Lecture Notes Introduction to Hospitality Marketing PDF

Lecture Notes Unit 1: Introduction to Hospitality Marketing Customer Orientation The purpose of business is to create and maintain satisfied, profitable customers. Put the customer first and reward employees for serving customers well. The purpose of the business is to create and maintain p...

Lecture Notes Unit 1: Introduction to Hospitality Marketing Customer Orientation The purpose of business is to create and maintain satisfied, profitable customers. Put the customer first and reward employees for serving customers well. The purpose of the business is to create and maintain profitable customers. Customer satisfaction leading to profit is the central goal of hospitality marketing. Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others. Tourism and Hospitality Marketing is the process of promoting and selling tourism and hospitality products and services. These products and services can include travel destinations, lodging, transportation, tours, and other experiences. The goal of tourism and hospitality marketing is to attract visitors and guests to a particular destination, hotel, or other tourism or hospitality-related business. Tourism and hospitality marketing can take many forms, including print and online advertising, public relations, social media marketing, search engine optimization, and email marketing. The marketing efforts are often focused on highlighting the unique features and benefits of a destination or property, such as its location, amenities, and cultural or natural attractions. One of the key aspects of tourism and hospitality marketing is the use of branding and positioning strategies to create a unique and desirable image for a destination or property. This can include creating a distinctive logo, tagline, and visual identity, as well as developing a comprehensive marketing plan that includes a target audience, key messaging, and a mix of marketing tactics. It's also important for tourism and hospitality marketers to stay up-to-date with the latest trends and technologies in the industry, such as mobile marketing, virtual and augmented reality, and social media influencer marketing, to create effective and engaging campaigns that reach their target audience. Marketing Mix The marketing mix is a set of tools that a company uses to develop and implement its marketing strategy. It is also known as the "4Ps" of marketing, which stands for product, price, promotion, and place. Product: refers to the goods or services a company offers. It includes features, design, packaging, branding, and warranties. For example, a car company might offer different models of cars with different features and designs to appeal to different segments of the market. Price: refers to the amount a customer pays for a product or service. It includes list price, discounts, financing, and payment terms. For example, a car company might offer different financing options, such as leasing or low-interest loans, to make their cars more affordable to different segments of the market. Promotion: refers to the methods a company uses to communicate with and persuade customers to buy its products or services. It includes advertising, sales promotions, public relations, and personal selling. For example, a car company might use television ads, billboards, and social media to promote its cars to different segments of the market. Place: refers to the distribution channels a company uses to get its products or services to customers. It includes channels such as retail stores, e-commerce, and direct selling. For example, a car company might sell its cars through a network of dealerships, online through its website, and through direct sales to rental car companies. The marketing mix is a flexible tool that allows a company to adjust its strategy to meet the needs of different segments of the market. By effectively using the 4Ps, a company can create a value proposition that meets the needs of its target market and achieve its marketing objectives. The 7Ps of marketing, also known as the extended marketing mix, is an extension of the traditional 4Ps of marketing (product, price, promotion, and place). The 7Ps includes the traditional 4Ps, as well as three additional elements: people, process, and physical evidence. People: refers to the human element in marketing, including employees, customers, and other stakeholders. It includes factors such as training, customer service, and hiring practices. For example, a car company might have a team of well-trained salespeople to assist customers in choosing the right car for their needs. Process: refers to the systems and procedures that a company uses to produce and deliver its products or services. It includes factors such as efficiency, quality control, and logistics. For example, a car company might have a streamlined production process to ensure that cars are built quickly and efficiently, with a focus on quality control to ensure that each car meets high standards. Physical evidence: refers to the tangible elements of a product or service that customers can see, touch, or experience. It includes factors such as packaging, design, and branding. For example, a car company might use sleek, modern design and high-quality materials in its cars to create a premium image and appeal to customers. The 7Ps of marketing is a comprehensive framework that allows a company to take a holistic approach to its marketing strategy by considering all elements that may impact the customer's decision-making process. By taking into account all 7Ps, a company can create a comprehensive and effective marketing strategy that effectively reaches and satisfies its target market. Importance of Marketing: Creating awareness: Marketing helps to create awareness of a company's products or services, which can attract new customers and increase sales. Building relationships: Marketing helps to build relationships with customers and other stakeholders, which can lead to repeat business and customer loyalty. Competitive advantage: Marketing can help a company to differentiate itself from its competitors and create a competitive advantage in the marketplace. Generating