Marketing Reviewer Week 1 PDF

**MARKETING REVIEWER** **WEEK 1** **KEY MARKETING CONCEPTS** - **Needs:** Basic human requirements - **Wants:** desires for specific products or services - **Demands:** Wants backed by purchasing power **MARKET OFFERINGS** - **Products & Services** - anything offered to satisfy a need...

**MARKETING REVIEWER** **WEEK 1** **KEY MARKETING CONCEPTS** - **Needs:** Basic human requirements - **Wants:** desires for specific products or services - **Demands:** Wants backed by purchasing power **MARKET OFFERINGS** - **Products & Services** - anything offered to satisfy a need or want - **Customer Value & Satisfaction** - balance between benefits and costs **VALUE & SATISFACTION** - **Customer Value** -- Benefits & Costs - **Customer Satisfaction** -- Performance matches expectations **EXCHANGE** -- the act of obtaining a desired object by offering something in return **TRANSACTIONS** -- Trade between two parties involving at least two things of value **Markets** - Your set of potential buyers of a product or service  **MARKETING MANAGEMENT ORIENTATION** - **Production Concept** - Focus on improving production and distribution efficiency - **Product Concept** - Focus on making continuous product improvements - **Selling Concept** - Focus on large-scale selling and promotion efforts - **Marketing Concept** - Focus on satisfying the needs and wants of the target markets. - **Societal Marketing Concept** - Focus on delivering value while maintaining customer and societal well-being **MARKETING MIX** **Products:** Goods / services offered to the target market **Price:** Amount customers must pay to obtain the product **Place:** Locations and methods used to make the product available **Promotion:** Activities that communicate the product's value and persuade the customers to buy A diagram of a diagram Description automatically generated with medium confidence **CUSTOMER RELATIONSHIP MANAGEMENT** **Building & Maintaining Customer relationships:** Strategies to create, maintain and enhance relationships with customers **Customer Equity:** Total combined customer lifetime values of all customers **Segmentation:** Dividing a market into distinct groups **Targeting:** Selecting one or more segments to enter **Positioning:** Arranging for a product to occupy a clear, distinctive place in the minds of target customers **Differentiation** - Creating a unique product or service that offers superior value compared to competitors **TOURISM PRODUCTS** **Principal Resources** - represents the key motivating factor in the tourists travel decision process **Supporting** - contributes to or supplements the destination's visitor appeal  A table with green and white text Description automatically generated  A diagram of different types of tourism Description automatically generated with medium confidence **Tourism Products** - Accommodations - Transportation - Attractions - Activities - Cuisine / Dining - Shopping - Events & Entertainment - Wellness & Spa Services - Cultural Experiences - Education & Learning - Adventure & Extreme Sports Tourism - Events & Conferences - Medical Tourism - Cruise Vacations - Agritourism & Farm Holidays - Volunteer Tourism - Dark Tourism - Sports Tourism - Space Tourism **WEEK 2** **INTEGRATED MARKETING APPROACH IN TOURISM** An **integrated marketing approach** is a strategic method that ensures all marketing communications and channels work together to deliver a consistent message and cohesive brand experience to consumers **KEY FEATURES OF INTEGRATED MARKETING** **Unified Messaging:** All marketing efforts convey the same core message, regardless of the channel used. **Multi-Channel Coordination:** Integrated marketing employs various channels---such as social media, email, television, and print---to reach consumers. **Customer-Centric Focus**: The strategy prioritizes the needs and preferences of the customer, tailoring messages and campaigns to resonate with target audiences effectively. **Data-Driven Decisions**: Integrated marketing relies on data analytics to inform strategies and measure effectiveness. **BENEFITS OF INTEGRATED MARKETING** - **Cost Efficiency**: when adapted to multiple channels, businesses can reduce costs associated with producing separate messages for each platform. - **Enhanced Brand Recognition**: Consistent messaging across various platforms helps build brand awareness and trust, making it easier for consumers to connect with the brand. - **Improved Customer Experience**: A cohesive approach ensures that customers have a consistent experience with the brand, regardless of how they interact with it, which can lead to increased satisfaction and loyalty. **Las Vegas** uses a mix of advertising, public relations, social media, and partnerships to promote itself as an exciting destination. Their \"What Happens Here, Stays Here\" tagline is integrated across all marketing efforts to reinforce the city\'s brand identity. **Tourism Australia** launched this campaign across multiple channels including TV, print, digital, social media, and partnerships. The consistent message highlighted Australia\'s unique experiences and attractions.  **WEEK 3** **FACTORS INFLUENCING TOURIST BUYING BEHAVIORS** **Factors** - **Personal Factors** -- Demographics, Lifestyle & Personality, Past Experiences - **Psychological factors** -- Motivation, Perception, Attitudes & Beliefs, Learning - **Social factors** -- Family & Friends, Social class, Reference Groups, Culture & sub-culture - **Situational factors** -- Economic conditions, Political Environment, Technological Advances, Seasonality & Timing, Marketing & Promotions **FACTORS AFFECTING MARKETING IN THE TRAVEL & TOURISM** **01** People travel for work, to visit family and friends and for pleasure. When it comes to making choices about where and how to travel, multiple factors influence travel and tourism consumer behavior **02** to thrive in the fast paced market, businesses need to understand consumer behavior and preferences **Global Political Climate** - As regions undergo change, uncertainty or in some cases violence and war, travel can slow or cease altogether. For example, Egypt long was a fantasy destination for tourists around the world. The revolutions of 2011 changed all that, and tourism to the area dropped as a result. Major political events occur around the globe, and the travel industry must adjust accordingly. - Marketing efforts can be built around political events if they are not as all-encompassing as the Egyptian example. Or they can divert attention to new, replacement destinations to address the current situation while attending to the wishes of the traveling public. Instead of Egypt, travel was diverted around destinations such as Jordan and Israel, which also feature ancient historical sites and Middle Eastern settings. **Currency Fluctuations** - World currencies move up and down, directly affecting the cost of travel for millions of people. When the dollar is down against a given currency, travelers get less for their money, and when itis up travelers get more. - When international destinations launch marketing campaigns in foreign markets, currency values are always a consideration. They help determine the target demographics of a given ad, the distribution methods to be used, the fit and finish, and even the marketing message. **Travel Trends** - Travel trends are moved by economics, events, new development and the other unforeseen factors that influence most style-driven trends. Trends affect the places to which people travel and the way those places position themselves in the market via marketing. - Trends can create completely new categories and types of travel to meet the needs and wants of the traveling public. Marketing should attempt to seize on new trends and link them to destinations and product so there is a carryover effect. Marketing should also compensate in areas that no longer fit the trend by changing the message, the approach and sometimes even the target market. **Product Line** - The travel product that a given travel agency or seller carries plays a large role in the marketing that is developed around that product. For example, if you specialize in fun and sun destinations, your marketing will not touch on arts and culture. Within each product line are more specific determining factors including product quality and exclusivity. **Government Investment** - The funding that local, state and national governments set aside for tourism and travel marketing plays a huge role in the amount and the direction of that marketing around the world. - While a large portion of travel marketing is funded by private companies such as hotel chains and airlines, it\'s also driven by government entities who wish to bring in traffic. The annual budgets as determined by politicians dictate what will be spent, while the tourism boards establish how. Economic successes can lead to increased or decreased investment depending on the point of view of the locality. Some governments wish to bank of tourism for continued success, while others hope that investment in tourism will get them out of the doldrums. **Individual Motivations and Buyers Behavior** - Consumer buying behavior refers to the **buying behavior of the individuals and households who buy goods and services for personal consumption.** - Individuals make their **CHOICES** among various vacation destinations and particular types of products based on several factors. - It is necessary for marketing managers to **understand how internal or psychological processes influence travelers.