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RPTA 183-03

CH 1 Introduction: Marketing for Hospitality and Tourism

TermDefinition
Purpose of a business To create and maintain satisfied, profitable customers.
Marketing Mix Elements include product, price, promotion, and distribution. Sometimes distribution is called place and the marketing situation facing a company.
Hospitality industry Made up of those business that offer one or more of the following: accommodation, prepared food and beverage service, and/or entertainment.
Marketing The art and science of finding, retaining, and growing profitable customers.
Human need A state of felt deprivation in a person.
Human want The form that a human need takes when shaped by culture and individual personality.
Demands Human wants that are backed by buying power.
Customer Value The difference between the benefits that the customer gains from owning and/or using a product and the costs of obtaining the product.
Customer expectations Expectations based on past buying experiences, the opinions of friends, and market information.
Exchange The act of obtaining a desired object from someone by offering something in return.
Transaction Consists of a trade of values between two parties: marketing's unit of measurement.
Market A set of actual and potential buyers of a product.
Marketing management The art and science of choosing target markets and building profitable relationships with them.
Marketing manager A person who is involved in marketing analysis, planning implementation and control activities.
Value Proposition The full position of a brand--the full mix of benefits upon which it is positioned.
Production Concept Holds that customers will favor products that are available and highly affordable, and therefore management should focus on production and distribution efficiency.
Product Concept The idea that consumers will favor products that offer the most quality, performance, and features, and therefore the organization should devote its energy to making continuous product improvements.
Selling Concept The idea that consumers will not buy enough of an organization's products unless the organization undertakes a large selling and promotion effort.
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.
Societal Marketing Concept 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 consumer's and society's well-being
Customer relationship management (CRM) It involves managing detailed information about individual customers and carefully managing customer "touch points" in order to maximize customer loyalty.
Customer-Perceived value The customer's evaluation of the difference between all the benefits and all the costs of a market offering relative to those of competing offers.
Customer Satisfaction The extent to which a product's perceived performance matches a buyer's expectations.
Customer-engagement Marketing Fosters direct and continuous customer involvement in shaping brand conversations, experiences, and community.
Lifetime Value (LTV) The LTV of a customer is the stream of profits a customer will create over the life of his or her relationship to a business.
Share of Customer The portion of the customer's purchasing that a company gets in its product categories.
Customer equity The discounted lifetime values of all the company's current and potential customers.
Digital and social media marketing Using digital marketing tools such as web sites, social media, mobile apps and ads, online video, e-mail, and blogs that engage consumers anywhere, at anytime, via their digital devices.
Relationship Marketing Involves creating, maintaining, and enhancing strong relationships with customers and other stakeholders.
Customer touch point Any occasion on which a customer encounters the brand and product--from actual experience to personal or mass communications to casual observation.
Created by: Ragedgoalie30
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