Marketing Reviewer PDF

**MARKETING REVIEWER** **[LESSON 1: TOURISM PRODUCTS]** - Communication between the buyers & sellers. - Tourism takes place in both natural and human environments inevitably tourist will cause some form of impacts (Robinson et al., 2013) - **SOCIO-CULTURAL IMPACTS** - **ECONOMIC...

**MARKETING REVIEWER** **[LESSON 1: TOURISM PRODUCTS]** - Communication between the buyers & sellers. - Tourism takes place in both natural and human environments inevitably tourist will cause some form of impacts (Robinson et al., 2013) - **SOCIO-CULTURAL IMPACTS** - **ECONOMIC IMPACTS** - **ENVIRONMENTAL IMPACTS** **TOURISM PRODUCTS** - **Principal Resources** *(why people will go)* - represents the key motivating factor in the tourists travel decision process *(travel, leisure, business)* - **Supporting** - contributes to or supplements the destination's visitor appeal **PUSH FACTOR** - Personal matters **RESOURCE CATEGORIES (GODFREY AND CLARKE, 2000)** **NATURAL RESOURCES** - **TYPE:** Flora, Landscape, Fauna, Climate, Water - **EXAMPLES:** Forest, gardens, Beaches, deserts, Wildlife, game, birds, Seasons, tropics, Sea, rivers, lakes **CULTURAL RESOURCES** - **TYPE:** Religious, Heritage, Other - **EXAMPLES:** Churches, temples, Historic buildings, indigenous, Ethnic celebrations, language, folklore **SERVICES (TOURISM INFRASTRUCTURE)** - **TYPE:** Transportation, Accommodation, Reception, Catering, Services - **EXAMPLES:** Air, land, rail, water, Hotels, hostels, Airbnb, Tourist information, maps, guides, souvenirs, Restaurants, bars, clubs, Marinas, cash machines/foreign exchange services, medical services, postal and telecommunication services **CATEGORIES** **TOURIST** - Individual - Family/group **HOST** - Destination - Tourism products **SOCIETY** - Community - Service providers **TOURISM PRODUCTS** - Adventure & Extreme Sports Tourism - Events & Conferences - Medical Tourism - Cruise Vacations - Agritourism & Farm Holidays - Volunteer Tourism - Dark Tourism - Sports Tourism - Space Tourism **[LESSON 2: KEY MARKETING CONCEPTS]** **NEEDS** - Basic human requirements - Choice **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 & TRANSACTIONS** - **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 **THE 7P'S MARKETING MIX** - PRODUCT - PRICE - PROMOTION - PLACE - PEOPLE - PROCESS - PHYSICAL EVIDENCE **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, TARGETING, POSITIONING** - **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 **KEY TAKEAWAYS** - Marketing concepts provide a foundation for marketing strategies and actions - Understanding the needs wants and demands and value is crucial - The 4Ps of Marketing Mix is a key framework for marketing decisions - Building customer relations and equity is important for long-term success - Segmentation, targeting, positioning and differentiation help a business stand out **MARKETING PIE** **PLANNING** - initial stage where objectives are defined, strategies are developed, and a roadmap for achieving goals is created. **INTEGRATION** -  This stage involves aligning and combining various components or teams to ensure they work together effectively. **EXECUTION** - This is the stage where plans are put into action and strategies are implemented. **[TOURISM MARKETING AND SALES]** **TOURISM MARKETING** - A dynamic & multifaceted field - Focuses on promoting destinations, experiences, and services - Potential clients/consumers - Experiences on potential visitors **[THE MARKETPLACE ]** **BUYERS AND SELLERS MEET** **BARTER --** change goods **MARKET RESEARCH** -- find out where your product will fit **SALES** **B2C** - Sell the products directly to the customers **B2B** - Travel agent can also buy to another travel agent **[LESSON 3: INTEGRATED MARKETING APPROACH]** **INTEGRATION** - Combining marketing approach - Strategic method - Exudes all marketing communications and channels - 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 INTEGARTED MARKETING]** **BENEFITS** - **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. **PRODUCT LIFE CYCLE** **[TOURIST MOTIVATION AND BUYER BEHAVIOR MODELS ]** **Individual Motivations and Buyers Behaviour** - Consumer buying behaviour refers to the buying behaviour 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 travellers **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.) (desire to become the most one can be)* - **Esteem needs** *(e.g. self-respect, status, success, etc.) (respect, freedom)* - **Social needs** *(e.g. affection, love, friendship, etc.)* - **Safety needs** *(e.g. security, protection, etc.)* - **Physiological needs** *(e.g. food, water, air, etc.)* 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 increase **The MAIN Motives of Travel and Tourism** - The psychological or internal influences affecting individuals' choices are named as motivations. **Physical Motivation** - 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 Motivation** - 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, et **Personal Motivation** - 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 - MARKETING TERMINOLOGIES **[Definitions of Marketing Terminologies]** 1. **Incentivize** To incentivize means to provide a reward or motivation for someone to take a specific action. This can involve offering benefits or prizes to encourage behaviours such as purchasing a product or achieving a goal. 2. **Content** In marketing, content refers to any material created to communicate a message to an audience. This includes text, images, videos, and other formats that engage consumers and promote a brand or product. 3. **Engage** To engage in marketing means to interact with an audience in a way that captures their attention and encourages them to participate. This can involve creating conversations, providing valuable information, or fostering community around a brand. 4. **Audience** The audience in marketing refers to the group of individuals targeted by a marketing campaign. This includes potential customers, existing customers, and any other stakeholders who may influence or be influenced by marketing efforts. 5. **Campaign** A marketing campaign is a coordinated series of activities and strategies designed to promote a product, service, or brand over a specific period. Campaigns typically include various channels such as social media, email, and traditional advertising. 6. **Buyers** Buyers are individuals or entities that purchase goods or services. In marketing, understanding the buyer\'s behavior and preferences is crucial for tailoring strategies to meet their needs. 7. **Viewers** Viewers refer to individuals who consume content, particularly in the context of visual media such as television, online videos, or advertisements. Marketers analyze viewer demographics and behaviors to optimize content delivery. 8. **Traditional Marketing** Traditional marketing encompasses conventional methods of advertising and promotion, such as print media, television, radio, and direct mail. It focuses on reaching a broad audience through established channels. 9. **Non-Traditional Marketing** Non-traditional marketing includes innovative and unconventional strategies that deviate from traditional methods. This can involve digital marketing, guerrilla marketing, social media campaigns, and experiential marketing, often targeting niche audiences with creative approaches. 10. **Buyer Behavior** 11. **Buyer Persona** 12. **Buying Signal** 13. **Closed-Won** 14. **Closed-Lost** 15. **Cold Calling** 16. **Consumer** 17. **Cross-Selling** 18. **Customer Relationship Management (CRM)** 19. **Lead Qualification** 20. **Loss Leader** 21. **Margin** 22. **Mark-Up** 23. **Prospecting** 24. **Social Selling** 25. **Up-Selling** 26. **Value Proposition** **\ **