BSHM 75 (marketing)

Marketing

Process of understanding customer needs and promoting products or services to satisfy those needs and achieve business goals

Product, price, place, promotion

Key elements of marketing

Product

It is a key elements of marketing that the goods or services offered to customers that satisfy their needs for wants

Price

A key elements of marketing that pertains to the amount of customers pays for a product or services

Place

Is a key elements of marketing where and how product or service is made available to customer

Promotion

It is a key elements of marketing that show to the ways of a business communicates with the customer and encourage them to purchase

Attract customers

It is a goals of marketing that get the attention of potential customers and encourage them to try a product or services

Satisfy customer needs

A goals of marketing that understand what customers want and provide products or services that meet their expectation

Increase sales and revenue

A goals of marketing that encourage customers to purchase products or services to help the business earn income

Build brand awareness and loyalty

A goals of marketing that create a positive image and encourage customers to return and recommend the business

Attract tourist and guest, Support local economic growth, Promote destinations, Build customer loyalty

Importance of marketing in tourism and hospitality

Attract tourism guest

It is importance of marketing in tourism and hospitality because it helps hotels resorts restaurants travel agencies and tourist destinations rich potential customer.

Supports local economic growth

The importance of marketing in tourism and hospitality is to help marketing to be a successful and attract more visitors creating income and employment opportunities for local communities

Promote destinations

It is important to marketing in tourism and hospitality because it introduced tourist to different places attractions culture activities and experience

Build customer loyalty

Importance of marketing in tourism and hospitality to have a good marketing that can encourage customers to return recommend the business to others and develop long term relationship

Marketing

Attracting and understanding customers, building long term relationship in brand awareness

Sales

Focuses on turning potential customers into buyers and more directly on generating sales and revenue

Product

It can be physical item service experience idea or even person/place/organization

Tourism and hospitality product

A combination of goods services experiences and activities offered to tourist and guess to satisfy their needs and wants while traveling or staying away from home

Product planning

In marketing it is a process of deciding what product or service a business should offer, how it should be designed and how it should be improved to meet the needs and wants of its target customers

Identifying customer needs

Finding out what customer wants and needs

Design the product

Deciding on features quality appearance packaging and benefits

Choosing the target market

Determining who the product is intended for.

Developing new products

Creating products or services that can satisfy market needs

Improving existing products

Updating or modifying products based on customer feedback and market trends

Branding and packaging

Deciding on the products name brand identity packaging and presentation

Managing the product life cycle

Planning strategies as the product moves through introductions growth maturity and decline

Deciding when to discontinue a product

Removing products that are no longer profitable

Branding

Process of creating a unique identity image and personality for a product services or business so that customer can easily recognize it and distinguish it from competitors

Brand name, logo and design, colors and typography, brand message, quality and service, customer experience, brand personality.

Elements of branding

Consumer behavior model

Framework that explain how consumers decide what to buy why they buy it and what influences their purchasing decision

Personal characteristic

Are individual factors that influence what why when and how a person buys product or services

Age and life cycle stage, occupation, economic situation, personality

Example of a personal characteristic consumer

Buyers decision making process

Series of steps and consumers goes through before during and after purchasing a product or service

Need recognition, Information search, Evaluation of alternatives, purchase Decision, Post purchase behavior

5 stages of buyers decision making process

Economic conditions, technology, social and cultural factors

Others environmental stimulus that affect consumer

Product price place promotion

4p of marketing stimuli

Cultural factors, social factors, personal factors, psychological factors

Four factors of consumer characteristic

Cultural factors

These are influenced by a person's culture traditions and values

Social factors

Influence by family friends classmates coworkers and social groups

Personal factors

Related to the individual like age, income, occupation, lifestyle, personality

Psychological factors

Related to the consumers mind and feelings

Need recognition

The consumer realized that they have a problem or need

Information search

Consumer looks for information about possible products for solution

Evaluation of alternatives

The consumer compares different brands or products based on factors such as price quality features and reviews

Purchase decision

The consumer chooses a product and decides to buy it

Post purchase behavior

After buying and using the product consumer evaluates whether they are satisfied