** **Understanding Needs and Wants** - What are people looking for when they visit different destinations? - Why would a tourist choose to holiday in Florida rather than Spain -- what variables are at work apart from cost? - Why would he choose to travel with British Airways, but not with Lufthansa? - Why would he buy an independent inclusive tour, but not a group tour? **Needs Satisfaction Theory** - All consumer purchases, including choice of travel destination, are made to satisfy a need of the consumer. - Do people travel just to travel? - People do not travel just to travel. Travel fills some need in each consumer. - **TRAVELERS' NEEDS DIFFER.** **MASLOW'S HIERARCHY OF NEEDS** - **Self-actualization** (e.g. self-fulfillment, etc.) - **Esteem needs** (e.g. self-respect, status, success, etc.) - **Social needs** (e.g. affection, love, friendship, etc.) - **Safety needs** (e.g. security, protection, etc.) - **Physiological needs** (e.g. food, water, air, etc.) A pyramid of needs Description automatically generated with medium confidence - According to Maslow, the more basic needs have to be satisfied (satisfied according to the needs of our cultural group) before our interest will focus on higher level needs. - However, according to Alderfer, and his ERG (existence, relatedness, and growth needs) theory, (1) more than one need may be operative at the same time, (2) if the satisfaction of a higher-level need is frustrated, the desire to satisfy a lower-level need increases **THE MAIN MOTIVES OF TRAVEL AND TOURISM** - The psychological or internal influences affecting individuals' choices are named as motivations. **Physical motivations** - refreshment of body and mind (rest and relaxation) -- beach holidays, lakes and mountains, etc.; - for health purposes (i.e. either medically prescribed or undertaken voluntarily) -- spas, etc.; - for participation in sports -- skiing, canoeing, safari parks, pony trekking, etc.; - pleasure, - fun, excitement, romance and entertainment, to shop. **Cultural motivations** - curiosity about foreign countries, people and places; - interests in art, music, architecture, folklore -- music festivals, theatre visits, etc.; - interest in historical places (remains, monuments, churches); - experiencing specific international and national events - Olympic Games, Oktoberfest, etc **Personal motivations** - visiting relatives and friends; - meeting new people and seeking new friendships; - seeking new and different experiences in different environments -- sailing etc.; - escaping from one's own permanent social environment (i.e. desire for a change) - personal excitement of traveling; - visiting places and people for spiritual reasons (i.e. pilgrimages) - traveling for travel's sake **Prestige and Status motivations** - pursuit of hobbies -- craft or painting holidays etc.; - continuation of education or learning- study tours etc.; - seeking of business contacts and professional goals -- fairs, etc.; - conference and meetings; - ego enhancement and sensual indulgence; - fashion \- (Mathieson and Wall, 1993) **Model of Buyer Behavior** - How do consumers **respond to various marketing efforts that the company might use**? The company that understands **how consumers will respond to product features, prices, advertising has a great advantage over its competitors.** - According to the "model of buyer behavior", marketing (4Ps) and other stimuli (environmental) starts the response model. **Process 1: Stimulus Inputs** - The marketing stimuli consists of the 4Ps -- product, place, price and promotion - Other stimuli including major forces and events in the buyer's environment (economic, technological, political and cultural) motivate individuals. - Dozens of tour operators offer holidays packages in dozens of destinations to attract travelers\' attention. **Process 2: Communication Channels** - Both formal communication channels or media (advertising, brochures, sales promotions, the internet etc.) and informal information received from family and friends and reference groups (wordof-mouth) influence behavior, in other words, the purchase decision. **Process 3 -- Perception filters in the buying decision process\\** - Perception may be defined as the process by **which an individual selects, organizes, and interprets information to create a meaningful picture of the world.** - It is a function of **attitudes, motivations, experience and learning** related to a previous purchase. - All the information and stimulus inputs pass through a **perceptual filter**. This filter may suppress much of the information, highlight or distort some parts of it. - **A motivated person is ready to act.