape.  The Changing Marketing Landscape Digital Age Growth of Not-for-Profit Marketing Rapid Globalization Sustainable Marketing The Digital Age: Online, Mobile, and Social Media Marketing Big Data and Artificial Intelligence (A I) Brands can use big data to: – Gain deep customer insights – Personalize marketing offers – Improve customer engagements and service The Changing Marketing Landscape Growth of Not-for-Profit Marketing  The Changing Marketing Landscape Rapid globalization Sustainable marketing