Summary Marketing for Hospitality and Tourism 7th edition
51 views 1 purchase
Course
Marketing
Institution
NHTV (NHTV)
Book
Marketing for Hospitality and Tourism
This book is summarized based on the chapters that are needed for the track Attractions and Themeparks Management at Breda University of Applied Sciences for course Marketing.
Samenvatting Marketing for Hospitality and Tourism, Global Edition, ISBN: 9781292156156 Marketing
Samenvatting / summary Marketing for Hospitality and Tourism, Global Edition, ISBN: 9781292156156 Marketing for Hospitality and Tourism
Introduction to Hospitality & Tourism Marketing
All for this textbook (4)
Written for
NHTV (NHTV)
Attraction And Theme Park Management
Marketing
All documents for this subject (1)
Seller
Follow
Ruby1999
Reviews received
Content preview
Chapter 1: understanding hospitality and tourism
marketing process
- Purpose business: to create and maintain satisfied, profitable
customers.
- Marketing departments: advertising and sales part of the marketing mix
product, price and distribution.
- Hospitality industry: offer one of more accommodation, prepared food and
beverage service and or entertainment.
- Marketing process:
1. Understand the marketplace and customer needs and wants.
2. Design a customer-driven marketing strategy.
3. Construct an integrated marketing program that delivers superior value.
4. Build profitable relationships and create customer delight.
5. Capture value from customers to create profits and customer equity.
1-4 is to understand consumers, create customer value and build strong
customer relationships. Step 5, the company reaps the rewards of
creating superior customer value.
- Marketing: the art and science of finding, retaining and growing profitable
customers.
1.1 Understand customer needs: a state of felt deprivation in a person
food, clothing, warmth, safety, social and esteem.
1.2. Understand customer wants: the form that a human needs take
when shaped by culture and individual personality how they
communicate their needs.
1.3. Demands: human wants that are backed by buying power.
1.4. Marketing offerings (tangible products, services and
experiences): a product that is some combination of tangible,
services, information or experiential product compounds.
1.5. Customer value and satisfaction:
A) Value: the difference between the benefits that the customer
gains from owning and or using a product and the costs of
obtaining the product.
B) Expectations: based on past buying experiences, the opinions of
friends and market information.
1.6. Exchange and relationships:
A) Exchange: the act of obtaining a desired object from someone by
offering something in return.
This has to be beyond attracting new customers and creating
transactions (trade of values between parties) goal is to retain
customers and grow their business with the company.
B) Markets: a set of actual and potential buyers.
2.1 Designing customer value-driven marketing strategy:
A) Marketing management: the art and science of choosing target
markets and building profitable relationships.
B) Marketing managers: a person who is involved in marketing
analysis, planning, implementation and control activities aim
is to find, attract, keep and grow target customers by creating,
delivering and communicating superior customer value.
2.2 Selecting customers to serve
, A) Choosing a value proposition: the full positioning of a brand and
the full mix of benefits upon which it is positioned why should I
buy your brand rather than a competitor?
2.3 Marketing management orientation:
A) The production concept: holds that customers will favour
products that are available and highly affordable and therefore
management should focus on production and distribution
efficiency
B) The product concept: the idea that consumers will favour
products that offer the most quality, performance and features
and therefore the organization should devote its energy to
making continuous product improvements.
C) The selling concept: the idea that consumers will not buy
enough of organization products unless the organization
undertakes a large selling and promotion effort.
D) The marketing concept: the marketing management
philosophy that holds that achieving organizational goals
depends on determining the needs and wants of target markets
and delivering desired satisfactions more effectively and
efficiently than competitors.
E) The societal marketing concept: the idea that an
organization should determine the needs, wants and interests of
target markets and deliver the desired satisfactions more
effectively and efficiently than competitors in a way that
maintains or improves the consumers and social well-being.
Three considerations:
1. Society: human welfare.
2. Consumers: want satisfaction.
3. Company: profits.
Difference selling and marketing concepts:
Selling concept: factory existing products selling and
promoting profits through sales volume.
Marketing concept: market customer needs integrated
marketing profits through customer satisfaction.
3.1. Preparing an integrated marketing plan: using the marketing
mix
A) Product: need-satisfying market offerings
B) Price: how much it will charge for offering
C) Place: how it will make the offer available to target consumers
D) Promotion: it must communicate with the target costumers about
the offer and persuade them of its merits.
4.1 Customer relationships management: it involves managing
detailed information about individual costumers and carefully managing
customer touchpoints in order to maximize customer loyalty.
4.2 Relationship building blocks: customer value and satisfaction.
A) Customer value: the costumer's evaluation of the difference between
all the benefits and all the costs of a market offering relative to those
competing offers.
, B) Customer satisfaction: the extent to which a product perceived
performance matches a buyers expectation.
4.3 Customer relationship levels and tools: loyalty rewards
4.4 Engaging costumers:
A) By digital and social media: customer engagement marketing
fosters direct and continuous customer involvement in shaping brand
conversations, experiences and community.
B) Consumer-generated marketing: consumers are playing a bigger role
in shaping their own brand experiences and those of others. ‘
4.5Partner relationship management: suppliers, channel partners, others
outside the company.
Capturing value:
5.1. Customer loyalty and retention: Lifetime value the stream of
profits a customer will create over the life of his or her relationship
with a business.
5.2. Growing share of costumer: the portion of the customers
purchasing that a company gets in its product categories.
5.3. Building costumers equity: the discounted lifetime of all companies
current and potential costumers
5.4. Building the right relationships with the right customers:
A) Strangers: do not invest.
B) Butterflies: enjoy them for the moment create satisfying and
profitable transactions and then cease investing till next time they
come.
C) True friends: make continuous relationships investments to delight
these consumers and nurture, retain and grow them. Come back
regularly and have a word of mouth marketing.
D) Barnacles: fire them.
5.5. Trends page 45
- Future: social media marketing 3.0 relationship marketing (involves
creating, maintaining, and enhancing strong relationships with customers and
other stakeholders) at all touchpoints (any occasion on which customers
encounters brand and product form actual experience to personal or mass
communications to casual observation.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Ruby1999. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $14.50. You're not tied to anything after your purchase.
