MARKETING Flashcards
Marketing is the art and science of finding, retaining, and growing profitable customers.
hospitality marketing
*A state of felt deprivation in a person.
Needs
*The form that a human need takes when shaped by culture and individual personality
wants
*Human wants that are backed by buying power
demand
Combination of tangible products, services, information, or experiences offered to the market
market offerings
Customer Value, Customer Expectations, Satisfaction
Value, expectation, &
Satisfaction
is the difference between the benefits that the customer gains from owning and/or using
a product and the costs of obtaining the product.
value
are based on past buying experiences, the opinions of friends, and market
information.
expectations
a product is determined by how well the product meets the customer’s expectations for
that product.
satisfaction
how you visualize your?
product
Product Strategies
variability
rebranding
relaunching (new launch)
means creating a value
pricing/ price
short goals, specific measurable , smart goals
promotion
traditional media
above the line
physical interaction where they give dirty works
below the line
available (where you are present)
place
2 categories of demand
price- buying concept
availability- behavior
presence in the market penetration
physical evidence
this includes strategic planning (long life)
process
feedback towards your product
performance
it includes external, internal, and interactive marketing in 8p’s
people
physical goods (touch/ seen)
tangible
intangible offerings (recreational, perishable, variability, unperishable)
services
moments beyond your product
experiences (intangible)
before 8 p’s
value
expectation
satisfaction
company must decide who it will serve.
selecting customers to serve
marketing management can design a customer-drive
marketing strategy. To design a winning marketing strategy,
designing customer value
is the set of benefits or values it promises to deliver to consumers to satisfy their needs.
value proposition
design strategies that will build profitable relationships with target consumers.
marketing management orientation
is one of the oldest philosophies guiding sellers.
production concepts
concept, like the production concept, has an inward focus.
product concept
it holds that consumers will not buy enough of the products unless the company assumes a lage selling and promotion effort.
selling concept
holds that achieving organizational goals depends on determining the needs and wants
of target markets and delivering the desired satisfaction more effectively and efficiently than competitors.
marketing concept
holds that the 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 society’s well-being.
Societal Marketing Concept.
involves managing detailed information about individual customers
and carefully managing customer “touch points” in order to maximize customer loyalty.
Building Customer Relationships
what is crm?
Customer relationship management
Customer relationship management
intangibility
inseperability
variability
perishability
Five links of Service Profit Chain
Internal Quality Service
Satisfied and Productive Service Employees
Greater service value
satisfied and loyal customers
healthy service and profit growth
3 types of marketing
internal marketing
external marketing
interactive marketing
The service firm must effectively train and motivate its customer- contact employees and all the supporting service people to work as a team to provide customer satisfaction.
Internal Marketing
is the action of promoting your business and
its services.
External Marketing
perceived service quality depends heavily on the quality of the buyer-seller interaction during the service encounter.
Interactive Marketing.
It is the various external forces that can directly or indirectly affect the many activities of an organization.
Marketing Environment?
consists of actors and forces close to the company that can affect its ability to serve its customers.
Microenvironment
Marketing managers work closely with top management and the various company
departments.
company
Firms and individuals that provide the resources needed by the company to produce its goods
and services.
Marketing intermediaries.
The elimination of intermediaries.
Disintermediation.
They are part of the microenvironment and must be monitored closely.
Competitors.
Marketing research firms, advertising agencies, media firms, and
marketing consulting firms help companies to target and promote their products to the right market
Marketing services agencies.
Include banks, credit companies, insurance companies, and other firms that help hospitality companies to finance their transaction or insure risks associated
Financial intermediaries.
Managers must understand the different types of customers: consumers, business markets,
government markets, resellers, and international markets.
Customers.
is any group that has an actual or potential interest in or impact on an organization’s
ability to achieve its objectives.
public
consists of the larger societal forces that affect the whole microenvironment:
demographic, economic, natural, technological, political, competitor, and cultural forces.
Macroenvironment
Each firm must consider its size and industry position in relation to its competitors.
Competitive environment
is a review of external sources to discover factors that impact a business.
Environmental Scanning
The study of human
populations in terms of size, generation group,
location, age, sex, race, occupation, and other
statistics.
Demographic environment.
consists of factors that affect
consumer purchasing power and spending
patterns.
Economic environment.
consists of natural resources required by marketers or affected by marketing activities.
Natural environment.
means change in
products and production possibilities, also change in their manufacturing processes, costs and qualities.
Technological environment.
environment is made up of laws, government agencies, and
pressure groups that influence and limit various organizations and individuals in society.
Political environment.
includes institutions and other forces that affect
society’s basic values, perceptions, preferences, and behaviors.
Cultural environment.
A business has ethical responsibilities while delivering goods to the community.
Ethical Factors.
