Marketing for the Tourism & Hospitality Industry Lecture 1 (PDF)

Marketing for the Tourism & Hospitality Industry Prof. Dr. Amany Nabil  Lecture 1 The Marketing Concept What Is Marketing?  What Is Marketing? Marketing is a process by which companies create value for customers and build strong customer relationships to capture value from...

Marketing for the Tourism & Hospitality Industry Prof. Dr. Amany Nabil  Lecture 1 The Marketing Concept What Is Marketing?  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 What Is Marketing? The Marketing Process  Marketing Management Orientations Production Product Selling Marketing Societal concept concept concept concept concept  Marketing Management Orientations Production concept is the idea that consumers will favor products that are available or highly affordable Product concept is the idea that consumers will favor products that offer the most quality, performance, and features. Organizations should therefore devote its energy to making continuous product improvements.  Marketing Management Orientations Selling concept is the idea that consumers will not buy enough of the firm’s products unless it undertakes a large scale selling and promotion effort Marketing concept is the idea that achieving organizational goals depends on knowing the needs and wants of the target markets and delivering the desired satisfactions better than competitors do  Marketing Management Orientations Societal marketing concept is the idea that a company should make good marketing decisions by considering consumers’ wants, the company’s requirements, consumers’ long-term interests, and society’s long-run interests  Understanding the Marketplace and Customer Needs Markets are the set of actual and potential buyers of a product slide 10 Understanding the Marketplace and Customer Needs Customer Needs, Wants, and Demands States of deprivation Needs Physical—food, clothing, warmth, safety Social—belonging and affection Individual—knowledge and self-expression Want Form that needs take as they are shaped by culture and individual personality s Demands Wants backed by buying power  Understanding the Marketplace and Customer Needs Market offerings are some combination of products, services, information, or experiences offered to a market to satisfy a need or want Marketing myopia is focusing only on existing wants and losing sight of underlying consumer needs slide 12 Understanding the Marketplace and Customer Needs Customer Value and Satisfaction Expectations Customers Value and satisfaction Marketers Set the right level of expectations Not too high or low Is Marketing different than Tourism Marketing? Is Marketing different than Tourism Marketing? Characteristics of Tourism Intangibil ity Services Touris Variabili m Perishab ty Servic ility es Inseparabi lity Thank You!