** However, how that person acts is influenced by his/her perception of the situation. - As a result, in the same situation, two people with the same motivation may act differently based on how they perceive the situation. - While one person may perceive the staff of an X restaurant helpful and friendly, another may find them unprofessional. - People form different perceptions of the same stimulus because of three perceptual processes; **selective exposure, selective distortion, selective retention.** **Process 4: Buyer characteristics, the decision process and motivation** - Perception is largely determined by individual's characteristics and attitudes. - The interaction of **(1) with needs, wants and goals, (2) socioeconomic and demographic characteristics, (3) psychographic attributes (personality traits), (4) attitudes, and (5) motivation determine an individual buyer's disposition to act in certain ways. They provide or reinforce the motivation or act as constraints upon purchase decisions.** **Process 5: Purchase choice/decisions/outputs** - Action on purchases is linked directly to motivations which is in turn influenced from buyer characteristics. - Buyers make their decisions regarding which type of product, what brand, what price, at what time and though what distribution outlet to purchase. **Process 6: Post-purchase and post-consumption feelings** - The relationship between consumer expectations and perceived product performance determines post purchase **satisfaction or dissatisfaction.** - The experience of consumption will affect all future attitudes. - If the product is satisfactory, the probability of repeat purchase and positive word-of-mouth is high. If the experience is unsatisfactory, the opposite will occur. - Consumer learns that satisfaction or dissatisfaction is associated with that purchase. - Almost all major purchases result in cognitive dissonance or discomfort caused by post purchase conflict. **Companies need to take steps to reduce lack of dissonance.** **WHAT IS CONTENT MARKETING** - Content marketing is a strategic approach focused on creating, publishing, and distributing valuable and relevant content to attract and retain a clearly defined audience. Its primary goal is to drive profitable customer action rather than just promoting products or services directly. - It is a form of marketing where content such as blogs, videos, social media posts etc. are used to generate interest in a brand and potentially make a purchase. **KEY ASPECTS OF CONTENT MARKETING** 1\. **Value Creation**: Content marketing emphasizes providing useful and relevant information to help customers solve problems or meet their needs. This can take various forms, including blog posts, videos, infographics, podcasts, and social media content. 2\. **Audience Engagement**: By delivering high-quality content, businesses can engage their audience, fostering a relationship built on trust and authority. This engagement can lead to increased brand loyalty and customer retention. 3\. **Inbound Marketing**: Content marketing is often categorized under inbound marketing strategies, where the focus is on attracting customers through valuable content rather than interruptive advertising. It helps in guiding potential customers through the sales funnel, from awareness to decision-making. 4\. **SEO Benefits**: Regularly publishing quality content improves a brand\'s visibility in search engine results, driving organic traffic to their websites. This is crucial for attracting new customers and generating leads. 5\. **Long-term Strategy**: Effective content marketing requires a documented strategy that outlines goals, target audience, and content types. It is not a one-time effort but a continuous process that adapts to changing audience needs and market trends. **BENEFITS OF CONTENT MARKETING** **Increased Sales**: Engaging content can lead to higher conversion rates as customers are more likely to purchase from brands they trust and feel informed by. **Cost Efficiency**: Content marketing often proves to be more cost-effective than traditional advertising methods, as it focuses on organic reach and customer engagement. **Brand Authority**: By consistently providing valuable content, businesses can establish themselves as thought leaders in their industry, enhancing their credibility and influence. **Customer Loyalty**: Regularly sharing relevant content helps deepen relationships with customers, fostering loyalty and encouraging repeat business. **Content Marketing** is a powerful tool for businesses looking to connect with their audience meaningfully, enhance brand visibility, and drive profitable customer actions through valuable, consistent content.