Hospitality Marketing Overview Flashcards
What are the Core Marketing Concept?
Needs, wants & demands - Products - Value, Cost & satisfaction - Exchange, transaction & relationship - Market
A social and managerial process by which individuals and groups obtain what the need and wants through creating and exchanging products and value with others.
Hospitality marketing
A state of felt deprivation in a person
Needs
How people satisfy their needs
Wants
Human wants that are backed by buying power
Demands
Anything that can be offered to a market for attention, acquisition, use or consumption
Products
Consumers estimate of the products overall capacity to satisfy their needs
Value
Everything one gives up to gain the product (monetary & non monetary)
Cost
Meeting customers expectation for that product
Satisfaction
Freedom form defect
Quality
The act of obtaining a desired object from someone by offering something in return
Exchange
Marketing units of measurements, it consist of a trade value between two parties
Transaction
Building a relationship with a company’s profitable customers
Relationship
What is SEO?
Search Engine Optimization
What do customers wants?
- your customer want more than just product or service that is offered
- they want to treat them well
- they want their needs