revenue: By effectively reaching and satisfying customers, marketing can help a company to generate revenue and increase profits. Identifying customer needs: Marketing research and analysis can help a company to identify customer needs and preferences, which can inform product development and marketing strategies. Facilitating exchange: Marketing helps to facilitate the exchange of goods and services by bringing buyers and sellers together. Understanding market dynamics: Marketing helps companies to understand market dynamics such as trends, customer behavior and market size, which can inform strategic decisions. Establishing brand image: Marketing plays an important role in establishing a company's brand image and reputation, which can influence customers' perceptions and purchasing decisions. Interdependence of Travel Industry The travel industry is highly interdependent on other industries, as various businesses and services are needed to support the travel experience. Some examples of industries that are closely related to travel marketing include: Transportation: The travel industry relies heavily on transportation companies such as airlines, trains, and buses to transport customers to their destinations. Hospitality: The travel industry is closely tied to the hospitality industry, which includes hotels, resorts, and vacation rentals. These businesses provide travelers with a place to stay during their trip. Food and Beverage: The travel industry is also closely tied to the food and beverage industry, which includes restaurants, cafes, and food vendors. These businesses provide travelers with meals and refreshments during their trip. Entertainment: The travel industry is closely tied to the entertainment industry, which includes theme parks, museums, and other attractions. These businesses provide travelers with activities and entertainment options during their trip. Technology : Technology plays an increasingly important role in travel marketing, with the use of online booking platforms and travel apps to research, plan, and book trips. Insurance: Travel insurance providers also play a vital role in the travel industry, as they provide coverage for unexpected events such as trip cancellations, medical emergencies, and lost or stolen luggage. Retail: Lastly, Retail sectors such as souvenirs, clothing and other items that travelers purchase before and during their trips. Marketing management The process of planning, implementing, and controlling the marketing activities of an organization. It involves the development of marketing strategies and plans, as well as the implementation and control of marketing programs and activities. Marketing Manager A person involved in marketing analysis, planning, implementation, and control activities. They are responsible for developing and executing marketing strategies that align with the overall goals of the organization. Core Marketing Concepts A market refers to the group of potential customers for a product or service. It is the total number of buyers and sellers in a given area or industry who are involved in the exchange of goods and services. A market can be divided into segments, which are smaller groups of customers with similar needs or characteristics. In marketing, a need is a state of felt deprivation, such as the need for food, clothing, or shelter. A want is a desire for a specific product or service that will satisfy a need. A demand is the quantity of a product or service that consumers are willing and able to buy at a given price. In other words, needs are the basic human requirements, wants are the specific products or services that satisfy those needs, and demand is the amount of those products or services that consumers are willing to purchase. Value, satisfaction and quality are all important concepts in marketing. Value refers to the perceived benefit that a customer receives from a product or service in relation to its cost. It is the ratio of the perceived benefits to the perceived costs. A product or service that provides high value is one that offers more benefits than it costs. Satisfaction refers to the customer's overall emotional response to the perceived value of a product or service. It is the degree to which a customer's expectations have been met or exceeded. If a customer is highly satisfied, they will likely become a repeat customer and recommend the product or service to others. Quality refers to the degree to which a product or service meets or exceeds the customer's expectations. It is the overall excellence of a product or service, and can include factors such as durability, design, functionality, and reliability. A product or service that is high in quality is one that performs well and meets the customer's needs. Value, satisfaction and quality are closely related concepts in marketing, as a product or service that provides high value and high quality will lead to high customer satisfaction. Exchange refers to the process of trading one thing for another, such as money for a product or service. It is the transfer of ownership of goods or services from one party to another in return for something of value. Exchange is an essential part of the economy and is the foundation of all business transactions. Transactions refer to specific instances of exchange. They are the specific interactions between parties in which goods or services are exchanged for money or other forms of payment. Transactions can be completed in person, over the phone, or online, and they can be one-time or ongoing. Relationships refer to the ongoing interactions between parties that are involved in exchange. They are the connections and interactions that occur between customers and companies, or between companies and other companies. A good relationship is based on trust, mutual understanding, and mutual benefit. Building strong relationships is important for long-term success in business as it can lead to customer loyalty and repeat business. In summary, exchange is the process of trading goods or services for something of value, transactions are specific instances of exchange, and relationships are the ongoing interactions between parties involved in the exchange.