Flashcards in Exam 1 Deck (18)
What is the definition of Marketing?
a continuous, sequential process through which management in the hospitality and travel industry plans, researches, implements, controls, and evaluates activities designed to satisfy both customers' needs and wants and their own organization's objectives.
What are the the six marketing fundamentals?
Satisfaction of customers' needs and wants
Continuous nature of marketing
Sequential steps in marketing
Key role of marketing research
Interdependence of hospitality and travel organizations
Organization-wide and multi-department effort
What is the PRICE of marketing?
What is production and sales orientation?
their entire world revolves only around what goes on within the walls of their business premises
What is marketing orientation
acceptance and adoption of the marketing concept: customers needs are first priority
What are the seven core principles of marketing?
Satisfying customers' needs and wants
Market segmentation - all customers are not alike
Value and the exchange process - price does not always equal value
Product life cycle - introduction, growth, maturity, decline
Marketing mix - the 8 p's
What are the 8 P's?
What are the six marketing environmental factors?
Competitors (if it works for them, we'll copy it)
Laws and Government Regulations
Economy (inflation, unemployment, recession)
Technology (impact on business and consumer)
Society and Culture (food & entertainment, etc.)
Organizational Priorities and Goals
What are the three types of competition? Describe.
direct (similar services)
substitute (meal at home instead of going out)
indirect (competition for disposable income)
What is a service industry?
an organization primarily involved in the provision of personal services (banking, legal, accounting, management consulting services, insurance, health care, laundry, dry cleaning, education, entertainment)
What are the six generic differences that affect the marketing of services?
Intangibility: you have to experience it
Production methods: service is variable and customers play a big role [no robots]
Perishability: no warehouse for service
Distribution Channels: Customers come to the product
Relationship of Services to Providers: inseparable
What are the six contextual differences?
Narrow definition of marketing: less emphasis on marketing research
Lack of appreciation for marketing skills: not unique
Different organizational structures: GM does everything
Lack of data on competitive performance
Impact of gov't regulation and deregulation: tight gov't control
Constraints and opportunities for non-profit marketers: favoritism is not tolerated
What are the 8 specific differences in HandT services?
Shorter exposure to services
More emotional buying appeals: people industry
Greater importance on managing experience clues: impressions
Greater emphasis on stature and imagery: mental associations
More variety and types of distribution channels: travel intermediaries instead
More dependence on complementary organizations: if one performs poorly, they all do
Easier copying of services: no secrets
More emphasis on off-peak promotions
What are the 4 experience clues, impressions?
What are the 5 unique approaches of HandT marketing?
1. Use of more than 4 P's
2. Greater significance of word-of-mouth info
3. More use of emotional appeals in promotions (company's personality)
4. Greater difficulties with new-concept testing
5. Increased importance of relationships with complementary organizations
What is ccdvtp?
Create, Communicate [branding management], and Deliver Value to a Target market at a Profit
What are the 9 principle characteristics of a marketing orientation?
Customer needs are first priority
Marketing research is ongoing
Customers' perceptions are known
Frequent SWOT reviews vs competitors
Value of long-term planning appreciated
Scope of business is broad
Interdepartmental cooperation is valued
Cooperation with complementary organizations is worthwhile
Evaluation of marketing activities frequent